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 ?
- Banco Santander (Mexico), S.A.: BFSR of C- withdrawn
Auctioneer Paul Fosh, who thinks the property could make an ideal cafe or restaurant, confirmed that the council had withdrawn it from the 5pm auction at the Park Inn Hotel, Llanedeyrn, Cardiff.
CRISIL has withdrawn its credit quality ratings of 'AAAf' (pronounced 'Triple A f') on long-term Fixed Maturity Plans (FMPs) and 'P1+f' (pronounced 'P one plus f') on short-term FMPs assigned to the series of 27 funds under the SBI Debt Fund Series of SBI Funds Management Pvt Ltd (SBIFMPL), the asset management company of SBI Mutual Fund.
Two Asian women were caught red-handed and led the police to the third suspect of the same nationality, who used to provide them with the fake credit cards against 25 per cent of each withdrawn amount.
As a result people who had been saving into an ISA at Northern Rock for several years may have withdrawn several thousand pounds in cash, but they would only be able to reinvest a maximum of pounds 3,000 of this into an ISA this year.
As a result people who had been saving into an ISA at Northern Rock for several years may have withdrawn several thousand but they would only be able to reinvest a maximum of pounds 3,000 of this into an ISA this year.
International ratings agency Fitch Ratings has withdrawn the ratings on various Northwest Airlines (NWA) Enhanced Equipment Trust Certificate (EETC) classes, due to a lack of adequate information to maintain the ratings and affecting 12 tranches of notes in five transactions.
The group said the fees generally worked out at 3.5 per cent of the cash withdrawn, and usually consisted of a 2.65-2.75 per cent commission fee and handling fee of between pounds 1.50 to pounds 2.
Despite such obvious insight about death, however, Welby was denied a Catholic funeral by the Diocese of Rome because he had "repeatedly and publicly" expressed "a wish to die." Pope Benedict, Welby's diocesan bishop, argued that life should be maintained "until its natural sunset." This despite the fact that Cardinal Javier Lozano Barragan of the Pontifical Council for Health Care acknowledged that Welby's ventilator was a medical treatment that could be legitimately withdrawn if, as the Catechism puts it, it was "burdensome, dangerous, extraordinary, or disproportionate to the expected outcome."
Dulisse says tax-free assets should be withdrawn first, such as Roth IRAs, life insurance cash values or annuities issued before 1982, where principal can be drawn first."
All accumulated interest, dividends, and capital gains on a traditional IRA are tax-deferred until the money is withdrawn. At age 59 1/2 you can begin withdrawing funds, but the money will then be taxed.
WHILE finding Paul Kealy's article on horses withdrawn from handicaps informative (September 17), he may have missed a key point.