Savings book: how relevant it is in the modern world

A savings book is a document confirming the fact of concluding an agreement between a bank and a client on the receipt and storage of funds on its account. The issuance of such documents is handled by the Savings Bank. A savings account can be of two types: bearer and registered.

The client has the right to choose the type of the received document. As the mandatory details, full information about the individual and the bank (address, name of the organization, full name of the client), as well as information about any movement of funds from or to the account. In the absence of other supporting documents, the basis for bank settlements is the entries in the book. In addition, the client has the right to withdraw any amount within the amount of the deposit only when the passbook is provided. Otherwise, the bank employee will not be able to satisfy the depositor's claim.

So, let's look at the main question: why is a savings book created, for what purposes is it used? Previously, it was actively used by enterprises for non-cash payroll to staff. However, at present a system of transferring funds to deposit and credit cards has become widespread. A big benefit will come from a savings book, if you withdraw money illegally from your account. After all, in this case it will be a confirmation of this fact and will become the basis for recognizing such transactions as invalid.

It is worth noting that the bank savings book to bearer is considered a security. Its feature lies in the possibility of further transfer of the document from one owner to another. Thus, it can be sold without notifying the bank that it does not require compliance with formalities. And the nominal savings account is only a confirmation of the previously signed agreement between the depositor and the credit institution, so the absence of this document does not prohibit the disposition of funds on the account at its own discretion. While the bearer book, in fact, is the very document confirming the existence of an agreement. That is why no operation without the provision of this security can not be carried out.

Another feature of the types of savings banks is the recovery procedure in case of loss. The name can easily be restored or replaced with a new one on the owner's first request. To do this, it is enough to make an application in the bank's office. But the savings book to the bearer does not provide for its restoration or replacement. So, if the document has been lost or damaged, the credit institution can not help, since there are no grounds to confirm the fact of the legal possession of the book. The return of rights is possible only through the filing of a lawsuit to the court and the resolution of the matter by state bodies.

Some banks do not issue books to save money, but limit themselves to signing a contract with a client. However, the depositor may require the provision of this document, unless otherwise provided for in the contract. The existence of a savings book will be for you an additional guarantee of safety of funds. The bank has the right to refuse the client to issue a savings document only if the fact of its absence is noted in the contract of the parties. Therefore, before signing the agreement, the client needs to carefully study it in order to warn himself against the problems in the future.

In conclusion, it can be concluded that at present the savings account is no less important than before. Of course, there are new means of making settlements and tracking the movement of funds, but with respect to the deposit, it can become a serious assistant, since it does not allow to steal funds to a third party and is an additional guarantee of the truthfulness of the operations.