passbook savings account

Thân thiện

A customer deposits money into her passbook savings account at the bank.

Definition

Noun A type of savings account where all transactions (deposits and withdrawals) are recorded in a physical booklet, called a passbook, which is held by the account holder.

Usage

This term refers specifically to a traditional, book-based method of tracking a savings account balance and history. The passbook must be presented to a bank teller to update the record during a transaction.

Examples

Advanced Usage

• The term is often used in contrast to modern, electronic statement savings accounts.
• It can imply a certain level of formality, tradition, or a lower-tech approach to banking.

Variants and Related Words

• Passbook (n): The physical booklet in which the transactions are recorded.
• Savings account (n): The general category of bank account for storing money and earning interest, of which a passbook savings account is one type.

Synonyms

• Passbook account (n)
• Bank book account (n)

Học thuật

Noun

1. a savings account in which deposits and withdrawals are recorded in the depositor's passbook