Negotiable Order of Withdrawal Account

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Negotiable Order of Withdrawal Account (NOW)

An interest-earning account on which chechs may be drawn. Withdrawals from NOW accounts may be offered by commerical banks, mutual savings banks, and savings and loan associations and may be owned only by individuals and certain nonprofit organizations and govermental units.

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.
References in periodicals archive ?
These services include noninterest checking accounts, negotiable orders of withdrawal (NOW) accounts, which are basically checking accounts that pay interest, savings accounts, money orders or cashiers checks (which are aggregated because they are substitutes for each other), and automated teller machine (ATM) services.
The Bank engages in a broad range of retail banking services and products including free personal checking accounts and business checking accounts (subject to a minimum balance), regular saving accounts, money market accounts, negotiable orders of withdrawal (NOW) accounts, fixed rate certificates of deposit, individual retirement accounts, club accounts, and safety deposit facilities.