Starting from Friday, banks will begin to do business without passbooks.
 
The Financial Supervisory Service said Thursday that instead of passbooks, banks will issue electronic bank statements and certificates of deposit. The agency was quick to add, however, that customers can have passbooks issued if they wish. Also, customers can check their transactions through online banking.
 
The agency said that it is a misconception that customers cannot withdraw money without a passbook in the event bank computer networks become paralyzed. The agency explained that banks can prove financial dealings without a passbook because they have backup systems that are separately set up from their main computer systems.
 
With the latest measure, financial companies will save between five-thousand won and 18-thousand won in costs per passbook.