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Negotiable Order of Withdrawal

   Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia 0.01 sec.
Negotiable order of withdrawal (NOW)

Negotiable Order of Withdrawal Account
A checking account at a bank or thrift that earns interest. The account holder is allowed to write checks or drafts against the money in the account and may withdraw any amount of money from it on demand. See also: M1.

negotiable order of withdrawal


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An extension to June 30, 2010, has been proposed, however, which might temporarily enhance FDIC coverage, providing unlimited coverage to transaction accounts and some negotiable order of withdrawal accounts.
While a checking account is still the most familiar and most common banking feature, there are now a variety of checking account choices - some, known as negotiable order of withdrawal (NOW) accounts, actually pay interest on the balance.
The bank offers to pay for the customer's first order of preprinted checks to anyone opening a negotiable order of withdrawal (NOW) account with a $300 minimum deposit during a special promotion period.
 
 
 
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