debit account
A "debit account" is a type of financial account commonly used in personal and business banking, where funds can be withdrawn or spent directly from the account balance.
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Definition
B1Banking
(common, everyday)A bank account from which the holder can withdraw money using a debit card or other means.
Example
- She used her debit account to pay for groceries.
- Money is deducted from the debit account when you make a purchase.
B2Accounting
(technical, professional)An account that records transactions where funds are deducted directly from the account balance.
Example
- The company's expenses were recorded in the debit account.
- Each withdrawal from the debit account needs to be documented for accurate bookkeeping.
Similar
Terms that have similar or relatively close meanings to "debit account":
debit balanceon accountcredit balancecurrent accountcast accountsfinal accounttime accounton someone's accountcharge offbank up