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 classic literature ?
In a generalized sense, all the intrinsic laws of change of appearance may be called "laws of perspective.
The crowded audience waited in breathless expectation for the appearance of the next witness.
In the progress of this discussion I shall endeavor to give a satisfactory answer to all the objections which shall have made their appearance, that may seem to have any claim to your attention.
He met a waggoner and tried to make him understand, but the tale he told and his appearance were so wild--his hat had fallen off in the pit--that the man simply drove on.
The old man had, in the meantime, been pensive, but on the appearance of his companions he assumed a more cheerful air, and they sat down to eat.
when, if we only unite the latter with a deceitful regard to appearances, we shall fare to our mind both with gods and men, in life and after death, as the most numerous and the highest authorities tell us.
The whole island is covered with wood; but from the dryness of the climate there is no appearance of luxuriance.
Groups of species, that is, genera and families, follow the same general rules in their appearance and disappearance as do single species, changing more or less quickly, and in a greater or lesser degree.
Hester looked by way of humouring the child; and she saw that, owing to the peculiar effect of this convex mirror, the scarlet letter was represented in exaggerated and gigantic proportions, so as to be greatly the most prominent feature of her appearance.
The royal phantom also carried a ghostly manuscript round its truncheon, to which it had the appearance of occasionally referring, and that, too, with an air of anxiety and a tendency to lose the place of reference which were suggestive of a state of mortality.
As soon as his full face was turned upon me, and I again beheld its extraordinary embellishment, and met the strange gaze to which I had been subjected the preceding night, I immediately, in spite of the alteration in his appearance, recognized the noble Mehevi.
The carpet - of Saxony material - is quite half an inch thick, and is of the same crimson ground, relieved simply by the appearance of a gold cord (like that festooning the curtains) slightly relieved above the surface of the ground, and thrown upon it in such a manner as to form a succession of short irregular curves - one occasionally overlaying the other.