Notice Account
Notice Account Meaning:
In banking terminology, the term notice account is a type of interest bearing bank account that allows penalty-free withdrawals only after notice is provided.
In banking terminology, the term notice account is a type of interest bearing bank account that allows penalty-free withdrawals only after notice is provided.
For example, a Notice Account with a fixed time frame like two months could be used by a person or corporation to set aside extra funds that they do not expect to use during that two month time frame. The primary advantage of using a Notice Account for depositors is that withdrawals can be made provided that notice is given a certain period of time in advance of the withdrawal taking place. The advance notice period for making a Notice Account withdrawal is agreed upon at the time the deposit is initiated, and it typically ranges from one to seven days at most financial institutions.
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