Definition of Bank debits:
Bank debits can be the result of check payments, honored drafts, the withdrawal of funds from an account at a bank branch or via ATM, or the use of a debit card for merchant payments. Economists also study bank debit statistics to forecast national economic trends, including the demand for cash.
A bank debit is a bookkeeping term for the realization of the reduction of deposits held by bank customers. A bank debit occurs when a bank customer uses the funds in their account, therefore reducing their account balance.
An accounting term used to describe the reduction of deposits held by bank customers. Bank debits can result from check payments or withdrawal of funds from an account. Economists use bank debit statistics to forecast economic trends, such as the demand for cash.
How to use Bank debits in a sentence?
- A bank debit is a bookkeeping term to record the reduction of deposits in a customer's bank account.
- Economists analyze bank debit statistics to forecast various national economic trends, such as the demand for cash.
- A bank debit can only occur with the permission of the account holder.
- Bank debits are a liability on a bank's balance sheet, as they are obligations owed to a customer, whereas they are assets to the customer.
- Deposits in a bank account can be a result of cash withdrawals, merchant payments via a debit card, check payments, or honored drafts.
Meaning of Bank debits & Bank debits Definition