Debit: meaning, definitions and examples
๐ณ
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.
|
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.
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 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.
Translations
Translations of the word "debit" in other languages:
๐ต๐น dรฉbito
๐ฎ๐ณ เคกเฅเคฌเคฟเค
๐ฉ๐ช Lastschrift
๐ฎ๐ฉ debit
๐บ๐ฆ ะดะตะฑะตั
๐ต๐ฑ debet
๐ฏ๐ต ใใใใ
๐ซ๐ท dรฉbit
๐ช๐ธ dรฉbito
๐น๐ท borรง
๐ฐ๐ท ์ฐจ๋ณ
๐ธ๐ฆ ู ุฏูู
๐จ๐ฟ debet
๐ธ๐ฐ debet
๐จ๐ณ ๅๆน
๐ธ๐ฎ debet
๐ฎ๐ธ debet
๐ฐ๐ฟ ะดะตะฑะตั
๐ฌ๐ช แแแแแขแ
๐ฆ๐ฟ debet
๐ฒ๐ฝ dรฉbito