NOW account definition

NOW account means a savings account from which the owner may make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties.
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NOW account has the meaning set forth in the Recitals hereof.
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NOW account means an account authorized by 12 U.S.C. 1832(a) on which the member bank has reserved the right to require at least seven days’ notice prior to withdrawal or transfer of any funds in the account but only if the account consists of funds in which the entire beneficial interest is held by a party eligible to have such an account as prescribed by 12 U.S.C. 1832(a)(1).3
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Examples of NOW account in a sentence

  • If your account is a NOW account or a non-demand deposit checking account, we have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account.

  • Otherwise, an organization may hold a NOW account only if it is operated primarily for religious, philanthropic, charitable, educational, or other similar purpose.

  • We may allow withdrawals at any time, but reserve the right to require seven (7) days written notice of intention to withdraw funds from your Account if your Account is a negotiable order of withdrawal (NOW) account.

  • If your account is an interest-bearing account and is not a NOW account or time deposit, the following terms may apply.

  • A NOW account may also be held by a for profit organization serving in a fiduciary or trustee capacity for an entity that is itself permitted to hold a NOW account.

  • If a negotiable order of withdrawal (NOW) account, if any entity not allowed by federal regulations to have such an account becomes an owner, we will convert the account into a checking or savings account.

  • If your account is an interest bearing account and is not a NOW account or time deposit, the following terms may apply.

  • A NOW account may also be held by a for-profit organization serving in a fiduciary or trustee capacity for an entity that is itself permitted to hold a NOW account.

  • If you have a checking account or NOW account, your account consists of a transaction sub-account and a savings sub-account.

  • All deposits and other credits will be posted to, and checks and debits will be deducted from, the demand deposit or NOW account.


More Definitions of NOW account

NOW account. (Negotiable Order of Withdrawal Account), which includes interest checking accounts, means an Account
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Related to NOW account

  • Escrow Accounts means the ‘no-lien’ and ‘non-interest bearing’ account(s) opened with Escrow Collection Bank and in whose favour the Anchor Investors will transfer money through direct credit or NEFT or RTGS or NACH in respect of the Bid Amount when submitting a Bid;

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Collection Account shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.