Notice Of Withdrawal
Barron's Banking Dictionary:
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Notice of Withdrawal
Written notice of a depositor's intention to withdraw funds from an interest bearing account. Banks may require customers to give notice seven days before withdrawals from time deposit accounts, and also Negotiable Order of Withdrawal (NOW) accounts. Most banks, however, waive the notice requirement in NOW accounts.
Investopedia Financial Dictionary:
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Notice Of Withdrawal
A notice given to a bank by a depositor. As its name implies, a notice of withdrawal states the depositor's intention to withdraw funds from an account. This notice applies to both time-deposit and NOW accounts.
Investopedia Says:
Notices of withdrawal are used only for time-deposit and NOW accounts that bear interest. Banks may require depositors to provide this notice seven days prior to making a withdrawal; however, this rule is usually waived for NOW accounts.
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Barron's Banking Dictionary
Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.
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