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A sum charged as due or owing. An entry made on the asset side of a ledger or account. The term is used in bookkeeping to denote the left side of the ledger, or the charging of a person or an account with all that is supplied to or paid out for that person or for the subject of the account. Also, the balance of an account where it is shown that something remains due to the party keeping the account.

As a noun, an entry on the left-hand side of an account. As a verb, to make an entry on the left-hand side of an account. A term used in accounting or bookkeeping that results in an increase to an asset and an expense account and a decrease to a liability, revenue, or owner's Equity account.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

DEBIT, accounts, commerce. A term used in bookkeeping, to express the left- hand page of the ledger, to which are carried all the articles supplied or paid on the subject of an account, or that are charged to that account. It also signifies the balance of an account.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The customer can cancel a direct debit at any time by writing to their bank or building society.
I think the problem for you started because you hadn't used the card for so long that you couldn't remember whether the direct debit was still active, which is why you chose to make a manual payment.
Over the past decade, debit card use has increased "more than any other form of electronic payment." (24) In 2003, the worldwide aggregate dollar volume of Visa debit cards exceeded that of Visa credit cards.
They don't always have access to a bank account to set up a direct debit, or the internet to choose online billing.
But they say they've been let down by the authorities and have been left with no protection against the same thing happening again, as NatWest does not inform customers about new direct debits.
When the resource provider is also the beneficiary, it debits interest in net assets of recipient organization and credits an asset or payable.
Among them are PowerGen which offers a discount of pounds 10 a year if you pay by direct debit.
During the 1986-93 period, net debit caps appear to have been successful in restraining the growth of funds overdrafts (those related to Fedwire funds transfers as well as ACH payments, checks, and miscellaneous other payments posted to Federal Reserve accounts).
* Obtaining a debit card is often easier than obtaining a credit card.
the SEPA direct debit scheme sets out a separation of scheme and processing infrastructure; the IBAN and BIC are also used as account identifiers; 3.
Officials at Visa, the leader in the debit card industry, estimate a market owner would typically pay 24 cents in fees on a $40 PIN transaction.
Ask your bank for a list of all Direct Debits set up on your account.