Definition of passbook account

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TeachMeFinance.com - explain passbook account



passbook account -- a savings account that normally requires no minimum balance, no minimum term, no specified frequency of deposits, and no notice or penalty for withdrawals. Passbook accounts, once the most widely used form of thrift savings account, have been largely replaced by statement accounts that provide a monthly statement mailed to the depositor.



About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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