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You had a debit card and the bank allowed you to use it beyond your bank limit and then charge you late fees and interest. Is this legal?
Wiki User
∙ 16y ago
Yes, generally you are responsible keeping track of how much you have deposited and withdrawn from you account. If you withdraw more then you have in your account you are charged od fees or nsf fees. Your bank is responsible for accurately recording Credit(deposits) and Dedits (withdrawals) and the balances that result from this. Banks can not always control what is charged to your debit card especially if it is done through a credit net work(visa/MasterCard). Some of these transactions are done as a off line mostly small transactions. These are then presented a paid by the bank. Also if you use a bank that does not have online debit transactions they may have a delay in receiving your transactions from the authorizing company.
Wiki User
∙ 16y ago
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Does interest payable a debit or credit?
Interest payable is debit.
Is interest debit or credit?
debit
What is the journal entry for accrued interest expense on Notes Payable?
debit interest expense, credit interest payable for the accrued amount
What is the journal entry to record accrued interest on a mortgage?
(debit) interest income (credit) (debit) interest income (credit)
Do you pay interest on Debit cards?
No, you do not pay any interest on debit cards. A debit card is nothing but a card similar to an ATM card. Instead of withdrawing cash, you swipe it at merchant establishments directly. You can only use as much amount as you have in your bank account and hence the bank cannot charge you any interest for using the same.
Is interest receivable debit or credit?
debit
Does discount allowed have a debit or credit balance in the ledger balance?
Discount allowed is debit
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
What is the journal entry for bond purchase with accrued interest?
Debit bondsDebit interest accruedCredit cash / bank
What is interest expense on a general ledger Debit or Credit?
DEBIT
What is the journal entry to interest receivable?
debit interest receivablecredit interest income
What is the journal entry for interest on credit?
debit interest receivablecredit interest income
