Debit Meaning: Definition, Examples, and Translations
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debit
[หdษbษชt ]
Definitions
banking
An entry recording a sum received, listed on the left-hand side or column of an account.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| debit |
Used in banking and accounting to indicate a deduction from an account balance.
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| charge |
Often used in retail and billing when a fee is applied to a purchase or service. Can sometimes imply a negative balance or cost.
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| withdrawal |
Specifically related to taking money out of a bank account.
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| expense |
Refers to money spent on something, especially in the context of budgeting or financial planning. Usually used in a descriptive context rather than transactional.
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Examples of usage
- Please make sure to check your debits and credits regularly.
- The debit amount will be deducted from your account balance.
- I noticed a discrepancy in the debit column of my bank statement.
finance
To remove an amount of money from a bank account.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| debit |
Use this term commonly in banking and finance. It refers to the act of recording an amount of money that is taken out from an account, often automatically or electronically.
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| deduct |
This term is often used in accounting, finance, and tax contexts. It implies the removal of an amount from a total, often for the purpose of calculation.
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| subtract |
Typically used in mathematical or everyday calculations, it means taking one number away from another to get the difference.
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| withdraw |
Commonly used in banking and personal finance. It signifies the act of taking money out of a bank account, usually by visiting the bank or using an ATM.
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Examples of usage
- They will debit your account for the monthly subscription fee.
- Make sure to debit the correct amount from the customer's account.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Banking and Finance
- Debit transactions can occur through cards, checks, or electronic transfers.
- Many people use debit cards to avoid accumulating debt since they can only spend what they have.
- Unlike credit cards, debit cards do not allow for borrowing money from the bank.
Cultural Impact
- The rise of digital banking and apps has made tracking debits easier and more convenient for users.
- Certain cultures emphasize financial responsibility, where managing debits and credits is paramount for stability.
- Educational programs often teach young people about managing their debit transactions early on.
Psychology
- Studies show that people tend to spend less with debit cards than credit cards, as it feels more real.
- Using cash or debit makes individuals more mindful of their spending habits compared to credit.
- Managing debits can influence a personโs overall financial well-being and stress levels.
Technology
- The development of contactless debit cards has made transactions quicker and more efficient.
- Many banking apps now include features for real-time tracking of debits and reminders for payments.
- Cryptocurrency wallets also function similarly to debit systems, allowing users to spend only what they hold.
Origin of 'debit'
Main points about word origin
- The word 'debit' comes from the Latin word 'debere', meaning 'to owe'.
- It was first used in English in the late 1600s in the context of accounting.
- In traditional accounting practices, debits are recorded on the left side of a ledger.
The word 'debit' originated from the Latin word 'debere', which means 'to owe'. It was first used in the English language in the mid-15th century. The concept of debits and credits in accounting dates back to the 15th century when double-entry bookkeeping was developed by Luca Pacioli, an Italian mathematician. Debits are traditionally shown on the left side of an account, while credits are shown on the right side. Over the years, the term 'debit' has become widely used in the financial and banking sectors to denote the removal of funds from an account.
See also: debitable.