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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Passbook


Synonyms:account book, bankbook, transaction book
Filed Under: financial-banking
Tags: banking
 

Definition of passbook

passbook
1. A book in which all the transactions in a bank account are noted. This book may list the transaction codes and the customer's responsibilities.

Related Terms and Acronyms:

  • balance (bal.)   The amount of money in your account.
  • bank   An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • billing statement   A monthly bill that is sent by a creditor to the customer that provides a summary of the activity on an account. This can include balances, purchases, payments, credits, and finance charges.
  • cheque (CK)   A written order for payment of a certain amount of money.
      ➥  Bank account transaction code.
  • cheque register   A book or log where you can record the details of every transaction made in your chequing account.
  • debit   Another name for withdrawal of funds from your account.
  • number of free transactions per month   The number of transactions an account holder is allowed to make before being charged a fee. If the limit is exceeded, a per-item charge is applied. Some accounts offer an unlimited number of free transactions or no free transactions per month.
  • overdraft (DR)   The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
  • per item charge   A fee charged to account holders who exceed the allowable number of free transactions for their accounts. Or, the balance in an account does not meet the average monthly balance required to waive the fee.

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