Virtual Bank is a federally-chartered bank and is the Internet banking subsidiary of Lydian Holding Company. It was established to provide online banking and lending services to clients nationwide.
Company Headquarters:
Virtual Bank
3801 PGA Boulevard
Palm Beach, FL 33410
Website: www.virtualbank.com
Customer service: 1-877-998-BANK (2265)
Types of Accounts Available
Virtual Bank offers a number of accounts for making deposits and growing money, including savings, checking, CD and money market accounts:
Savings Accounts
Currently, Virtual Bank offers one standard online savings account known as Virtual Savings. Its features and requirements include:
- $1,000 to open
- High interest rate
- Advertised as good starter account for children
- No minimum balance or monthly service charge for children
- Free online statements
- Free deposit envelopes
Interest compounds daily and is credited monthly.
Checking Accounts
Virtual Bank offers the High Yield Checking Account, which offers the following features and requirements:
- $500 to open
- Tiered interest rate system
- Interest earned on entire balance
- Unlimited check writing
- ATM/Visa Check Card
- Online images of cancelled checks
- Free incoming wires
- Free online statements
Money Market Accounts
Two money market opportunities are provided by Virtual Bank: the Online Money Market Account and Premium Money Market Account.
Online Money Market Account
This account comes with the following requirements and features:
- $100 to open
- Tiered interest rates
- No monthly fees
- Free online statements
- Free online transfers from existing personal checking account
- Free electronic deposits and withdrawals
Premium Money Market Account
The Premium Money Market Account is considered a higher-stakes account. Here are some basics of the account:
- $5,000 to open
- Tiered interest rates
- Limited checking writing privileges
- Online images of cancelled checks
- Free ATM withdrawals (conditions apply)
- Free online statements
- Free deposit envelopes
- Can use as overdraft protection for High Yield Checking account
Interest compounds daily and is credited monthly.
CDs
Virtual Bank offers a number of CD options, including the Regular CD and eCD:
Regular CD
- $10,000 to open
- Fixed rate, no market risk
- Free online statements
- Interest compounded daily and credited monthly
eCD
- $10,000 to open
- Paperless account (disclosures, notices and statements provided online)
- Transactions handled by electronic direct transfer between eCD and connected checking account
- Free monthly transfers of interest from eCD to connected personal checking account
- Free online statements
- Interest compounded daily and credited monthly
Virtual Bank’s CD terms are as follows:
- 1 month
- 2 month
- 3 month
- 6 month
- 9 month
- 12 month
- 18 month
- 24 month
- 36 month
- 48 month
- 60 month
Virtual also offers Institutional CDs, which are available to Money Managers who are approved by Virtual Bank. The bank does not advertise jumbo CDs.
How to Open Account
To open an account with Virtual Bank, you must click “Apply Now.” In order to open most accounts, you need:
- Valid driver’s license
- Current address
- E-mail address
- Routing and account if the account will be funded from another bank
FDIC Insurance and Coverage
Lydian Private Bank and all of its divisions, including Virtual Bank and Lydian Bank & Trust are a part of the same FDIC-insured institution. Deposits held under each trade name are not separately insured, but are instead combined when determining coverage.
Customer Service
Virtual Bank customers can take advantage of service options, including phone communication for client services, a lost or stolen ATM/Visa Cash & Check Card, or a lost or stolen credit card. Customers can also contact the company via email and snail mail.
Security
Virtual Bank secures account logins and transactions with the use of Secure Sockets Layer (SSL) technology. The bank also advises customers to never sent emails containing sensitive information through the “Contact Us” or “Info” portions of the website. For those who are interested in more information, Virtual offers a downloadable security guide.
In addition to banking options, Virtual Bank provides mortgage loans, calculators, forms for various services and an extensive FAQ.
