Withdrawal

Definition

  • Taking something away or no long taking part in something. As it relates to banking and finance, a withdrawal is when an entity removes money from a bank account or financial instrument.

Notes
Bank account transaction code.

Synonyms
cash withdrawal, pull back, taking money out, deduct from savings, transfer money out, withdrawing

Acronyms
WD

Related Terms and Acronyms

  • Chequing Account Definition,
    • A bank account that allows quick access to the money in the account.
  • Deposit Definition,
    • A sum of money put towards a given transaction. In a property purchase, a deposit signifies the intent to buy, which is paid to the vendor and applied to the principal cost.
    • An act of putting a sum of money in to a bank account.
  • Early Withdrawal Penalty Definition,
    • A depositor forfeits interest or is charged a service fee for either withdrawing funds or closing a time deposit before the maturity date.
  • Home Equity Withdrawal (HEW)Acronym,
    • Tax Instalment Payment Plan (TIPP) Acronym, Canada,
      • A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
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