Passbook Savings Account Law and Legal Definition

According to 12 CFR 230.2 [Title 12 -- Banks and Banking; Chapter II -- Federal Reserve System; Subchapter A -- Board of Governors of the Federal Reserve System; Part 230 -- Truth in Savings (Regulation DD)], passbook savings account means “a savings account in which the consumer retains a book or other document in which the institution records transactions on the account.”