BANKBOOK Meaning and
Definition
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A bankbook is a written record or a ledger maintained by a bank to keep track of an individual customer's financial transactions. It serves as an official document that provides a detailed log of the account holder's deposits, withdrawals, and other banking activities.
Typically, a bankbook includes essential information such as the account holder's name, account number, and the bank's contact details. Each transaction is meticulously recorded in chronological order, ensuring a comprehensive overview of the account's financial history.
Bankbooks were traditionally physical booklets provided by the bank upon the opening of an account. However, with digital advancement, bankbooks are now commonly replaced by electronic records accessible through online banking platforms. Customers can access their bankbook electronically, enabling them to view their transactions conveniently from any device with internet access.
The purpose of a bankbook is to provide transparency and accountability to both the customer and the bank. It allows customers to monitor their financial activities, check for discrepancies, reconcile their statements, and maintain an accurate record of their banking transactions, which can be essential for budgeting, tax purposes, or financial planning.
Bankbooks play a fundamental role in facilitating transactions between the account holder and the bank, ensuring the accuracy of financial records and fostering trust between both parties.
Common Misspellings for BANKBOOK
Etymology of BANKBOOK
The word "bankbook" is a combination of the words "bank" and "book".
The word "bank" originates from the Italian word "banca" and the Old High German word "bank", both of which refer to a bench or a counter. In medieval Europe, moneylenders and other finance professionals conducted their business over benches or counters, which eventually became associated with financial transactions and institutions.
The word "book" comes from the Old English word "bōc", which developed from the Proto-Germanic word "bōks", meaning "beech tree". In ancient times, tree bark was commonly used as a writing surface, and the term "book" came to represent a collection of written or printed pages.
The combination of these two words, "bank" and "book", creates the word "bankbook".
Idioms with the word BANKBOOK
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bankbook
A bankbook is a record book used to keep track of a person's financial transactions, typically including deposits, withdrawals, and account balances.
Similar spelling words for BANKBOOK
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