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 ?
They were able to meet with one of the fishermen, Wilfredo Labandelo, who in a written statement also expressed his interest to withdraw the case.
Even as states withdraw their previous con-con applications, special interest groups have announced plans to seek conventions to address other issues.
However, the beneficiary does not have to completely withdraw the funds invested in the account until he or she attains age 30, according to Sec.
Kris Aquino withdraws theft case vs Nicko Falcis in Mandaluyong !-- -- Jan Milo Severo (Philstar.com) - April 12, 2019 - 6:44pm MANILA, Philippines "Queen of all Media" Kris Aquino has withdrawn her theft complaint against her former business partner Nicko Falcis in Mandaluyong.