What is a passbook?

Answer 1

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 or a passbook printer, either in a self-serve mode or in a branch. 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.