Virtual Bank Reviews

Average Rating:
Based on 30 review

Very Shady Bank.. Selling Applicants Info....

After learning this bank has ads stating its paying 1.25% interest on their E money market, I decided to do the online application, and to open a Virtual Bank acc. 2 hrs after applying I get a notice stating they were unable to approve my request, and a letter turning me down, because "of Experian credit report". I have always had above 760 credit score so this was very surprising.So I went to Experian, got a current copy of my Full report,and it also proves I have EXCELLENT credit, with above 760 score! There is nothing in the report that is negative. I also have above average savings to put in a new acc.
I now feel Virtual Bank is Stealing applicants info and selling it...When I did the online app, I had to give my SS#, and much other very private info, including I had to link my present Checking/savings accs by giving routing #'s and acc #'s, before my Virtual Bank app could even be approved. When applying, I also had to agree to 5 different privacy notices that stated Virtual Bank can share ALL my info with other companies and marketers. I think they do this( bait folks with high interest rates) just to steal ALL their private info, to sell ! I will be reporting them to the appropriate gov officials... Very Shady.

Good Until I Wanted To Withdraw

I got a multi-year CD at VirtualBank because they were offering a great interest rate. Until my CD matured, there were no problems. Two big problems came up then: (1) The bank was not accessible via internet or phone on the day my CD matured (a business day!), and (2) my money could ONLY be withdrawn via snail-mailed check. Given that mail delivery is dicey where I lived, you can imagine why I might object to that, but there was no other choice. I would not use VirtualBank again.

Poor Communication And Very High Penalties

Good promotional rates, but bank will auto-renew CD accounts without notification. Early withdrawal penalties are based on a percentage of the entire account balance and are very high.
Avoid this bank unless you are very on top of your maturation dates, otherwise you'll end up getting soaked.

Good Experience

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I opened an account with no issues about a year ago and when I needed to transfer $50,000 recently. all I had to do was let them know by logging in to my account to formally request it and they confirmed I was all set. I didn’t experience the issues others reported. Everything went smoothly and I am happy with my account and the customer service I got.

Many Problems Opening An Account

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It took them eleven days to open and fund my CD with withdrawing a check from my current bank's checking account. They had trouble with their system and I had to fill out their application online twice. One section of their website requires one to use a special character in your password from their chosen list of a very few characters, but another place on their website requires you to choose a different special character from a different list of characters. Then I had to phone them because the system was giving me problems with the temporary passwords it was sending me. It went on and on. An employee emailed me saying I had to type in the amounts of the microdeposits they'd put into my current bank, but there were none. I had to email her back and she said Oh, they won't be there until later today or maybe tomorrow. Thanks for telling me before! The only reason I continued with this account opening is because they offered a high CD rate, but I already have a bad taste in my mouth with the problems they've given me.

1 Year CD No Problems

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CD easy to open online and used ACH to fund deposit. Was forced to use convoluted online message system to request funds back at CD maturity, but received a check in full early next day via FedEx.

Stay Away If You Want To Be Able To Access Your Money

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I've been an ongoing customer of VirtualBank for 17-18 years now and lasted through number of system "upgrades" over years that would cause issues with accessing my accounts but after Iberia Bank took VB over after they failed, the website and service has been deteriorating. For 3-4 weeks now, when I try to log in, I keep getting locked out with an error message of "Something in your account needs to be updated or corrected and it requires customer service help so call us." I've been calling daily to unlock my account and they have NO idea why the system locks me out despite using correct log in! I do NOT trust them anymore to keep my money and I would strongly advise to stay away if you don't want a hassle to regain access to your money. And by the way, their customer service is only available 9-5pm or so. Good luck if you get locked out in the evening!

Huge Fail At Virtual Bank

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Be advised that Virtual Bank, for ACH deposits into their eMoney Market accounts, does NOT PAY INTEREST the day the deposit is received!!

