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A savings account or certificate of deposit (CD) held for a fixed-term, with the understanding that the depositor can make a withdrawal only by giving notice. A time deposit is an interest-bearing bank deposit that has a specified date of maturity. A bank is authorized to require depositors to give 30 days notice before withdrawing funds from a savings account; however, passbook accounts are typically considered readily available funds and account holders can make withdrawals without giving…

A bank passbook. Our record of the money we had placed into our bank accounts. Used for smaller savings account traditionally. A bank teller or postmaster would write, by hand, the date and amount of the transaction, the updated balance.To add credit to an account by bringing cash to a bank in person, the depositor filled in small credit slip or deposit slip. The total amount of each note and coin is counted and total and added to the account.


Passbook savings loans allow you to borrow against your own account balances

Credit unions and some banks across the country offer a tool to help build credit: 'passbook savings loans' secured by your own savings