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A Debit is a transaction wherein money is debited or withdrawn or taken out from your bank account. For Ex: You use your ATM card to withdraw money from an ATM, this transaction will be reflected as Debit in your account because you have taken money from your account
Wiki User
∙ 13y ago
Wiki User
∙ 14y agoAn ATM withdrawal or a cheque withdrawal or a swipe at the grocery store etc are all debits on the checking account.
Any transaction, that reduces the money in our account is a debit.
Wiki User
∙ 10y agoIn a checking account, it means to take money from the account in order to pay a bill or money owed to a merchant.
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money going out
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Does debit mean taking out subtracting from a checking account?
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What account is credited when a debit card is used to pay cash on account?
It is your checking account , but it is debited, not credited.
What is a debit and how do you get one?
A debit is what occurs when you reduce a credit balance in a liability account such as a checking account. A debit can occur using a debit card, endorsed check, ATM withdrawl or withdrawl for the bank teller.
What type of banking service is directly linked to a checking account?
debit card
What does automatically withdraws the amount of a purchase from the consumers checking account?
debit card
What are the differences between cash and debit cards?
They are one in the same with the exception that with cash you have the money in hand. Debit is a card that is linked to your checking account and you debit your money from your account but it is the same as cash in a store.
Is it possible to overdraw a checking account using a debit card?
Yes a lot of people tend to overdraw their checking account because they do not know how to balance their checkbook.
What is a DDA debit from a checking account?
A "debit" is a subtraction and "DDA" means checking account. You should contact your bank directly for information about exactly WHY your account was debited, but here are some possible reasons:- You requested a transfer to another account from your checking account, and a DDA debit form was used to complete the transfer- You are overdrafted on another account or owe the bank money and they have recollected their loss by debiting your checking account- You deposited checks and totaled them wrong on the deposit slip, so the bank has made an adjustment to reflect the correct total- You are being charged for another reason, such as a returned check
Where is the account number on a bank card?
If this is in reference to a debit card, the checking account number is not found on the card, for obvious reasons.
Where can debit cards be used?
Debit cards can be used many places. A debit card is basically an electronic form of a check. When one deposits money into his/her checking account, this increases the amount in that account. In order to purchases goods and/or services, the debit card may be used. This will decrease the amount in that checking account. Most places that accept credit cards as a form of payment, will accept debit cards as well. If not, the debit card may be used at an ATM to retrieve cash.
Deposits go on debit column or credit column?
Debit the account that is receiving the cash and credit the account that the cash is coming from. Because debits always equal credits, every transaction (including a deposit) must have equal debits and credits. For example, if you are depositing $100 received for a sale, debit the checking account and credit the revenues or sales account. If you are depositing $100 that was received from a customer to pay off an accounts receivable, then debit the checking account and credit that customer's account in accounts receivable.
Are funds automatically withdrawn from checking account on a debit card?
Yes. The debit card is usually linked to an account and the moment the transaction is approved at the POS terminal the amount gets debited from our account. POS: Point of Sales. (the place where you swipe your debit card)
