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passbook
(redirected from Passbook account)

   Also found in: Legal, Wikipedia 0.03 sec.
passbook
1. a customer's book in which is recorded by a trader a list of credit sales to that customer
2. (formerly in South Africa) an official document serving to identify the bearer, his race, his residence, and his employment


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The two major types of savings accounts are the passbook account and the statement savings account.
Large commercial depositors also have found alternative ways to minimize their holdings in non-interest bearing checking accounts, through the use of "sweep" programs whereby funds in such accounts are transferred nightly into bank passbook accounts.
Since it's unwise to park so much cash in a low-interest passbook account, try liquid vehicles, such as a money-market account, instead.
 
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