What is passbook?
Understand the Problem
The question is asking for an explanation of what a passbook is, which typically refers to a document used by a bank to record deposits and withdrawals in savings accounts.
Answer
A physical booklet recording banking transactions.
A bank passbook is a physical booklet provided to bank account holders, recording all their banking transactions, such as debits, credits, and loans.
Answer for screen readers
A bank passbook is a physical booklet provided to bank account holders, recording all their banking transactions, such as debits, credits, and loans.
More Information
Passbooks have been a traditional method for account holders to keep track of their finances before digital banking became prevalent. They offer a tangible way to monitor account activity.
Sources
- What is a Bank Passbook and How is it Used? - gocardless.com
- What Is A Passbook Savings Account? – Forbes Advisor - forbes.com
- Passbook - Wikipedia - en.wikipedia.org
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