Dictionary

1debit

verb deb·it \ˈde-bət\

: to take money from (an account)

Full Definition of DEBIT

transitive verb
:  to enter upon the debit side of an account :  charge with a debit
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Examples of DEBIT

  1. The bank mistakenly debited my account $200!
  2. Your account will automatically be debited for the amount of your insurance bill every month.

First Known Use of DEBIT

1682

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

2debit

noun

: an amount of money that is taken from an account

Full Definition of DEBIT

1
a :  a record of an indebtedness; specifically :  an entry on the left-hand side of an account constituting an addition to an expense or asset account or a deduction from a revenue, net worth, or liability account
b :  the sum of the items entered as debits
2
:  a charge against a bank deposit account

Examples of DEBIT

  1. I forgot to enter some of the debits in my bank account register.
  2. The account's credits were added and the debits subtracted.
  3. a $30 debit for groceries

Origin of DEBIT

Latin debitum debt
First Known Use: 1746

Other Business Terms

amortize, caveat emptor, clearinghouse, divest, due diligence, emolument, green-collar, marque, overhead, perquisite
DEBIT Defined for Kids

1debit

verb deb·it \ˈde-bət\
deb·it·eddeb·it·ing

Definition of DEBIT for Kids

:  to record as money paid out or as a debt <The amount was debited on my bank statement.>

2debit

noun

Definition of DEBIT for Kids

:  an entry in a business record showing money paid out or owed

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