They instead commence payment of interest on the NEXT business day. Do I think this practice is unusual and unacceptable? Yes, and you can take that to the bank!!

Denied Access To My Account And Funds

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I have a savings account with Virtual Bank AKA Iberiabank. When I went to sign in to my account on December 19, 2018, a page came up labeled “user agreement.” This prevented me from accessing my account unless I accepted their new user agreement. I didn’t wish to read and accept a new 34 page user agreement. So I called Virtual Bank and I asked them to either remove the requirement that I must accept the new user agreement or to close my account. Virtual Bank AKA Iberiabank representative said I have to accept the new 34 page user agreement before I can access my account or close my account.

Great Rates And A Great Team

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Consistently great rates and a friendly, helpful customer service team

I Like Virtual Bank

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I opened an account and didn’t have any issues that others reported. I thought the website would be more advanced, but it’s not very intuitive. That’s my only downfall. The account was easy to open, the customer service guy I spoke to was friendly and knowledgeable. Great interest rate. Overall good.

Opened An Account

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I thought twice about opening an account based on the reviews. The rate is good so I decided to apply and opened my account with no problems. Not sure if I got lucky or if the others are just unlucky.

Terrible Account Opening Process And Customer SVC!!!!!!!!!!!!!

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The ordeal with VirtualBank continues! Yesterday I wrote that my application for the 2.01% money market account was denied due to a report issued by ChexSystems. Apparently, ChexSystems monitors the number of accounts an individual opens or applies for. I tried calling them but they don't talk to consumers. I had to file a complaint online.

I'd like to state here that being denied because I chase rates in this still ridiculously low interest rate environment is infuriating. We savers have had to bail out these banks for their criminal activities last decade, and we are still being screwed with these pathetic rates so these banks can repair their balance sheets and now simply exploit us.

Having said that, I reapplied for the account yesterday, and I was ACCEPTED this time.

However, in order to fund the account I had to verify the 2 test ACH payments into my linked external account. I assume you readers know what I'm talking about.

This is where the next problem arose. I tried to verify the test ACH's and their system would NOT verify the deposits. So, I called their CS, waited on hold for 20 minutes, had them reset the system and still could NOT verify the deposits.

They told me that they could not reset the system again and I would have to mail them the check to open the account!

Their incompetence is mind boggling. VirtualBank is the online subsidiary of Iberia Bank, a $25 billion bank. Although that is not a huge bank by assets, it is still a mid-sized bank that should be able to handle a simple account opening. Tiny credit unions are more competent that these idiots.

I am fed up with this bank. Beware, fellow savers!

Good Rates Again (Finally)

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I had accounts at Virtual Bank but depleted after Iberia Bank took over because I didnt like the online banking changes. But now that the rates are good I tried them again. While the online banking is not the best, I will put up with it for such a good rate. So far so good.

Horrible Bank, Iberia Bank Ruined The Old Virtual

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Virtual bank was decent, but they were bought by Iberia bank. They limit online transfers now to 3K and you can only do 6 a month. You basically cannot withdraw a large sum of money - you cannot get your money back. Also, with the current Iberia rules if you do not log in for 6 months, they freeze your account, and you have to call to unlock it. The phone reps do not know how to do this, and you are stuck on the phone for 20 minutes re accessing your account. I have Never seem anything like this before in my life, Nightmare bank. A complete disaster to be honest. Many other banks with better rates that are more consumer friendly.

Won't Use Them Again

I signed for a CD because the rates were good and had it for years. Here's why I won't use them again:
1. Simple interest only, not compound. 2. They have no ability to transfer electronically in or out to other institutions, they'll only mail you a check. 3. Since Iberia Bank took over, penalty for early withdrawal is now 2% of amount withdrawn! Usually, it's an interest penalty, not a % of withdrawal. 4. When sending a confidential message through the website, they take days to respond and give no confirmation that they've even received your message. 5. Customer service is spotty ... some are nice and helpful, some are surly. Too many good banks around. Go elsewhere.

