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 ?
Series 2002-1 --Class A downgraded to 'BBsf' from 'Asf'; withdrawn; --Class B downgraded to 'BBsf' from 'Asf'; withdrawn; --Class C downgraded to 'CCCsf' from 'Bsf'; withdrawn.
Class B notes rated 'B', Rating Watch Positive are withdrawn.
Likewise, on 28-9-16, 22-11-16, 23-11-16, and 30-11-16, further hefty amounts were also withdrawn.
He said that government of Sindh has also withdrawn security of Members of National and Provincial Assembly Sindh.
We have objections to the bill being withdrawn," he said.
According to details, Pakistan Tehreek-e-Insaf chairman Imran Khan has withdrawn from NA-71 Mianwali and NA-1 Peshawar.
Socially withdrawn children are believed to experience competing motivations-they want to interact with peers, but the prospect of doing so causes anxiety that interferes with such interactions.
Some early morning journeys on this service will be withdrawn.
If the amount withdrawn is replaced within three years of receipt, no income tax would be due on it.
The following TIPs have been withdrawn by the Quality and Standards Management Committee due to lack of progress in their review:
Despite people saving an average of 14 per cent more during the first three months of 2005 compared with the previous three months, more than half of this was later withdrawn.
Despite people saving an average of 14% more during the first three months of 2005 compared with the previous three months, more than half of this was later withdrawn.