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Simple English definitions for legal terms

negotiable order of withdrawal

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A quick definition of negotiable order of withdrawal:

A negotiable order of withdrawal, also known as NOW, is a type of check that can be cashed at any time and is backed by funds deposited in a bank or other financial institution. It's like a promise from the bank that the money is available for withdrawal whenever the check is presented.

A more thorough explanation:

A negotiable order of withdrawal (NOW) is a type of financial instrument that allows the holder to withdraw funds from a bank account on demand. It is similar to a check, but it is issued against funds that have already been deposited with a financial institution.

For example, let's say that John has a NOW account with his bank. He has deposited $1,000 into the account, and he can write a NOW check for up to that amount. If he writes a check for $500 and gives it to his landlord, the landlord can take the check to the bank and cash it immediately. The bank will then deduct $500 from John's account.

Another example is if Sarah has a NOW account with her credit union. She has deposited $2,000 into the account, and she can write a NOW check for up to that amount. If she writes a check for $1,000 and gives it to her contractor, the contractor can take the check to the credit union and cash it immediately. The credit union will then deduct $1,000 from Sarah's account.

These examples illustrate how a negotiable order of withdrawal works. The holder of the NOW account can write a check for a certain amount, and the recipient can cash it immediately. The funds are deducted from the account, and the holder can continue to use the remaining balance as needed.

negotiable note | negotiable-order-of-withdrawal account

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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