ATM or Passbook? confused.

Philippines
September 17, 2010 9:36am CST
I am planning to open a savings account for my own good. Actually, I do have one account already but i wanted to have another one. But the problem is i cannot decide on what to have, an ATM or a Passbook? I know having a passbook is a good way to really save money but it's not a good way if there's an emergency for sometimes banks are closed on holidays and have a closing time. Now i am thinking which is better for me. Do you prefer an Atm or a passbook?let me know and tell why. It might help me to make up my mind. thank you mylotters!!
5 people like this
17 responses
@thesids (22455)
• Bhubaneswar, India
17 Sep 10
This decision depends on three things. First where are you from and what are the prevalent rules of your bank. Some banks charge a fixed amount on issuing the ATM card on a yearly basis. Check this out with the bank. You may not want to pay the bank the amount that it charges for the ATM card. Second, Your Age and movability - what is your age group and are you working at a particular place or are frequently on the move. If you are a frequent mover, then you should have an ATM because that way you can access your account from almost anywhere you are. Third, if you are a spendthrift and a person who doesnt have a control over expenses, I would recommend that you settle without any ATM card. Reason, it is easy to manage our expenses when we deal with physical money - Counting the currency notes does make us think (at times) is it worth to spend on this ? But when you pay via your ATM-debit cards, you lose that control and might end up in excess spending.
@Aniakim (351)
• Cagayan De Oro, Philippines
17 Sep 10
I think I would prefer the ATM since it is more convenient and handy. But I know that there are banks that offer both on one account. There is even this account where they give you all three - ATM, Passbook and Check book. Try asking around banks in your country because maybe they might have similar products. And it's good to know that you have savings. Good luck!
• India
17 Sep 10
Well according to my knowledge, the passbook is somewhat necessary since it gives us the update of amount. And secondly, nower-days banks gives free atm card without any extra charge, just a minimum balance of Rs 500 is needed in the account to avoid penalty charge. And if u need this account for official or business purpose then also apply for checkbook. This will just cut a charge of Rs200(may vary from bank to bank) once applying. For checkbook we only need to maintain a balance of Rs.1000. And if the balance goes below the line then maybe Rs 200 may be deducted once a three months. If u have any other query then just call on toll free number of interested bank.
1 person likes this
• Philippines
17 Sep 10
I prefer ATM. The main problem would be the discipline if it's not emergency. You could still monitor the balance electronically.
@mturacom (634)
• India
17 Sep 10
Having both ATM and passbook will be good and I think you can get both of them. You should ask your bank and tell them that you need both. But if I have to choose between ATM and passbook then I would have definitely gone for ATM as it gives more flexibility and ease to payment and withdrawal of cash. But as another pointed out, you will be out of luck if you have to deal with large sum of money.
@jaiho2009 (39079)
• Philippines
17 Sep 10
Well, i have both,a passbook and an ATM. You can also apply for checking account when you open a passbook,so it would be convenient for you when you need to pay bigger amount. Have a great weekend ahead
1 person likes this
@cheongyc (5075)
• Malaysia
18 Sep 10
I prefer to have ATM card. It's the only way I could retrieve the cash conveniently. Most of the banks no longer provide account passbook because online banking is becoming common now. It help to save the paper too. I process most of my transaction through internet, it's so efficient and time saving Happy posting and have a nice day!
• Philippines
18 Sep 10
i have both atm and passbook account. but for me, atm is more convenient because you can use this at any atm machine whenever you need it, unlike passbook you have to go to the bank first and go to new accounts section before you can withdraw money. you can't use it in emergency cases. although, with passbook you earn interest but not that big.
@chiyosan (29389)
• Philippines
18 Sep 10
i would prefer to have both, when you have an account with the bank that offers passbook, get the atm too, you'll never know when you might need to withdraw from it.
@fherfher (259)
• Philippines
17 Sep 10
What is your first account? I thinks its better if you have both. For emergency and savings. If you have already your atm, then, open a passbook savings account. In atm, i think its better if you put just enough for immediate expense. to avoid overspending. And keep the rest in you passbook account to earn in the bank.
@nainesh1 (1657)
• India
17 Sep 10
I get both with my savings account so it doesn't matter for me. Both are needed for some good purposes , ATM card is used for getting cash any time almost any where in the world where ATM is available and passbook can be useful for keep your transaction records. In my country we can get mini statements from ATM for last 10 transactions but keeping the ATM counters is not advisable and sometimes the printed matter on it gets faded.
@misheli (554)
• Philippines
17 Sep 10
I have both atm and passbook in same account. you can open an account which offers atm and passbook. Just the bank that you want to open an account that you want an account with passbook and atm.
@zandi458 (27954)
• Malaysia
17 Sep 10
I think most banks have done away with passbooks. They prefer to use ATM as it is the most convenient way now to transact money more so in emergency cases. And the ATM card can also be used as debit card. You can always request to link your account online for easier checking on your balances.
@youless (85225)
• Guangzhou, China
17 Sep 10
Today the ATM is much more convenient. It is always very crowded in the bank. So if it is not necessary, I don't want to go to the bank to get my money in person. I like to deal with online banking. If I need cash, then I will go to the ATM to get it. If I want to deposit money, I can also take advantage of the ATM. You know it works 24 hours without breaks all the time. Isn't it better than a passbook which you can take or deposit your money in the bank? I love China
@Hatley (154730)
• Garden Grove, California
17 Sep 10
hi tess I have to have both as atm is fine for instant case but a pass bvook or check book is also a must. One always has bills that can be paid by checka. so atm is great for getting spending money and passbook for paying bills.You must have a way to pay bills and a way to get out personal money too.
@nicregi (1936)
• Malaysia
17 Sep 10
For me, I prefer ATM anytime. Passbook might be a little hassle as I might easily misplace it. With ATM card, i can easily use withdrawal whenever I need it. Moreover, nowadays ATM card has the ability for debit card which is a great plus too.
@anurag3786 (6275)
• India
17 Sep 10
I think you may call for ATM because it is too very useful than passbook.. because if you have ATM card.. then from anywhere you can take cash through ATM machine.. and also you can shopping through ATM card.. so it is very very useful things..