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Negotiable Order of Withdrawal Account (NOW) |
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Negotiable Order of Withdrawal Account (NOW)An interest-earning account on which chechs may be drawn. Withdrawals from NOW accounts may be offered by commerical banks, mutual savings banks, and savings and loan associations and may be owned only by individuals and certain nonprofit organizations and govermental units.Negotiable Order of Withdrawal Account (NOW) Similar MatchesRenegotiable Rate MortgageRenegotiable Rate MortgageA real property loan calling for an adjustment in the interest rate at a given time. Example: A loan with a 15 year amortization is adjusted to current interest rates after 2 years. The lender agrees to make the adjusted loan at the new rate as long as the old loan is not in default. The Federal Reserve Board allows the original loan to be treated either as a balloon payment loan or a variable rate loan. However, points must be figured into the A.P.R. based on the time or renegotiation (2 years rather than 15). Negotiable instrumentNegotiable instrumentAn unconditional order or promise to pay some amount of money, easily transferable from one party to another. Negotiable certificates of depositNegotiable certificates of depositLarge-denomination bank certificates of deposit that can be traded. Negotiable order of withdrawal (NOW)Negotiable order of withdrawal (NOW)Demand deposits that pay interest. Negotiable InstrumentNegotiable InstrumentAccording to the Uniform Negotiable Instruments Act, an instrument is negotiable when it is in writing and signed, containing an unconditional promise or order to pay a certain amount of money, on demand, or at a definite future date, to the bearer, to order, or to a named or certain drawee. Further SuggestionsRenegotiable ratenegotiable instrument Negotiable bill of lading Negotiable not negotiable |
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