Meaning & Definition of word "Debit"

Debit

/ˈdɛbɪt/

1. An entry recording a sum owed, listed on the left-hand side or column of an account.
- Example: The debit from her account for the monthly fee was processed on the first of the month.
2. An amount of money deducted from an account.
- Example: After reviewing his bank statement, he noticed several debits he couldn't explain.
3. A transaction in which money is taken out of a bank account.
- Example: She made a debit of $100 from her savings account to cover unexpected expenses.

1. To record a debit in an account.
- Example: The accountant will debit your account for the total amount due.
2. To deduct an amount from a bank account.
- Example: They decided to debit the service charges directly from the customer's account.

●Derived from Latin 'debere', meaning 'to owe'.

bank debit:

A withdrawal from a bank account.

debit card:

A card that allows you to spend money directly from your bank account.

debit transaction:

Any financial transaction where an amount is debited from an account.

credit:

The opposite of debit, representing an amount owed to the account holder.

account:

A record of financial transactions.

Meaning: Slang for debit card transactions in informal settings.

● Example Sentence: I used my debit to grab lunch today.

Meaning: Referring to going into the negative in a bank account.

● Example Sentence: I might overdraw my debit if I keep spending this way.