Debit
An expense, or money paid out from an account. A debit transaction is one which the net cost is greater than the net sale proceeds. The opposite of credit |
Similar financial terms
Preauthorized electronic debits (PADs)Debits to its bank account in advance by the payer. The payer's bank sends payment to the payee's bank through the _ACH)Automated Clearing House (ACH) system.
Debit card
A card that resembles a credit card but which debits a transaction account (checking account) with the transfers occurring contemporaneously with the customer's purchases. A debit card may be machine readable, allowing for the activation of an automated teller machine or other automated payments equipment.
