debit account

Noun

debit account (plural debit accounts)

1. An account in which credits (money owed to the business) exceed debits (expenses).
   • If the entries on the left hand exceed in amount the entries on the right hand, the account is a debit account or an asset, and its value is the excess.1891 May, Joseph Hardcastle, “Talks on Accounts”, in Business, volume 10
2. An account in which debits exceed credits.
   • For two months past the Director has had personally to meet deficiencies in the working expenses of the Institute and so our semi-annual account stands with a few dollars to the debit account.1916, Semi-annual Report of the International Institute of China, page 2
3. An account with a bank or store, in which the account holder deposits money that can later be drawn on to make purchases.
   • By choosing this option at the time of creating the account or later by upgrading the regular account to this option, a customer can open a debit account with the storefront and, after depositing some money, use this money to settle the account instead of providing and verifying credit card...2002, Bret Hartman, Donald J. Flinn, Konstantin Beznosov, Enterprise Security with EJB and CORBA, page 232
   • You go to the bank and set up a debit account. You will get a debit account checkbook, and a debit card. You can use either one when you shop.2002, Tara McCarthy, Real Life Reading, page 56