A deposit book, or passbook, in Canada is a paper book used to record bank transactions. It is a physical document of the entries, deposits, withdrawals and balance in a savings or recurring deposit account back in the day, before internet banking, deposit books were used for individuals to record deposit transactions onto their accounts. Even with the proliferation of online banking, deposit books are still relevant, especially in rural areas where people still rely more on conventional systems.
A deposit book is a very important document which includes the name of the account holder, account number and branch address, along with the transactions done in chronological order. Whenever a customer wants to add or take out money from their account, the bank will update the passbook either manually or electronically. This means that they will never fall behind on their accounts.
They are especially prized in the deposit book, as they can save clients from mistakes and confusion, thus serving as a record of account activity. They are also frequently needed for such official processes as loan applications, verification of income, and fiscal audits.
In today's digital world, deposit books are still seen as a simple and safe way of managing your money. They are particularly helpful for the elderly, small business owners and those with restricted digital banking capabilities. Deposit books are indeed a significant tool for raising financial consciousness and giving people autonomy over their savings.
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