Word Finder - debit

definition

In bookkeeping, an entry in the left hand column of an account.

example

A cash sale is recorded as debit on the cash account and as credit on the sales account.

definition

A sum of money taken out of a bank account. Thus called, because in bank's bookkeeping a cash withdrawal diminishes the amount of money held on the account, i.e. bank's debt to the customer.

definition

To make an entry on the debit side of an account.

definition

To record a receivable in the bookkeeping.

example

We shall debit the amount of your purchase to your account.

definition

Of or relating to process of taking money from an account

definition

Of or relating to the debit card function of a debit card rather than its often available credit card function

When you have business overdraft protection, then the money transfers automatically to your bank account to pay a check or to allow you or your employee to use your debit card, even if you have a $0 balance in the bank.

It works similarly to a bank debit card.

Debit cards eliminate concerns about Identity Theft.

Spending control - The card works just like a traditional debit card and you can only spend what you have.

They are therefore answerable for all payments, including those made by Direct Debit.

With a prepaid debit card, the spending limit is firmly established.

Put the debit card away, and be ready to use fabric, color, and DIY skills to put together the perfect Dr. Seuss nursery for a new baby.

By paying with your Visa or MasterCard bank-issued debit card, you can wire money anywhere in the world and the intended recipient can pick it up at any nearby Western Union location.

These cards are unlike debit cards because they can be used in more locations than just ATMs.

Additionally, unlike a debit card, you sign for purchases rather than use a pin number.

With a debit card, consumers can use electronic payments as a form of cash anywhere debit cards are accepted.

Platinum Card - This card gives you the highest level of benefits that can be had with any debit card.

It sounds like a great idea; a prepaid debit card combines the convenience of not carrying cash with the benefit of not incurring debt.

However, prepaid debit cards come with a variety of hidden fees.

Below are a list of frequently used terms and fees that may be deducted from the debit card's balance.

A convenience fee is assessed by merchants each time a debit card is used.

It is meant to offset the bank's cost for processing a debit card transaction.

Utilizing a prepaid debit card is not a simple, straightforward transaction.

This makes it important to carefully study the terms of service and list of potential charges before choosing a prepaid debit card.

Below is a table identifying potential fees that may reduce the cost-effective use of a prepaid debit card.

A debit card requires money to be available in the bank account to which the card is attached.

A Personal Identification Number (PIN) is needed to make a purchase with a debit card.

With a debit card, you can take cash out of your account from either an ATM machine or from the merchant accepting the card.

If you notice your debit card is missing or your account has questionable charges on it, report it immediately.

The debit card can be used at a variety of merchants both in the United States and abroad.

Debit cards can be used anywhere the Visa or MasterCard logo are displayed.

You can also forget about carrying around several additional forms of identification when you use a debit card.

Debit cards can also be used anywhere the Visa or MasterCard logo is shown, including many international merchants.

Contact your bank's fraud liability policy before you begin using any debit card.

Finally, remember a debit card is linked to your checking account- if fraud occurs it may drain all of your funds.

When you get a checking account, you often get a debit card as well; many times these debit cards have the Visa or Mastercard logo on the front.

With the introduction of the debit card, many shoppers no longer carry around checkbooks.

Navy FCU offers two different types of debit card products to members.

You don't have to track your purchases like you do with a debit card.

Prepaid cards go beyond the prepaid debit cards which are quickly becoming a common sight in people's wallets; you can use prepaid cards for specific purchases such as gas, cell phone calls, and even cups of coffee.

Many prepaid payment cards look just like regular debit cards.

Prepaid debit cards are appropriate as gifts, for traveling, and as reloadable budgetary tools.

The Ultimate Debit Card is a prepaid, re-loadable debit card offered by the Toronto based company Netco Teller.

Netco Teller offers its Ultimate Debit card to a variety of different markets in Canada.

Consumers may obtain this debit card either on their own, by linking it to a personal bank account, or through their employer.

Your pay is "deposited" to your debit card instead of your personal bank account.

You may link a personal bank account to your debit card if you choose to do so.

Use this debit card anywhere you see an Interac, Cirrus or Maestro logo.

Payroll is deposited to individual employee debit cards as opposed to issuing paper checks.

Netco offers businesses the ability to have their corporate logo printed on its debit cards.

As a merchant, accepting the Ultimate debit card offers many advantages.

Insurance companies can have their company logo printed on their debit cards as an effective marketing tool.

Governments can use this debit card for a variety of purposes.

Overall, this debit card offers many of the same benefits as the hundreds of other prepaid re-loadable debit cards offered industry wide.

Most bank issued debit cards have zero fraud liability or a cap on the amount of consumer responsibility of around $50.