MANY New Fees With Iberiabank Takeover

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Started getting charged $10 for "overdraft" even though I had more then enough to cover charges in my MM account. The old Virtual Bank used to do the transfer automatically and NOT charge fees. Customer service said they couldn't do anything. Closing account

Rude And Snarky Csrs

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I had some questions, after the new website launched, and since Virtual Bank was taken over by Iberia Bank. They had unsubscribed me from electronic statements, and I was receiving an error message when I tried to access my statements online.

The phone number they tell you to call for help is NOT for Virtual Bank, it's for Iberia Bank, and so I was told to email them my concerns.

I did so, and got a rather snarky reply, that they had mailed all this info to my "last know address", but they would now put me on paperless statements.

So...they may have nice rates, but they sure are snippy and not so pleasant to deal with, even by email.

No Such Bank?

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According to the FDIC website this bank under this name & FDIC # 35356) hasnt been in business since either 200 or 2011 depending on how you read the info. It was taken over by Sabadel Bank (FDIC 21837). Why is it still listed under this name?

Great Rates!!

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I found out about VirtualBank by searching for CD rates. I decided to open an account since they offered me better rates than my main bank was offering.

Overall, I've had a great experience with them. Opening my account was pretty easy. I linked my primary bank account to make my initial deposit and the rest was taken care of. I really like the fact that I can quickly transfer funds between my VirtualBank account and my main bank without any issues.

I haven't really considered VirtualBank as a primary bank, but to earn a bit of extra cash, why not.

So happy that I found this online bank!

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Wow, so about 3 years ago, my bank sends me a letter that I would begin being charged $9.00 per month just to keep my checking account. I don't even use checks anymore. So, that's when I found Virtual Bank. I get decent interest rates, but that doesn't really matter in my case. The best part is that I have a Visa bank card that I can use at over 23 million places that take Visa. When I was without my card, it would be hard to buy anything without cash. Now, I can get cash from an ATM or pay with the card. It was really simple to have my earnings transferred to Virtual Bank. Only had to type in the account numbers, pretty much. What's even greater is that I can keep some in my savings and other money in my checking account, and it works as over-draft protection. The user-interface of the website is very easy to understand and click on things that you're looking for. I got my girlfriend and mom to sign up for their own checking and savings account, and they are very happy with Virtual Bank as well. Overall, it's a great service.

Started Great....Steeply Downhill From There....”

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I first signed up with Virtualbank in 1999. I simply loved them. And I continued to love them for 12 years. I even got a family member to sign up with them and she loved them too. In 2012 they were bought by Sabadell. In mid 2012, they relaunched their website. Here are the issues I experienced.

1) During the switchover all of my transaction history was entirely deleted. Online access to my transactions IS THE WHOLE REASON I HAVE A VIRTUAL BANK!

2) During the switchover, all of my automatic payments stopped being, well, automatic. Again, why do I have a virtual bank account if I have to remember to send checks? Through sheer luck, I caught this error in time to prevent serious tardiness with my automatic payments.

3) I began receiving a PAPER statement for my overdraft line of credit despite the fact that my preferences state that I should be receiving electronic statements for everything. Again, the whole point of a virtual bank is to avoid paper statements!

4) Said line of credit account is a complete phantom. I have no access to this account online. Seemingly, the only evidence that it exists is.....a paper statement. Did I mention that the whole point of a virtual bank is that I have online access to everything?

5) Even the electronic statements that I WAS receiving were not complete. They only reflected my checking account, not my money market account. I had to email them to request regeneration of correct statements. One more time, WHAT IS THE POINT OF A VIRTUAL BANK ACCOUNT IF I DON'T HAVE ONLINE ACCESS TO EVERYTHING?

I did incur one $5 late fee when my bill payments stopped being automatic. I contacted them about this (and mentioned the above issues as well). Their response: "Please send a copy of the statement showing the late charge." 12 loyal years, then 6 months of hell only to bust my balls over 5 bucks. The appropriate response here would have been "Sorry for the $5 fee and the inconvenience. Here's $500 for your time and loyalty."

