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I was standing with my 11-year-old son in a bank at 85th Street and Third Avenue as he waited to make a deposit to his passbook savings account.

His parents had helped him get a passbook savings account for his allowance, and he had a job shoveling snow.

The funds are supposed to be as accessible as a passbook savings account, yet pay higher interest.

Like many of you, I suspect, I have fond memories of my first passbook savings account.

It's like taking a credit-card cash advance and putting it in a passbook savings account.