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When you take out money is called?

Updated: 12/10/2023
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Wiki User

6y ago

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When you withdraw money from a bank or financial institution, it is commonly referred to as a "cash withdrawal" or simply "taking out money."

This process involves accessing funds from your account, usually through an ATM, bank teller, or electronic transfer.

Withdrawals can be for various purposes, such as daily expenses, purchases, or other financial transactions.

This action reduces the balance in your account, converting electronic or digital currency into physical cash or transferring it to another form.

The ability to withdraw money provides liquidity and flexibility for individuals to meet their financial needs in the physical world.

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Muhammad Bilal Shafi...

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3mo ago
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6y ago

Taking out money (from your bank account) is known as a withdrawal.

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