The main advantage of using passbooks and statement savings accounts is that your money is insured by the FDIC
What is a Passbook savings account?
This refers to the type of bank account that a person uses a physical notebook for recording his financial transactions.
Hence, we can see that the main advantage of using this type of bank account is that your savings are insured by the FDIC and this gives a sense of security and comfort to the account owners in the event of a financial crash.
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