Negotiable Order of Withdrawal accounts
E781033
Negotiable Order of Withdrawal (NOW) accounts are interest-bearing deposit accounts offered by banks and other depository institutions that allow customers to write checks against their balances, functioning much like a hybrid between checking and savings accounts.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| Negotiable Order of Withdrawal account | 0 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
bank account
ⓘ
interest-bearing deposit account ⓘ retail deposit product ⓘ |
| allows |
check-writing
ⓘ
drafts payable to third parties ⓘ |
| alsoKnownAs |
NOW account
ⓘ
Negotiable Order of Withdrawal (NOW) account ⓘ |
| balanceType | liability of the depository institution ⓘ |
| canBeAccessedBy |
ATMs
ⓘ
mobile banking ⓘ online banking ⓘ |
| createdTo | circumvent interest rate ceilings on demand deposits ⓘ |
| denominatedIn | U.S. dollars ⓘ |
| differsFrom | traditional demand deposit account by paying interest ⓘ |
| earns | interest ⓘ |
| firstIntroducedInRegion | New England GENERATED ⓘ |
| fundsAvailability | generally payable on demand ⓘ |
| governedBy | account agreement between depositor and institution ⓘ |
| hasCharacteristic |
demand-deposit-like access with interest
ⓘ
hybrid between checking and savings accounts ⓘ |
| hasFeature |
checkbook access
ⓘ
debit card access (often) ⓘ direct deposit capability ⓘ electronic funds transfer capability ⓘ limited or tiered interest rates ⓘ minimum balance requirements (often) ⓘ |
| holderType |
individuals
ⓘ
joint account holders ⓘ trusts (in some cases) ⓘ |
| insuredBy |
Federal Deposit Insurance Corporation (FDIC) for banks
NERFINISHED
ⓘ
National Credit Union Administration (NCUA) for credit unions NERFINISHED ⓘ |
| introducedIn | 1970s ⓘ |
| mayBeOfferedTo |
government units
ⓘ
nonprofit organizations ⓘ |
| mayCharge |
check-writing fees (in some cases)
ⓘ
monthly maintenance fees ⓘ |
| offeredBy |
banks
ⓘ
credit unions ⓘ savings and loan associations ⓘ |
| offeredInJurisdiction | United States NERFINISHED ⓘ |
| regulatesUnder | Regulation Q (historically) NERFINISHED ⓘ |
| requires | that withdrawals be made through negotiable orders (checks) ⓘ |
| similarTo | interest-bearing checking account ⓘ |
| subjectTo |
federal banking regulations
ⓘ
reserve requirements (for depository institutions, historically) ⓘ |
| typicallyNotOfferedTo | for-profit businesses (in many jurisdictions) GENERATED ⓘ |
| typicallyOfferedTo | consumers GENERATED ⓘ |
| usedFor |
everyday transactions
ⓘ
short-term savings ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Depository Institutions Deregulation and Monetary Control Act
→
created
→
Negotiable Order of Withdrawal accounts
ⓘ