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A NOW account—short for “negotiable order of withdrawal”—is an interest-bearing deposit account that can be used to make payments to other people or organizations. It differs from ordinary checking chiefly because the financial institution reserves the right to require at least seven days’ written notice before a withdrawal or transfer. That is a reserved legal right, not a routine seven-day delay: the Consumer Financial Protection Bureau says it is rarely exercised.
What makes an account a NOW account?
A NOW account is a regulatory category, not a general marketing term for any checking account that pays interest. Under the Federal Reserve’s Regulation D, it is an account with specified payment features and an institution’s reserved right to require advance written notice. The account is interest-bearing and may allow payments by check, draft, negotiable order of withdrawal, share draft, or a similar instrument.
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The name describes the payment instrument: a negotiable order of withdrawal. In practice, a NOW account can support payments to third parties, much like checking. But check-writing access alone does not make an account a NOW account; the legal definition and eligibility rules also matter. Federal Reserve Regulation D, section 204.2 sets out the regulatory definitions.
Does every withdrawal take seven days?
No. A bank or credit union must reserve the right to require at least seven days’ written notice before a withdrawal or transfer from a NOW account, but that does not mean each transaction is held for seven days. The CFPB says institutions rarely exercise the right. Its consumer explanation, last reviewed May 2, 2023, describes the distinction in plain language: the institution may require notice, rather than routinely imposing a delay. CFPB: What is the difference between checking, demand deposit, and NOW accounts?
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NOW account vs. ordinary checking account
| Feature | NOW account | Ordinary checking or demand deposit account |
|---|---|---|
| Interest | Interest-bearing by definition in the Federal Reserve’s account definition. | May or may not pay interest; terms depend on the institution. |
| Access and payments | Can support third-party payments using authorized payment instruments. | Generally used for payments and withdrawals on demand, subject to account terms. |
| Advance notice | Institution reserves the right to require at least seven days’ written notice. | Generally payable on demand; the legal definition contains details and exceptions. |
| Who may hold one | Federal rules limit eligible holders. | Consumer eligibility and availability depend on the provider’s terms. |
The CFPB uses “demand deposit account” as another term for checking in its consumer-facing explanation. That is a useful shorthand, while the Federal Reserve regulation supplies the legal definitions. A NOW account may look much like checking in day-to-day use, but it is not interchangeable with every interest-paying checking product.
Who is eligible to hold a NOW account?
Federal rules limit NOW account eligibility. The categories described in Federal Reserve materials include individuals, sole proprietorships, governmental units, and certain organizations operating for qualifying nonprofit purposes. Individuals may hold a NOW account regardless of the purpose of the funds, including funds used in a business or sole proprietorship.
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Other for-profit entities, including corporations and partnerships, should not assume they qualify. The rules and interpretations distinguish those entities from individuals and sole proprietors, as well as from eligible governmental and nonprofit holders. Consult the Federal Reserve’s Regulation D interpretations and Federal Reserve glossary for the eligibility categories and detailed interpretation.
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The legal definition does not establish what a particular institution currently offers or what its account costs. For a specific NOW account, review the provider’s current disclosures for its interest rate or APY, fees, minimum-balance rules, payment and withdrawal methods, and account availability. The CFPB’s Regulation DD defines consumer deposit-account and APY terms, but the account’s own current disclosures provide its applicable terms: Regulation DD, section 1030.2.
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Official definitions explain what a NOW account is; they do not establish how common these accounts are or which institutions offer them today. Availability and terms therefore need to be confirmed directly with a provider.
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