Wells Fargo Bank is now paying five per cent interest on passbook

A passbook savings account used to be a staple of banks, and it was often a child's first experience with banking. But times have changed. In Bankrate's exclusive survey of passbook and statement savings accounts, only 37 of 100 banks and savings banks still offer these accounts. In last fall's survey, 38 of 100 offered them. In fact, for many banks, passbooks are a distant memory. When an interview with Bank of America to discuss the demise of passbook accounts was requested, the media relations representative quipped, "Do you mean the type as I recall from my youth where deposits are date-stamped actually in the savings book?". A Wells Fargo spokesman explains the (Wells Fargo ) bank's move away from passbook as embracing technology and delivering more customer service. " Wells Fargo replaced passbook many years ago. Passbooks existed when there were no phone banks, ATMs or the Internet. In many respects we have simply capitalized on new technologies similar to the airlines going to electronic tickets," he says. "In doing so we have provided our wells fargo customers with a variety of ways to check on their funds, many 24 hours a day. With wells fargo online banking, customers can look at the status of all their accounts instantaneously. They can also use the automated phone bank or speak to a phone banker. In addition, customers can check balances at ATMs. And of course, they can always visit their local Wells Fargo store if they want that human touch." "We have also introduced new types of basic savings products that have replaced the traditional passbook savings account," says the Wells Fargo spokesman. "Our Goal Savings Account is a perfect example. It offers tiered rates, so balances above $1,000 earn more than balances below $1,000. Passbook savings typically offered a flat rate." No need to say that wells fargo online banking changed everything , the rise of wells fargo online banking was probably the nail in the coffin of many passbook accounts: If a customer can check the deposits and do the withdrawals on a computer every day, who needs to record transactions in a passbook? in wells fargo online banking the customer should not worry about wells fargo locations . iOS 6 has only just made it way onto iPhone . passbook ios is a new iOS 6 app that turns the iPhone into a wallet for tickets, loyalty cards, coupons, gift cards more. The passbook ios 6 app doesn’t handle payments like Google Wallet, but it is a place to keep all the various cards and cruft . passbook ios is installed on the iPhone and iPod Touch with iOS 6, but the app is not available on the iPad.
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