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Is it possible to transfer money from a credit card to a debit card?
Yes, it is possible to transfer money from a credit card to a debit card through a process known as a balance transfer. This allows you to move funds from your credit card to your debit card, but it may involve fees and interest charges.
Do banks charge fees for direct debit?
Most banks do not charge any fees for direct debit transactions. Banks who do not charge these fees include most credit unions, Chase, and Bank of America.
What are the costs and pitfalls of using a debit card?
Using a debit card can lead to costs such as overdraft fees if you spend more than your account balance, and some banks may charge monthly maintenance fees. Additionally, debit cards often lack the same fraud protection as credit cards, making users more vulnerable to unauthorized transactions. There's also the risk of insufficient funds leading to declined transactions, which can be inconvenient. Lastly, frequent use of a debit card may not help in building credit history, unlike credit cards.
How can I send money from my credit card to my debit card?
You can transfer money from your credit card to your debit card by using a money transfer service or by linking your credit card to your bank account and then transferring the funds to your debit card. Be aware that there may be fees associated with these transactions.
What are the advantages of debit cards over credit cards?
A debit card is limited to the amount of money you actually have in an account, so it is difficult to overdraw on one. With a credit card, you are using a bank's money on credit, while with a debit card you are spending money you already have. With debit cards, you do not get any "rewards" (benefits that the credit card company gives you in return for origination fees they charge places that take their cards). However, you also do not face any interest on unpaid balances. You can also still take out too much and get your account into negative. Perhaps the only real advantage is that if you log into your debit account everyday, you can see your balance with all your purchases. Credit cards can take days to post your purchases and may not give you a correct balance. Debit cards are just like cash, since they are usually linked directly to your bank account. However unlike cash, if you withdraw too much, you will definitely incur overdraft fees and such.
Is fees earned debit or credit?
Fees Earned is an Income and whenever an income increases its credited! So that makes it a credit.
Is Fees earned is decreased is it debited or credited?
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
What is the accounting journal entry to record loan fees amortized?
Debit: Deferred loan origination fees Credit: Interest income
What is bank charges credit or debit in trial balance?
In a trial balance, bank charges are typically recorded as a debit entry because they represent an expense incurred by the business. Since expenses decrease the net income, they are recorded on the debit side of the trial balance. On the other hand, any bank charges that may be associated with fees for services rendered to the business would not be recorded as a credit in the trial balance. Instead, they are deducted from the cash or bank account balance.
Is it possible to transfer money from a credit card to a debit card?
Yes, it is possible to transfer money from a credit card to a debit card through a process known as a balance transfer. This allows you to move funds from your credit card to your debit card, but it may involve fees and interest charges.
Is a decrease in unearned fees a debit or credit?
A decrease in unearned fees is recorded as a debit. Unearned fees represent a liability on the balance sheet, reflecting money received in advance for services not yet performed. When unearned fees decrease, it indicates that the company has earned some of that revenue, thus reducing the liability and requiring a debit entry.
What are the costs of using credit cards and debit cards?
With a debit card, some banks will pass the fees onto you. This is why it's always important that you use your debit as credit. When you use your card as credit, you have the fees passed onto the merchant, rather than you.
What is fees earned normal balance?
The normal balance of fees earned is a credit balance. This is because fees earned represent revenue generated by a business, and revenues typically increase equity, which is recorded on the credit side of the accounting equation. When a company earns fees, it credits the fees earned account to reflect this income, while corresponding debits usually involve cash or accounts receivable.
What is the journal entry for revenue received from professional fees?
cash a/c debit fees a/c credit
What is accounting entry for directors fees?
The accounting entry for directors' fees typically involves recording an expense and a liability. When the fees are incurred, you would debit the Directors' Fees Expense account and credit the Accrued Liabilities or Accounts Payable account. This reflects the expense recognized in the income statement while acknowledging the obligation to pay the directors. Upon payment, you would then debit the Accrued Liabilities or Accounts Payable and credit Cash or Bank.
What is journal entry if you are paid by credit card or debit card?
When a business receives payment via credit card or debit card, the journal entry typically involves debiting the cash or bank account to reflect the increase in funds, and crediting the sales revenue account to record the sale. Additionally, if there are any transaction fees associated with the card payment, you would also debit an expense account (like credit card fees) for those fees. For example, if a sale of $100 is made and there is a $2 fee, you would debit cash for $98, credit sales revenue for $100, and debit credit card fees for $2.
