Passbook handling apparatus includes a print head (16) movable across the passbook (52) in synchronism which a carriage (12) on which is mounted a platen (14) which cooperates with the print head (16) during the printing operation. Also mounted on the carriage (12) is a magnetic read/write head (36) adapted to cooperate with a magnetic stripe (78) on the passbook (52). The carriage (12) is movable vertically in accordance with passbook thickness as detected by a sensing arrangement (54,56). For a magnetic read/write operation, the magnetic head (36) is raised vertically relative to the platen (14) in response to operation of a height adjusting bar (102).