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. (Negotiable Order of Withdrawal Account), which includes interest checking accounts, means an Account that may be interest-bearing and is subject to negotiable order of withdrawal or by other means authorized by the Bank, for which we reserve the right to require seven days’ written notice of an intended withdrawal of all or any part of the balance in such Account.
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Examples of NOW account in a sentence

  • If withdrawals or transfers by check, draft, or similar instrument are permitted or authorized, the account is considered a NOW account.

  • Deposits (cont.):NOTE: There are no regulatory requirements with respect to minimum balances to be maintained in a NOW account or to the amount of interest that may be paid on a NOW account.

  • On the other hand, an account that otherwise meets the definition of a savings deposit but that authorizes or permits the depositor to exceed the six-transfer/withdrawal rule shall be reported as a transaction account, as follows: (1) If the depositor is ineligible to hold a NOW account, such an account is considered a demand deposit.

  • NOTE: There are no regulatory requirements with respect to minimum balances to be maintained in a NOW account or to the amount of interest that may be paid on a NOW account.

  • On the other hand, an account that otherwise meets the definition of a savings deposit but that authorizes or permits the depositor to exceed the six-transfer/withdrawal rule or three-draft rule shall be reported as a transaction account, as follows: (1) If the depositor is ineligible to hold a NOW account, such an account is considered a demand deposit.

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

  • In a typical arrangement, a bank creates a master account and two subaccounts: a transaction subaccount (either a demand deposit account or a NOW account), which is subject to reserve requirements, and a nontransaction savings subaccount (a special-purpose money market deposit account (MMDA)), which is not subject to reserve requirements.

  • 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.

  • 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 the depositor is eligible to hold a NOW account, the account will be considered either a NOW account, a telephone or preauthorized transfer, or an ATS account.


More Definitions of NOW account

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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Related to NOW account

  • Escrow Accounts means any escrow account in which Escrowed Proceeds are deposited and held.

  • 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 means the account designated as such, established and maintained pursuant to Section 5.1.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • New Account means each charge account established pursuant to an Account Agreement between FSB and any Person, which account is designated pursuant to Subsection 2.03(a) to be included as an Account and identified on an Account Schedule delivered pursuant to Sections 2.01 and 2.03.

  • General Account consists of all our assets other than those held in any separate investment accounts.

  • Prefunding Account The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06 in the name of the Trustee for the benefit of the Certificateholders and designated "U.S. Bank National Association, in trust for registered holders of CSFB Mortgage Pass-Through Certificates, CSFB ABS Trust Series 2001-HE12" Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Disbursement Account means any Deposit Account maintained by Borrower with a financial institution for the purpose of receiving and disbursing the proceeds of Loans made pursuant hereto.

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Project Account means the account referred to in Section 3.04 (a) of this Agreement;

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Direct Account : means any Account which is not an ISA Account.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Holding Account means an account:

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

  • Finance Charge Account is defined in Section 4.9(a).