PASSBOOK

A 'passbook' or 'bankbook' is a paper book used to record bank transactions on a deposit account. Depending on the country or the financial institution, it can be of the dimensions of a chequebook or a passport.
Traditionally, a passbook is used for accounts with a low transaction volume, such as a savings account. In the early days of banking, the bank teller would write, by hand, the date and amount of the transaction, the updated balance, and enter his or her initials. Today, a small dot matrix or inkjet printer updates the passbook at the account holder's convenience, either at an automated teller machine, a self-service printer (similar to an ATM), or at a local branch. Several suppliers, such as TallyGenicom offer Passbook printers specifically designed for this job. Such printers improve productivity in a teller environment, offering fast transaction times, small footprint and many automatic features.
For people who feel uneasy with telephone or online banking, this is an alternative to obtain, in real-time, the account activity without waiting for a bank statement. However, contrary to the bank statement, the passbook offers fewer details, replacing easy-to-understand descriptions with short codes, also known as mnemonics.

Contents

See also

See also

★ Bank statement

★ Deposit account

★ Sberkassa, the bankbook heritage from the Soviet Union.