Business and Personal Finance Dictionary

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• PASSBOOK SAVINGS ACCOUNT
  
  Liquid account, providing FDIC insurance to $100,000 per person, that generally offers low or no minimum balance requirements, fewer fees and a low rate of interest. The account may or may not have restrictions on number of transactions, and provides the consumer with a booklet that has each deposit and withdrawal stamped inside it at the time of each in-branch transaction.
  
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