Direct bank

A credit institution that has no branch system; transactions being handled via telephone, fax or the Internet

Direct banks provide banking services 24 hours a day and charge low fees. However, because they typically do not offer financial consultancy services, they do not require a large number of qualified bank employees. Payment transactions are handled via ATMs and the branch systems of other banks.

Thanks to modern telecommunications systems, direct banks can operate from any location. They are typically domiciled in areas with low personnel costs and a favorable tax framework.

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