What is a NWD Transaction in a Bank Statement

What is a NWD transaction in a bank statement?

The ‘Network Withdrawal’ term is used by various banks, which means’ Network Withdrawal’ transaction. NWD is stated on the statement of the bank when one withdraws money from the ATM (Automatic Teller Machine) of another bank.

• Banks use the term “NWD” for Network Withdrawal.

• When money is withdrawn from the ATM machine of another bank, the statement indicates it as an NWD transaction.

• If one withdraws money from the ATM of the same bank, it shows the ATW transaction on the bank’s statement.

• These terms are mostly used by private banks.

• Other terms that are used by private banks are EAW, NFS, ATS, AWB, etc.

• Different banks use different codes for these types of transactions.

• The commission on NWD transactions is generally higher than on other types of transactions done through ATMs.

• So, if a customer has an ATM card from the same bank, then ATW will be written on the receipt and charges will be comparatively lesser.

• If a customer does not have a card from the same bank, NWS will be written on the receipt, and he will be charged more than for an ATW transaction.

• Customers are allowed to have a certain number of free transactions, but after the limit is reached, they are charged the fees for the transactions made through the ATM.

• The NWD charges start at Rs. 25/- generally.

• But not every account is charged for the transaction. For example, the salary account is not charged for the transaction fee.

• Thus, the NWD transaction gets reflected on one’s balance sheet when the transaction is done through the ATM of another bank.