- 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.
Bank account transaction code.
cash withdrawal, pull back, taking money out, deduct from savings, transfer money out, withdrawing
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.