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
deduct from savings, withdrawing, taking money out, transfer money out, cash withdrawal, pull back
Acronyms
WD
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.
