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English definition of “withdrawal”

withdrawal

noun [C or U]     /wɪðˈdrɔːəl/
BANKING, FINANCE the act of taking money out of an account , or the amount of money taken: The savings account only allows you to make three withdrawals a year . There's a cash withdrawal limit of €500 per day . There are large early withdrawal penalties attached to this mortgage . → Compare deposit noun
[U] the act of stopping something from happening or being available : withdrawal of sth The withdrawal of corporate sponsorship had a damaging impact on the company's performance . withdrawal of an offer / support
[U] COMMERCE the process of removing a product from the market , either temporarily or permanently , because there is a problem with it: The company is still struggling to rebuild its image following the withdrawal of its new cancer drug on safety grounds . The cost of the product withdrawal was estimated at over $10 million.
[U] the state of no longer being involved in something: withdrawal from sth The scandal led to her withdrawal from politics .
[U] the act of officially changing something you previously said: withdrawal of an allegation / statement / complaint
→ See also in-service withdrawal
(Definition of withdrawal noun from the Cambridge Business English Dictionary © Cambridge University Press)
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