Bank Debit

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Bank Debit

A reduction in the amount of one's bank account. While this technically could apply to any withdrawal, the term is used especially to refer automatic withdrawals made regularly with the account holder's permission. For example, one may allow for bank debits to pay one's car insurance bill each month. The account holder must explicitly authorize bank debits in order to prevent abuse.
References in periodicals archive ?
Galloway said,"For every parent who has provided health records to the school nurse, authorized bank debits for a lunch plan or exchanged emails with a teacher about concerns in the classroom, there are real consequences to having that information released to individuals who might seek to profit from or exploit it.
Since 1996 tens-of-thousands of businesses have relied on Optimal's payment services to allow acceptance of credit/debit cards, bank debits and alternative payments from around the world.
The Service is trying to encourage taxpayers to use direct bank debits on their installment agreements, because the default rate is much lower than for other agreements.
How does your government compare to other governments in its use of technologies such as Internet payments, credit cards, electronic data interchange, kiosks, and automatic bank debits? Are governments using important fraud prevention safeguards recommended by GFOA?
In the near future, it is possible that governments will increase their acceptance of the Internet and automatic bank debits as methods of payment.
The GFOA/JPMorgan Chase survey found that many state and local governments accept payments via automatic bank debit, the Internet, and the telephone.