Comments on: Virtual Bank Accounts

By: Arno Nyhm

Arno Nyhm — Wed, 06 May 2009 15:17:42 +0000

i have this account but i hate it. it looks that you have more money because you look only on the incoming account but not spot on the summary (its on a seperate page)

By: Arno Nyhm

Arno Nyhm — Wed, 06 May 2009 15:16:31 +0000

the german Advance Bank 10 accounts are converted to Dresdner Bank also with 10 acoounts.

By: Anthony (Rufkenze)

Anthony (Rufkenze) — Sun, 15 Mar 2009 21:09:37 +0000

https://www.pncvirtualwallet.com/index.html?s1=2&s2=5

PNC Bank does exactly what your looking for. I wish I could find a program like Quicken or MS Money that could do that same thing.

By: Khalid

Khalid — Thu, 08 Jan 2009 08:39:12 +0000

Check out http://www.mint.com

This is pretty much exactly what you’re looking for. It is an amazing site! Just check it yourself.

By: Mary

Mary — Wed, 05 Nov 2008 18:54:12 +0000

I agree with your wish to keep track of sub accounts on the banking website. I do it manually on paper, but I would like to find an easy way to do this on the banking website, too.

By: Paul Creamer

Paul Creamer — Fri, 10 Oct 2008 01:20:43 +0000

I like these ideas..

another idea?

Within quicken, creating a account that will have sub accts.. example:

I have 5 accounts at EDWARDJONES.
But would like to classify all accts at Edwardjones as a single acct or group … to report as a group.

The only way I can see to do this currently is to seleect everything I have (investing not just ej) and manually unselect non-ej.

Currently to accomplish that,I cheat.
I dump stuff via a export i do via a program i wrote that takes it from quicken and does what I want.

But its a pain at times.

Ie; some variation of a virtual acct that would have the real accts within it?

By: michl

michl — Thu, 14 Aug 2008 14:53:14 +0000

I’m busy building a website where I’d like clients to pay for images via a credit card facility on mt website and have been told by friends that I’m going to need a “virtual bank account” as other countries money needs to be deposited via such an account first.

Does anyone have ideas/knowledge of this ?

By: Terry Thomas

Terry Thomas — Tue, 15 Apr 2008 13:10:43 +0000

I live in the UK and used to have an account with the Woolwich that provided this service. It was the main reason for choosing to bank with them in the first place. Each sub-account even had a seperate account number, based on a variant of my main account number.

However, they were taken over by Barclays last year, who saw fit to delete all my sub accounts and leave me with one main account again, with no warning, no consultation and no concern.
When I enquired about my missing accounts, I was told this was their policy and that I should consider opening additional bank accounts if I wanted to continue to manage my money in the same way.

Naturally, this is impractical and in today’s environmental climate should be strongly discouraged. I don’t to receive 10 seperate statements in the mail each month, along with all the other associated paperwork.

I was shocked to discover that my account had been bought and sold out in this way. Surely the bank should have been made to honour the system of the bank they bought out and provide similar or alternative services to that bank’s customers.

Needless to say, I am now seeking an alternative bank–hopefully one that meets my needs–and shall be looking into ING Direct (thanks for the tip).

Regardless though, I shall be closing my account and moving out of principal. Any bank that can treat its customers like this is worth staying away from. Any bank that wants to grow its market share should take note.

By: Tony Curcio

Tony Curcio — Mon, 03 Mar 2008 17:21:04 +0000

I am a wannabe financial planner (currently 1 client, me) that thought of this same idea for a bank to create folders to earmark savings goals as part of a main checking acount. This could take the place of opening up several accounts. Most financial planners recommend creating several accounts for savings goals! I was thinking that banks could offer this to attract more customers. The design does not seem to be that tough and events like NSF in the main account could be setup to draw funds from priority folders. Features could include automatic virtual fund transfers to specific folders, billpay from specific folders, minimum account requirements, etc. I will be approaching my bank with these suggestions.

By: Neal Dench

Neal Dench — Wed, 13 Feb 2008 11:40:33 +0000

I’ve been doing this with Quicken for years, using its savings goal features. I set up a saving goal for whatever I want, and also, if I want, a monthly direct debit to contribute to it. The advantage of doing it in Quicken, rather than in a “real” account, is that when it comes to reconciling your statement at the end of the month, Quicken is smart enough to know not to include these “virtual” transactions. The disadvantage, of course, is that if you want to physically transfer money from, say, a current account to a savings account, you still have to do that online, and then sub-divide your transfer to savings goals within Quicken, which can be fussy. That said, I literally couldn’t organise my finances without this feature, and it’s probably the only reason I stick with Quicken (I don’t know of any other financial software that offers this ability).