What are the advantages of Passbook?
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Answer:
Explanation:
1)Safer Transactions
some people feel that passbook savings accounts offer safer transactions. Not everyone trusts ATM machines--a number of people feel the machines are confusing and unsafe. These customers want to actually see who is handling their money. A passbook savings account allows for face-to-face contact that puts some people at ease.
2)Easy to Focus on Saving
With a passbook savings account, you do not use an ATM card to withdraw your funds--withdrawals must be made in person. This helps you save your money because it is less likely that you will make a frivolous purchase. If you want to make a withdrawal, you'll have to go to the bank, fill out a slip, and hand it to the teller. The transaction is entered in the passbook. This gives you more time to think about the transaction than if you simply swipe a card.
3)Low Barrier to Entry
Passbook savings accounts are great for those who want to save without worrying about minimum balances and monthly fees. These accounts usually have no fees or monthly balance requirements; in exchange, they offer lower interest rates, a potential disadvantage.