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 Matches

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An unconditional order or promise to pay some amount of money, easily transferable from one party to another.


Negotiable order of withdrawal (NOW)

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Words written on a bill of exchange or cheque which should prevent encashment following theft. For example if A writes a cheque to B and marks it 'not negotiable', then in the event that the cheque is stolen by C, it could not be cashed since no one can have a good title to it other than B.


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