passbook savings account

Definition

A type of savings account that is issued with a passbook to record all deposits and withdrawals from the account. This type of account has basically become obsolete.

Use this term in a sentence

Back in 1975, when he opened his first savings account, Harry was issued a passbook savings account, but now he does all his banking online.

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Many children who are now adults, were introduced into savings by having a passbook savings account which used a notebook like book to document all withdrawals and deposits.

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The neat fact about having a passbook savings account was that I could go to the bank and the teller could record all of my transactions. This gave me a "hard"copy to be able to refer to if needed.

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passbook loan debt-based asset