The name was derived from the fact that tellers would record the deposits, withdrawals, and interest earned for account holders in a small booklet called a passbook. A complete copy of all transactions is kept within the passbook so you can easily track all of your deposits, withdrawals, and interest earned.
Why is passbook called passbook?
The passbook, which was around the size of a passport, ensured that customers had control over their own information, and was called a passbook because it was used as a way to identify the account holder without needing further identification.
Is Bank Statement also called passbook?
Bank pass book is also known as Bank statement. A bank passbook or statement is a truncated copy of the record of your account maintained by the bank.
What is the full form of passbook?
Meaning of Bank Pass Book: Passbook or Bank Statement is a copy of the account of the customer as it appears in the banks books. When a customer deposits money and cheques into his bank account or withdraws money, he records these transactions in the bank column of his cashbook immediately.
What is bank statement called?
account statement A bank statement is a document (also known as an account statement) that is typically sent by the bank to the account holder every month, summarizing all the transactions of an account during the month.
What do bank statements show?
A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period.
What does it mean when a bank statement shows a debit balance?
A debit balance is a negative cash balance in a checking account with a bank. Such an account is said to be overdrawn, and so is not actually allowed to have a negative balance - the bank simply refuses to honor any checks presented against the account that would cause it to have a debit balance.