12 CFR 390.297
§ 390.297 Negotiable Order of Withdrawal Accounts.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 390.297, § 390.297 Negotiable Order of Withdrawal Accounts, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47263
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Full text
(a) Negotiable Order of Withdrawal (NOW) accounts are savings accounts authorized by 12 U.S.C. 1832 on which the State savings association reserves the right to require at least seven days' notice prior to withdrawal or transfer of any funds in the account.
(b) For purposes of 12 U.S.C. 1832:
(1) An organization shall be deemed “operated primarily for religious, philanthropic, charitable, educational, or other similar purposes and * * * not * * * for profit” if it is described in sections 501(c)(3) through (13), 501(c)(19), or 528 of the Internal Revenue Code; and
(2) The funds of a sole proprietorship or unincorporated business owned by a husband and wife shall be deemed beneficially owned by “one or more individuals.”
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.