Why the passbook is very important?
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Its very important because its shows our property is legal and it is legal assurance our properties like land..
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Hey FRND ☺☺
One of the major advantages of having a passbook savings account is that the FDIC insures your money. The Federal Deposit Insurance Corporation is a government agency that will reimburse account holders their money up to $100,000 if a bank or savings and loan company fails. Retirement accounts are insured for up to $250,000. While a passbook savings account does not accumulate much interest, there is virtually no risk
✴⚫↪Direct DepositYour bank may offer a direct deposit option that allows you to make regular deposits to your account. Electronically transferring money from your checking account to your savings account can save you time and a trip to the bank. You may find it easier to save with direct deposit because the money will automatically be transferred to your account.
⚫✴↪TermsRead the terms of a passbook savings contract before signing. Ask questions about any terms which you do not understand. Some banks limit the number of withdrawals you can make from an account each week or month. Generally, these rules are established to discourage account holders from using a passbook savings account like a checking account. Banks sometimes charge a $1 service fee for each withdrawal in excess of those allowed within a specified amount of time.☺☺✌✋⬆⬆
One of the major advantages of having a passbook savings account is that the FDIC insures your money. The Federal Deposit Insurance Corporation is a government agency that will reimburse account holders their money up to $100,000 if a bank or savings and loan company fails. Retirement accounts are insured for up to $250,000. While a passbook savings account does not accumulate much interest, there is virtually no risk
✴⚫↪Direct DepositYour bank may offer a direct deposit option that allows you to make regular deposits to your account. Electronically transferring money from your checking account to your savings account can save you time and a trip to the bank. You may find it easier to save with direct deposit because the money will automatically be transferred to your account.
⚫✴↪TermsRead the terms of a passbook savings contract before signing. Ask questions about any terms which you do not understand. Some banks limit the number of withdrawals you can make from an account each week or month. Generally, these rules are established to discourage account holders from using a passbook savings account like a checking account. Banks sometimes charge a $1 service fee for each withdrawal in excess of those allowed within a specified amount of time.☺☺✌✋⬆⬆
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