Bankbook Meaning: Definition, Examples, and Translations
š
bankbook
[ĖbƦÅkĖbŹk ]
Definition
financial record
A bankbook is a book provided by a bank that records financial transactions in an account. It serves as a historical record of deposits, withdrawals, and the current balance. Bankbooks are often used for savings accounts, allowing account holders to track their financial activity.
Synonyms
account book, financial ledger, passbook.
Examples of usage
- I checked my bankbook to see how much money I have saved.
- He updated his bankbook after making a deposit at the bank.
- The bankbook showed a consistent increase in my savings.
- She kept her bankbook safe to avoid losing any financial records.
Translations
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Interesting Facts
History
- Bankbooks became prominent in the 17th century when banking systems began developing in Europe.
- They served as essential tools for saving and tracking finances before digital banking became prevalent.
Technology
- With the rise of online banking, physical bankbooks have been largely replaced by digital statements and apps.
- However, some people still prefer bankbooks for their simplicity and ease of understanding.
Personal Finance
- Using a bankbook can help individuals learn to manage their money by recording all transactions.
- It encourages people to be aware of their spending habits and savings goals.
Cultural Impact
- In some cultures, physical bankbooks are given as gifts to teach children about saving and managing money.
- They have often been personal artifacts, filled with history and memories of each owner's financial journey.
Origin of 'bankbook'
Main points about word origin
- The term 'bankbook' combines 'bank' (where money is stored) and 'book' (a record of information).
- It traces back to the practice of keeping written records for financial transactions, evolving from simple tallying methods.
The word 'bankbook' combines 'bank', derived from the Italian word 'banca' meaning bench (where moneylenders used to transact), with 'book', which refers to a physical binding of pages used to record information. The use of bankbooks dates back to the 17th century when banks began to keep records of customer transactions. Originally, they were physical booklets that allowed depositors to track their savings and transactions in a tangible way. Over time, the introduction of electronic banking led to a decrease in the use of physical bankbooks; however, the term persists in modern finance, often referring to digital or electronic statements that perform a similar function.