Withdrawal


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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 ?
However, the Government notes that even if Sweden is well prepared, the negative consequences of a no-deal withdrawal will be unavoidable.
A "complete" withdrawal generally occurs when an employer either a) permanently ceases to have an obligation to contribute to the plan (e.g., a collective bargaining agreement expires) or b) permanently ceases the business activity that gave rise to its participation in the plan (e.g., upon the employers sale of the business in an asset deal).
Authorities have tightened withdrawal conditions for foreign currency, as customers were seen to be desirous of withdrawing more from their USD accounts as tensions between China and the US have still not been resolved.
He appeared to only support a second referendum on any withdrawal agreement when asked to vote on the eight options on Wednesday.
'With the effectivity of the Philippines' withdrawal from the ICC on March 17, 2019, it now becomes doubtful if the Philippines can still go to the ICC to assail a foreign power's acts of aggression committed after said withdrawal,' De Lima said in a dispatch from Camp Crame.
"The European Council reiterates that there can be no opening of the Withdrawal Agreement that was agreed between the Union and the United Kingdom in November 2018.
Petitioners questioned the withdrawal by the Duterte administration of the government's ICC membership, alleging that it violated the Constitution that requires ratification of treaties and international agreements by the Senate.
Ly Ly Food Industry Co Ltd president and owner Keo Mom said the withdrawal would impact both producers and consumers.
Afghan security forces took the security responsibility of their country in late 2014 after the withdrawal of more than 100,000 U.S.-led coalition forces from Afghanistan.
As you may know, parliament must vote to approve both the withdrawal agreement and the political declaration, which sets out the framework for our future relationship with the EU, before the withdrawal agreement can be ratified.
A recent study led by the Columbia University Mailman School of Public Health and Columbia University Irving Medical Center, both in New York City, NY - set out to investigate what percentage of people who frequently use cannabis may experience cannabis withdrawal syndrome.
Often overlooked, opioid withdrawal is one of the most powerful barriers keeping people from discontinuing opioids.