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.

BREAKING DOWN '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.

RELATED TERMS
  1. Time Deposit

    A savings account or certificate of deposit (CD) held for a fixed-term, ...
  2. Withdrawal

    Removing funds from an account, plan, pension or trust. In some ...
  3. Silent Bank Run

    A situation in which a bank's depositors withdraw funds en masse ...
  4. Bank Run

    A situation that occurs when a large number of bank or other ...
  5. Note Notice

    A notice that a lender mails to borrowers notifying them that ...
  6. Delivery Notice

    A notice written by the holder of the short position in a futures ...
Related Articles
  1. Savings

    Understanding Savings Accounts

    A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.
  2. Savings

    Explaining Term Deposits

    A term deposit (more often called a certificate of deposit or CD) is a deposit account that is made for a specific period of time.
  3. Professionals

    SEP IRA Taxation

    Employer’s contributions to a SEP IRA are immediately tax-deductible by the employer. Contributions are not taxed at the employee’s rate until the employee withdraws the funds. Employees ...
  4. Financial Advisors

    Tapping Your Retirement Accounts: How to Start

    Deciding which retirement account to tap first can be confusing as it may impact how long your savings last. Here's some help.
  5. Professionals

    Withdrawing Quotes

    There are two ways that a market maker may withdraw their quotes for a security. A market maker may withdraw their quotes either on a voluntary basis or on an excused basis. If a market maker ...
  6. Retirement

    How Much Are Taxes On An IRA Withdrawal?

    Taxes on an IRA withdrawal depend on the type of IRA, your age, and the purpose of the withdrawal.
  7. Investing Basics

    What is a Bank?

    A bank is a financial institution licensed to receive deposits or issue new securities to the public.
  8. Retirement

    Your 401(k): Not the Best Emergency Fund

    If you have an emergency and need to access your retirement funds, you may have to pay a penalty if you dip into your 401(k). But there is a better option.
  9. Retirement

    How Much Should Retirees Withdraw From Accounts?

    It can be difficult to determine how much money you can withdraw from your retirement savings each year without depleting your accounts.
  10. Investing Basics

    What Does a Financial Intermediary Do?

    A financial intermediary is an institution that acts as a go-between in a financial transaction.
RELATED FAQS
  1. How do you withdraw money from your 401(k)?

    Deciding to take a withdraw from your 401k is not a decision that should be made lightly. However, for those who needs funds, ... Read Answer >>
  2. Why would you keep funds in a money market account and not a savings account?

    Read about the differences between money market accounts and savings accounts, and see why a depositor would elect a money ... Read Answer >>
  3. Can you make tax-free withdrawals from your 401(k)?

    Find out whether you can take withdrawals from your 401(k) tax-free, including how withdrawals from Roth and traditional ... Read Answer >>
  4. When can I withdraw my IRA money?

    Managing an individual retirement account can be tricky. Find out when you can withdraw IRA money without incurring a 10 ... Read Answer >>
  5. When can benefits be received from a provident fund?

    Find out when participants in provident funds can begin receiving benefits, including how funds can be used to finance important ... Read Answer >>
  6. What is the penalty for withdrawing money from my Roth IRA?

    Learn what penalties are imposed when you withdraw money from your Roth IRA and under what conditions these penalties do ... Read Answer >>
Hot Definitions
  1. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  2. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  3. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  4. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  5. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
  6. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
Trading Center