Debit: meaning, definitions and examples

๐Ÿ’ณ
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debit

 

[หˆdษ›bษชt ]

Definitions

Context #1 | Noun

banking

An entry recording a sum received, listed on the left-hand side or column of an account.

Synonyms

charge, expense, withdrawal.

Which Synonym Should You Choose?

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Word Description / Examples
debit

Used in banking and accounting to indicate a deduction from an account balance.

  • The bank debited my account for the monthly subscription fee.
  • She noticed a debit of $50 from her checking account.
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.

  • They will charge you an extra fee for late payment.
  • She was surprised by the hidden charges on her bill.
withdrawal

Specifically related to taking money out of a bank account.

  • I made a withdrawal of $100 from the ATM.
  • There was a large withdrawal from her savings account.
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.

  • Travel expenses for the business trip were higher than expected.
  • You should track your monthly expenses to manage your budget.

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.
Context #2 | Verb

finance

To remove an amount of money from a bank account.

Synonyms

deduct, subtract, withdraw.

Which Synonym Should You Choose?

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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.

  • The bank debited $100 from my account
  • Every month, the phone bill is debited from my checking account
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.

  • You can deduct medical expenses from your taxable income
  • The store deducted a discount from the total bill
subtract

Typically used in mathematical or everyday calculations, it means taking one number away from another to get the difference.

  • If you subtract 5 from 10, you get 5
  • The teacher asked the students to subtract the smaller number from the larger one
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.

  • I need to withdraw some money from my savings account
  • She withdrew $200 from the ATM yesterday

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.

Interesting Facts

Etymology

  • 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.

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 personโ€™s 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.

Translations

Translations of the word "debit" in other languages:

๐Ÿ‡ต๐Ÿ‡น dรฉbito

๐Ÿ‡ฎ๐Ÿ‡ณ เคกเฅ‡เคฌเคฟเคŸ

๐Ÿ‡ฉ๐Ÿ‡ช Lastschrift

๐Ÿ‡ฎ๐Ÿ‡ฉ debit

๐Ÿ‡บ๐Ÿ‡ฆ ะดะตะฑะตั‚

๐Ÿ‡ต๐Ÿ‡ฑ debet

๐Ÿ‡ฏ๐Ÿ‡ต ใƒ‡ใƒ“ใƒƒใƒˆ

๐Ÿ‡ซ๐Ÿ‡ท dรฉbit

๐Ÿ‡ช๐Ÿ‡ธ dรฉbito

๐Ÿ‡น๐Ÿ‡ท borรง

๐Ÿ‡ฐ๐Ÿ‡ท ์ฐจ๋ณ€

๐Ÿ‡ธ๐Ÿ‡ฆ ู…ุฏูŠู†

๐Ÿ‡จ๐Ÿ‡ฟ debet

๐Ÿ‡ธ๐Ÿ‡ฐ debet

๐Ÿ‡จ๐Ÿ‡ณ ๅ€Ÿๆ–น

๐Ÿ‡ธ๐Ÿ‡ฎ debet

๐Ÿ‡ฎ๐Ÿ‡ธ debet

๐Ÿ‡ฐ๐Ÿ‡ฟ ะดะตะฑะตั‚

๐Ÿ‡ฌ๐Ÿ‡ช แƒ“แƒ”แƒ‘แƒ˜แƒขแƒ˜

๐Ÿ‡ฆ๐Ÿ‡ฟ debet

๐Ÿ‡ฒ๐Ÿ‡ฝ dรฉbito

Word Frequency Rank

At position #12,724, this word is part of sophisticated English vocabulary. It's useful for academic or professional contexts where precise language is needed.