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W

WILLIAMSON

Oliver Williamson won the Nobel Prize in 2009 for his analysis of economic governance, especially the boundaries of the firm.

WITHDRAWAL (ATM)

In banking, it refers to the act of taking money out of an account into which it has been deposited, whether through a bank teller or an ATM (see ATM - Automated Teller Machine).

WITHDRAWAL (contract)

By law the consumer has the right to withdraw from a contract (change their mind) within 14 days of signing it, without giving any reason. To do so, the consumer must just notify the lender, before the time expires, by traceable means (such as a registered letter). In the meantime, if the consumer has received the sum requested, even only partially, they must repay the money received to the lender within 30 days and pay the interest accrued up until the date of repayment. If the contract is an open-ended one (as in the case of a credit card), the consumer can withdraw at any time, without any penalty or costs, by simply complying with the notice period. The lender can also withdraw, but must notify the consumer at least two months beforehand.