Who is VirtualBank?
Just who is VirtualBank?
VirtualBank, a federally chartered, FDIC-insured bank based in Palm Beach County, Florida, is the Internet Banking Subsidiary of Lydian Trust Company.
Who is Lydian Trust Company?
Lydian Trust Company is a Florida-based diversified financial services firm that provides a variety of banking and wealth management services to high-net worth clients and technology development and loan processing services to large financial services firms. Lydian Trust Company’s businesses use a modern technology platform with a common architecture which they developed. Their technology platform enhances the products and services they offer, improves their overall efficiency and is capable of supporting substantial growth with limited incremental cost.
Through Lydian Private Bank, they pursue a private banking business strategy which focuses on providing a variety of financial services and products primarily to high-net worth individuals and their families. Lydian Private Bank offers a broad range of lending products, including single-family residential, consumer and other loans, and a broad range of deposit accounts, as well as wealth management and ancillary services to high-net worth clients through its private banking division. The Bank specializes in designing personalized lending products, including jumbo residential mortgage loans secured by properties located nationwide, for high-net worth clients. The Bank’s home office is located in Palm Beach, Florida. The Bank also operates through an on-line division under the name “VirtualBank”, which is the principal source of funds for the Bank’s lending and other activities.
How is VirtualBank able to pay these high rates?
At traditional banks, the cost involved in building bank branches is passed along to banking customers in fees and rates. VirtualBank does not have a network of branches and operates efficiently through electronic and ATM transactions. This creates operating cost efficiencies which enable them to offer their customers higher yields on deposit accounts and lower rates on mortgages and HELOCs. And isn’t that what banking is all about?
Is VirtualBank a secure way to handle my financial transactions?
Security is VirtualBank’s foremost objective. You may not be aware that most online banks today outsource the majority of their product fulfillment to a third party. When you take out a loan for instance, many banks give your personal information to multiple lenders. Unlike those banks, VirutalBank does not send your private information into cyberspace. They take care of your lending needs in-house so they can control your service experience and protect your privacy.
What is the eMoney Market account?
The eMoney Market account is an interest bearing account. The interest rate and annual percentage yield on this account are indicated on the Interest Rates page. This page reflects the Bank’s current interest rates and annual percentage yields.
Your eMoney Market account will begin to earn interest within two business days after you have successfully confirmed the amounts of two deposits VirtualBank will be sending to your personal checking account. Additional deposits begin to earn interest on the first business day after the date a transfer is submitted. Transfers that are submitted after 4:00 PM EST on a business day that we are open will beconsidered to be made on the next business day.
Funds Availability: A 10 business day hold is placed on funds deposited into your account during the first 30 days. Every day is a business day, except Saturdays, Sundays and Federal Holidays. After 30 days, a 3 business day hold will apply to deposits.
The interest rate and annual percentage yield for the eMoney Market account may change. At VirtualBank’s discretion, it may change the interest rate on the account at any time. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly.
Balance Information: VirtualBank uses the daily balance method to calculate the interest on the eMoney Market account. This method applies a daily periodic rate to the principal in the account each day. They will use an interest accrual basis of 365 for each day in the year. You must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $100.00 to open an eMoney Market account. You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction. Three (3) of these transfers may be made by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties.
Account Fees: The following fees apply to this account: Chargeback - return deposit fee: $15.00; Close-out in first 90 days fee: $50.00; Direct deposit/ACH fee: $0.00; Inactive account fee (more than 12 months inactive): $5.00 per statement cycle: Internet banking fee: $0.00; Levy/Garnishment: $50.00; NSF/Overdraft fee per item: $25.00; On-line statement fee: $0.00; Overnight mail delivery at your request: Market price based on delivery source; Postage-paid deposit envelopes fee: $0.00; Research fee: $20.00 per hour; eMoney Market account per item charge in excess of regulatory limitations: $5.00; Statement copy fee if retrieved by VirtualBank: $5.00; Stop payment fee: $25.00; Telephone Transfer fee: $0.00; VirtualBank by Phone 24-hour telephone access fee: $0.00; Online statements: Your account statement is available to you online each monthly statement cycle with no service fee. A monthly service fee of $5.00 will be charged for each paper statement mailed to you.
eMoney Market Features
- FDIC Insured
- Open with as little as $100
- No monthly fees
- Free online transfers from your existing personal checking account
- Free online statements
- Easy savings plans available
- Nationally competitive, high yield rates
- Free electronic deposits and withdrawals
