A savings book is a document confirming the conclusion of an agreement between the bank and the client on the receipt and storage of funds in his account. The issuance of such documents is the responsibility of Sberbank. The passbook can be of two types: bearer and registered.
The client has the right to independently choose the type of document received. The mandatory details are full information about the individual and the bank (address, name of 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 are the entries in the book. In addition, the client has the right to withdraw any amount within the deposit amount only when providing a passbook. Otherwise, the bank employee will not be able to satisfy the depositor's request.
So, we will deal with the main question: why is a savings book created, for what purposes is it used? Previously, it was actively used by enterprises for the non-cash payment of wages to staff. However, at present, the system of transferring funds to deposit and credit cards has become widespread. A savings book will be of great benefit if money is illegally withdrawn from your account. Indeed, in this case, it will be a confirmation of this fact and will become the basis for the recognition of such operations as invalid.
It is worth noting that a bearer bank savings book is considered a security. Its feature is the possibility of further transfer of the document from one owner to another. Thus, it can be sold without informing the bank, which does not require formalities. Moreover, a personal savings book is only a confirmation of a previously signed agreement between the depositor and the credit institution, therefore the absence of this document does not prohibit the use of funds in the account at one’s 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 be carried out.
Another feature of the types of savings books are restoration procedures in case of loss. The name can easily be restored or replaced with a new one at the first request of the owner. To do this, it is enough for him to draw up an application at the bank office. But a bearer savings book does not provide for its restoration or replacement. So, if the document was lost or damaged, then the credit institution cannot help in any way, since there are no grounds confirming the fact of legal possession of the book. The return of rights is possible only by filing a lawsuit and resolving the issue by state bodies.
To save money, some banks do not issue books, but are limited to concluding a contract with a client. However, the depositor may require the provision of this document, unless otherwise provided in the contract. The presence of a savings book will be for you an additional guarantee of the safety of funds. The bank has the right to refuse to issue a savings document to the client only if the fact of its absence is noted in the agreement of the parties. Therefore, before signing the agreement, the client needs to carefully study it in order to prevent itself from problems in the future.
In conclusion, we can conclude that at the present time the passbook is no less important than before. Of course, new means of making settlements and tracking the movement of funds have appeared, but with respect to the deposit it can become a serious assistant, as it does not allow plundering of funds by third parties and is an additional guarantee of the veracity of the transactions.