A traditional savings account with transactions and balances evidenced by the entries recorded in a booklet kept by the customer is called:
A)passbook savings account.
B)statement savings plan.
C)negotiable order of withdrawal.
D)money market mutual fund.
E)None of the options is correct.

Question

Quizplus · Accepted Answer

A traditional savings account where transactions and balances are recorded in a physical booklet kept by the customer is called a passbook savings account. This type of account is not commonly used these days as most banks offer online access to account information, but it used to be a popular method for customers to keep track of their savings transactions.

A Traditional Savings Account with Transactions and Balances Evidenced by the Entries