notice of withdrawal

Definitions (2)
Popular Terms
1. Finance: A notice the holder or depositor of a time deposit or negotiable order of withdrawal account (NOW account) sends to a financial institution stating the intention to withdraw funds from an account.

When an account requiring a notice of withdrawal is opened, the financial institution must indicate this requirement in the accompanying documentation and forms, specifying the days in advance this notice should be send out. Also, if customers shall be penalized with a fee for withdrawals before the maturity date, these charges must be disclosed in the documentation to be signed.

2. Legal: A notice send by an individual who wants to withdraw from a partnership to the other party or parties involved in the partnership.

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