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 ?
Silke said in a statement: "I would like to announce that following a request from the Galway hurling board chairman, Miko Ryan, I am now withdrawing my name from the contest for the Galway senior hurling manager's position."
Clearly, the data in the present study support that dropping out is more prevalent among adolescents from poorer backgrounds; nonetheless, only one student reported financial hardship as the reason for withdrawing from school.
If the active/passive distinction were eliminated, the with, holding and withdrawing of treatment as it i's now practiced would be recognized for what it is: a form of physician, assisted suicide.
Summary: Bengaluru (Karnataka) [India], Jan 15 (ANI): After two Independent MLAs withdrew their support to the JD(S)-Congress government headed by H D Kumaraswamy in Karnataka, the Chief Minister said that he is totally relaxed as the two independents withdrawing will not affect the government.
4, daring Robredo to 'sign a joint motion withdrawing all our outstanding motions so we could go straight to the recount.'
Fitch is withdrawing Fresh's ratings as a result of a criteria change.
Amman / NINA / Jordanian government denied on Friday withdrawing its ambassador from Iraq because of the deteriorating security situation.
A PROPOSAL is on its way to amend the law so that domestic violence is considered strong grounds for divorce without the injured parties being blackmailed into withdrawing police complaints in return an easy settlement.
Dubai: More than 500 forged credit cards have been recovered from two gangs in Dubai, who are accused of withdrawing "huge" sums of money from an ATM in a shopping mall.
Home-owning couples were little better, withdrawing pounds 645 of the pounds 697 they saved.
The main reason people gave for withdrawing money was to spend it on impulse purchases, with an average of pounds 132 blown on shopping sprees, while pounds 40 went on holidays and around pounds 29 was taken out to bolster current account balances
Barnaby Davis, head of ATMs at Barclays, said: ``Because of a rise in fraud cases, people should be vigilant when withdrawing money.