debit


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Debit

An expense, or money paid out from an account. A debit transaction is one which the net cost is greater than the net sale proceeds. See also Credit.

debit

An accounting entry that results in an increase in assets or a decrease in liabilities or owners' equity. Compare credit.

Debit.

A debit is the opposite of a credit. A debit may be an account entry representing money you owe a lender or money that has been taken from your account.

For example, your bank debits your checking account for the amount of a check you've written, and your broker debits your investment account for the cost of a security you've purchased.

Similarly, a debit card authorizes the bank to take money out of your bank account electronically, either as cash or as an on-the-spot payment to a merchant. That's different from a credit card, which authorizes you to borrow the money from the card issuer.

debit

  1. n. a means of charging (in DOUBLE-ENTRY ACCOUNTS) for services rendered by a firm. This is done by making an accounting entry which records the value of GOODS or SERVICES supplied by the company in the company's account of the customer for these goods and services. A debit entry in a company's DOUBLE-ENTRY ACCOUNTS represents either an increase in the company's assets or a decrease in its LIABILITIES.
  2. v. to enter the value of goods or services supplied to a customer in the supplying company's account of that customer. See CREDIT, definition 2.

debit

(1) On a closing statement for a real estate sale, an item that is charged to a party. (2) In accounting,an entry that appears on the left side of the page.It is the opposite of a credit.In accounting,a credit does not necessarily indicate more money and a debit does not necessarily indicate less money or an expense.

References in periodicals archive ?
But under federal Regulation E, users who report the theft or unauthorized use of debit cards within two business days are liable for a maximum of $50.
Internet savings accounts that aren't attached to a credit or debit card are seeing annual percentage yields as high as 3.
The final rule provides guidance on Regulation E coverage of electronic check conversion transactions and computer-initiated bill payments; authorization of recurring debits from a consumer's account; telephone-initiated transfer; and other issues.
When an asset transfer occurs and the recipient organization and specified beneficiary organization are financially interrelated, the resource provider debits an expense and credits an asset or payable.
Taxpayers planning to make their payment using the toll-free phone method or free PC software method must be enrolled in the ACH Debit option.
Millennials are by far the biggest users of debit and can benefit from reliable information on how to continue to use their debit cards wisely.
For more information about ABA and Discover Debit, call 1-800-BANKERS or visit www.
color) Los Angeles Lakers superstar Earvin ``Magic'' Johnson appears on the front of the new Visa debit card, Magic Cash.
Over the past year or so, card issuers have begun marketing offline debit cards aggressively, encouraging consumers to use them in place of writing checks.
Issuers should check with their EFT partner to be sure that they have a widely adoptable authentication solution that will allow them to build their e-Commerce debit business.
Debit cards look like credit cards and are used to pay for purchases and to withdraw cash.
More specifically, this report looks at penetration of debit cards versus EFTPOS cards, awareness of the distinction between scheme debit and EFTPOS cards, and the likelihood that consumers would be motivated to switch transaction account providers in order to upgrade to a debit card.