Does anyone here still have a Bank Passbook?

TheProdigalSon

Hi all,

I recently opened a Cash ISA Plus (earning 3.51%) with the RBS, been with them for years and think they're a brilliant bank. I've always had a bank passbook and noticed that with this new account they didn't provide one so I went into my local branch and they seemed very surprised that I would actually want one! the advisor said that it's not "standard practice" to provide one with this account in particular but that seeing as I'm a good customer they'd make an exception.

What have been your experiences of using the bank passbook? good/bad? I personally like knowing that I always have my exact balance nearby, without relying on banks to provide me with statements through the post, lots of people tell me that they're out of date now and more hassle than they're worth, but is that true?

Thank you

ShelfStacker_3

Abbey, Nationwide and Halifax are the only three major banks that still issue actual passbooks to my knowledge. They seem rather redundant when ATMs, debit/cash cards and online banking have pretty much taken away their every use.

Extant

Redundant and out of date. Firmly belong in the trash, along with cheques.

What security do you perceive yourself to be getting, though?

BruceyBonus

BarclaysManager wrote: »

What security do you perceive yourself to be getting, though?

I think some people tend to like having the balance of a little book in front of them. However, the book could still be wrong. Most banks/BSs allow transactions without the book over the phone/post/internet so the book could be very out of date.

Totally agree, they belong in the bin.

TheProdigalSon, you are probably earning very little interest on your account that has a passbook.

ShelfStacker_3

BruceyBonus wrote: »

TheProdigalSon, you are probably earning very little interest on your account that has a passbook.

The 3.51% he quoted isn't too bad... they did say it was an exception.

BruceyBonus

ShelfStacker wrote: »

The 3.51% he quoted isn't too bad... they did say it was an exception.

Ahh, misread the post - thought they weren't offered one. I would have thought a bank like RBS would have phased out passbooks completely?

ShelfStacker_3

BruceyBonus wrote: »

Ahh, misread the post - thought they weren't offered one. I would have thought a bank like RBS would have phased out passbooks completely?

Well, yeah. We don't even have the facility to do anything with them any more, let alone offer them. Presumably they're available for people who won't use anything else (e.g. the elderly).

7sefton

Erm, I work for NatWest and we do not issue (nor have the facilities to process) passbooks on any accounts, not even for 'good customers.' Passbooks are used by banks Halifax and Abbey as a hangover from when both were building societies, and Lloyds phased out the old TSB system of passbooks as soon as they possible could. Similiarly, Barclays also scrapped Woolwich passbooks when they merged the branch network. NatWest has always been a bank, so has never used passbooks.

So I don't know what on Earth NatWest have issued with because if you turned up in our branch with a passbook we would probably suspect you of fraud! You sure they haven't just issued you with a paying in book full of bank girp slips?

opinions4u

I recently opened a Cash ISA Plus (earning 3.51%)

Don't worry, it's a variable rate so I'm sure they'll pass on the recent interest rate cuts soon!

I've always had a bank passbook and noticed that with this new account they didn't provide one

Why would you want a passbook when you are clearly capable of using the internet?

What have been your experiences of using the bank passbook?

It means I have to join a long queue whenever I want to transact and will invariably get the lowest rate of interest the bank offers.

I personally like knowing that I always have my exact balance nearby, without relying on banks to provide me with statements through the post

I find statements a little antiquated too, in this age of the internet!

lots of people tell me that they're out of date now and more hassle than they're worth, but is that true?

They slow down counter transactions, so make queues bigger. They're as much a fraud risk as any other form of money management. They pay the lowest interest rates. Customers panic when they lose them so waste time demanding a replacement. They are a financial comfort blanket and nothing more!

And I'd suggest the most profitable forms of doing business Halifax, Abbey and Nationwide have!

savagej

National Savings still issue one on its Investment Account.

456789

I had one until recently when I closed an old account (with HBOS) - I don't see the use when you have internet banking

It would be useful for someone who doesn't have the net for keeping track (though their is update lag between when you take it to a branch for updating)