---
kind: "section"
citation: "12 C.F.R. § 390.297"
title: "12"
number: "390.297"
heading: "Negotiable Order of Withdrawal Accounts."
url: "https://uscodex.org/cfr/12/390.297"
---

# §390.297. Negotiable Order of Withdrawal Accounts.

- (a) **Negotiable Order of Withdrawal (NOW)—** accounts are savings accounts authorized by [12 U.S.C. 1832](/usc/12/1832.md) 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](/usc/12/1832.md):
  - (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.”

## Notes

### Authority

Authority: 12 U.S.C. 1819. Subpart Q also issued under 12 U.S.C. 1462; 1462a; 1463; 1464. Subpart W also issued under 12 U.S.C. 1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m; 78n; 78p; 78w.

### Source

Source: 76 FR 47655, Aug. 5, 2011, unless otherwise noted.