Notice Of Withdrawal
Definition of '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. |
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Investopedia explains 'Notice Of Withdrawal'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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