An inmate is not allowed to keep a cheque book or savings account passbook in his own possession in his cell.
Just like a time deposit versus a passbook savings account, there's a trade off: cost-effectiveness versus accessibility.
Elsewhere though, old-style passbook accounts from bank and building-society branches are now paying abysmally low returns.
I have also been told that when my passbook runs out my account will be terminated or even before.
Deposit your major money in the passbook account and immediately prior to withdrawing money from your plastic ATM card, transfer the amount through your internet/telephone banking system.
If you find an old passbook for a building society no longer on the high street, you can look up where the money has gone on the Association's website here.
It's like a time-deposit bank account versus a passbook savings account.
She deposited a few hundred dollars into a passbook savings account for me and told me that was it.
It has to be said that a solicitor could simply take custody of a building society passbook to prevent a client from having access to his savings if that was what the client required.
The client replied that he'd put the money into a passbook savings account at a lower interest rate, which would lower his taxes even more.