Withdrawal

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Related to Withdrawl: Withdrawal syndrome, withdrawal method

Withdrawal

A transaction in which a customer receives back money he/she had previously deposited at a bank, pension, or trust. When one makes a withdrawal on a pension or similar plan, it may carry a penalty depending on the pension's rules. For example, one must usually be of a certain age in order to make a withdrawal. There is rarely such a penalty when making a withdrawal from a bank. For instance, when one closes an account, the client makes a withdrawal on all the money he/she owns at that bank.

Withdrawal.

A withdrawal is money you take out of your banking, brokerage firm, or other accounts.

If you withdraw from tax-deferred retirement accounts before you turn 59 1/2, you may owe a 10% early withdrawal penalty plus any income tax that's due on the amount you've taken out.

In everyday usage, the term withdrawal is used interchangeably with distribution to describe money you take from your tax-deferred accounts, though distribution is actually the correct term.

References in periodicals archive ?
Pasengers from Pembrokeshire and Carmarthenshire will be seriously disadvantaged and discouraged from using rail by their withdrawl,'' he said.
Washington, August 29 ( ANI ): Overly shy preschool kids, who show withdrawl behaviour during their curriculum, are at greater academic risk than their talkative and boisterous peers, a new study has revealed.
Airport director Kerry Quinn, who has seen the withdrawl of key business services to Dublin and, most recently, Heathrow welcomed KLM's commitment, which she described as "very encouraging - not just for the airport but the entire regional business community".
Bush could trigger the withdrawl of Israeli tanks and ground the Apache helicopters by picking up the telephone.
RELIEVED Reivers supremo Steve Bates last night insisted there was no major injury alert over Chris Cusiter, despite his late withdrawl from the line-up before their scratchy victory in the European Challenge Cup opener in Italy.
Coventry Under 15s were given a walkover into the third round of the NUT English Trophy following Coalville's withdrawl from the competition.
Another version of the popular city runabout, the SportKa was introduced to fill the void left by the withdrawl of one of the Blue Oval badge's best-loved models, the Puma.
Another version of the popular city runabout, the SportKa, was introduced to fill the void left by the withdrawl of one of the Blue Oval badge's best-loved models, the Puma.
This comment referred only to the withdrawl of American Airlines following September 11.
News of Bellamy's possible withdrawl is sure to anger Hughes, who fought a long battle to have stars Mark Pembridge, Ryan Giggs, Robbie Savage, Andy Melville and John Hartson available to join his squad this Saturday under the controversial four-day rule.
Incredibly, the Third Division player received his first call-up to the senior side after the withdrawl of Ryan Giggs, Nathan Blake and Iwan Roberts.
Equitex also announced today that it is considering withdrawl of its election to be treated as a business development company.