What does VB stand for?

There are even some virtual banks that exist today that do not have any brick and mortar existence at all, running solely off the internet.

The reality is, virtual banks are in their "sweet spot" right now, thanks to the government artificially cutting interest rates to such low levels.

In recent years and particularly in recent months, a number of forces, including the emergence of virtual banks, an increase in competition and the recent financial crises have made deposit gathering a particular challenge.

For the bold, there are virtual banks -- institutions that operate online only.

Carse also said Hong Kong will soon issue guidelines on electronic banking to address problems that involve banks outside Hong Kong advertising for deposits in the territory, ownership of virtual banks and online security matters.

Unlike most banks today that offer electronic banking services, Principal Bank is one of very few virtual banks with its primary distribution channel as the internet with no traditional bank branches.

Consumers have a seemingly infinite number of choices when it comes to selecting a company for their personal banking, and it may be difficult to choose The advent of virtual banks, those that conduct their business entirely online, has also created some additional players in an already competitive industry Consumers have a seemingly infinite number of choices when it comes to selecting a company for their personal banking, and it may be difficult to choose.

Others are moving the bulk of their money to virtual banks like Bank of Internet, which can offer better rates because they don't have to operate multiple branches.