Advanced English Dialogue for Business – Negotiable order of withdrawal

Listen to a Business English Dialogue about Negotiable order of withdrawal

Johnny: Hi Avery, have you ever heard of a negotiable order of withdrawal?

Avery: No, what’s that?

Johnny: It’s a type of account offered by credit unions that allows depositors to write checks against their balances, similar to a checking account.

Avery: Oh, so it’s like a hybrid between a savings and a checking account?

Johnny: Exactly. It offers the flexibility of a checking account with the interest-earning potential of a savings account.

Avery: That sounds convenient. So, are there any limitations or restrictions on negotiable orders of withdrawal?

Johnny: Some institutions may require a minimum balance or limit the number of transactions allowed per month to qualify for certain benefits.

Avery: I see. So, it’s important to review the terms and conditions of the account before opening one?

Johnny: Yes, understanding the fees, requirements, and features of the account is crucial for making informed decisions.

Avery: Got it. So, how do negotiable orders of withdrawal differ from traditional checking accounts?

Johnny: Well, they’re typically offered by credit unions and may have different terms and conditions compared to checking accounts offered by banks.

Avery: Thanks for explaining, Johnny. Negotiable orders of withdrawal seem like an interesting option for managing finances.

Johnny: No problem, Avery. They can be a useful tool for individuals looking to earn interest while maintaining easy access to their funds.