• 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, deduct from savings, pull back, transfer money out, withdrawing, taking money out


Related Terms and Acronyms

  • Chequing Account Definition,
    • A bank account that allows quick access to the money in the account.
  • Deposit Definition,
    • An act of putting a sum of money in to a bank account.
    • 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.
  • 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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