....and the hits just kept on coming.  I had a tenant who wanted to pay rent via wire.  I told him to wait until I could check to make sure no fees would be incurred.  I reviewed the fee schedule which I found on the virtualbank website.  The fee schedule said that for every account type at virtualbank, incoming wire fees were $0.00.  So, I told the tenant to go ahead and wire the rent to my virtualbank account, which he did, twice.

I then logged in to find that I'd been charged $15.00 for each incoming wire (total of $30).  I figured this was an error of some sort, and sent a message to virtualbank, asking for a refund of the wire charges.  We went back and forth on this, several times, but, their response amounted to the following:

1)  Wire fees are only refunded if it's a bank error.

2)  The fee schedule that I found on their website is out of date and not the right fee schedule.

3)  When sabadell took over virtualbank, I was required to agree to all new terms and conditions, including the new fee schedule

4)  Since I'm having trouble finding the fee schedule for my account, they are sending me a paper copy.

My points were the following:

1)  It IS a bank error because virtualbank listed the wrong fee schedule on their website.

2)  This is a virtualbank, I shouldn't need paper copies of the fee schedule.

As you can imagine, I did not get a refund of the $30 incoming wire fee.

I'm waiting for a few payments to clear and then changing banks.  I, simply, can not wait to close my virtualbank account.  Never in my life, have I experience such a degradation of what used to be a fantastic company.

 I'm a small business owner myself, and I am always patient with other businesses, as I know that sometimes things go wrong.  However, customer service and a companies ability to handle those things that go wrong is what defines a company for me.  Virtualbank has lost all sense of customer service.  This company has become a nightmare to deal with.

I hope that this review can help somebody avoid the same experiences I've had with virtualbank.

I Do Like Virtual Bank

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Keeping at least $100 is still easy to do and the rate is good, not the best, but good. I am not closing my account. I have had it for years and really like the customer service. They had to walk me thru a change to their website earlier this year and the person who helped me is the same guy who helped me with an issue a few years ago. I like that the customer service didn't change when the new bank took over.

Virtualbank Introduces Monthly Maintenance Fee

Got this email:

Our goal is to be your primary bank – to support all of your savings and checking needs. That is why we are investing in these important upgrades. However, these upgrades are costly, and to help cover our expenses we will begin charging a small monthly maintenance fee on low balance eMoney Market accounts as of Jan 31st 2013.

How small is the fee? $5.00. What is the minimum balance? $100. Same as the minimum opening balance. This means that if you keep a monthly average collected balance of just $100 in your eMoney Market account, you will not be charged a maintenance fee.

For more information go to

Thank you for your business, and please let us know how we can serve you better. We look forward to continuing to bring you the very best in internet banking.

Ernest Hartner



So I said: "Goodbye Ernest."

Terrible Bank

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I opened an account, put in $200, and let it sit in a money market account.

They started charging me a $50 inactivity fee per day. They didn't even contact me to tell me that it was inactive.

Read the fine print. Unethical, and the rates are below inflation (you make a loss).

VirtualBank's New Login Security Feature - PhoneGuardian

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As I logged into my VirtualBank account today, I noticed a new login requirement. After you enter your user name and password, they display a code on the screen, and this code must be entered by phone. You can select the phone number for them to use based on what they have on record. Once you select the number, it will call your immediately and an automated voice will ask for you to enter the code that you see on the screen.

VirtualBank calls this PhoneGuardian, and according to VirtualBank it should only be required when it can't recognize your computer. So you won't have to go through this process every time from the same computer.

It's a nice security feature that seems like it would make it very tough for a hacker to break into your account.

I just wish VirtualBank's eMoney Market account had better rates. However,they do often have competitive CD rates. I just noticed their 9-month eCD yield is competitive at 1.26% APY as of 9/06/2010.

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