passbook

/'pɑ:sbuk/

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Word: Passbook

Part of Speech: Noun

Definition: A passbook is a small book that banks give to account holders. It is used to record all the money that goes in (deposits) and all the money that comes out (withdrawals), as well as any interest earned on the account.

Usage Instructions:

• You usually receive a passbook when you open a savings account at a bank.
• You can bring your passbook to the bank to update it with your latest transactions.
• Passbooks are less common nowadays because many people use online banking instead.

Example Sentence:

"I went to the bank today to add my recent deposits to my passbook."

Advanced Usage:

In modern banking, many people use digital statements instead of a physical passbook. However, some banks still offer passbooks, especially in certain countries where people prefer having a physical record of their transactions.

Word Variants:

• Passbook savings account: A type of savings account that uses a passbook to record transactions.
• Passbook loan: A loan that uses the savings in a passbook as collateral.

Different Meanings:

While "passbook" primarily refers to the bankbook, the term can also be used informally to refer to any small booklet that keeps a record of transactions, like a traveler's checkbook.

Synonyms:

• Bankbook
• Savings book
• Deposit book

Idioms and Phrasal Verbs:

• There are no specific idioms or phrasal verbs directly related to "passbook," but understanding banking terms can help you understand conversational phrases related to money management.

Summary:

A passbook is an important tool for tracking your savings and transactions at the bank, allowing you to see how much money you have deposited, withdrawn, and earned in interest.

Academic

Noun

1. a record of deposits and withdrawals and interest held by depositors at certain banks

Synonyms

• bankbook