What is Passbook?

Passbook was once the most wide spread thrift savings account. This book saves every transaction which is made in the savings account including deposits, withdraws and interests. These savings accounts are issued by banks and other financial institutions, for opening an account usually there’s no minimum balance, term required or any limitations on how frequent a deposits or a withdraws can be made.

This book is usually held back by the customer so he can check the running balance on his account. As mentioned before once were the it was the most widely known way to keep track of a customers balance, now days it has been replaced by statement accounts which sends a monthly statement to the customer.