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negotiable order of withdrawal account

negotiable order of withdrawal account definition - finance

An interest-earning account on which checks may be written. NOW accounts are offered by commercial banks, mutual savings banks, and savings and loan associations. They may be owned only by individuals, some nonprofit organizations, and government agencies or bodies.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.