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Glossary of Financial Terms

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W

Will
A formal, written, witnessed instrument by which a person gives instructions for the disposition of his or her estate.

Wire Transfer
A transaction by which funds are moved electronically from one bank to another, upon a customer's instructions, through bookkeeping entries at the two banks.

Withdrawal
The act of withdrawing from a deposit account.

Withholding
A percentage of the interest earned withheld from an account for tax purposes.

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