Bookkeeping is automatic. No or low minimum balance required. Money is readily available. Banking may be limited to branch transactions during banking hours. Passbooks can be lost or stolen.
Interest rates are low compared to other programs.
Customers receive by mail monthly or quarterly statements detailing deposits, withdrawals and other account information. Low or no minimum balance required. Accounts often offer ATM cards, making after-hours banking possible. Customer must do some record keeping to know current balance. Interest rates are only slightly better than passbook accounts.