the.com/debit
Your money's polite exit interview, conducted instantly and without your enthusiastic consent.
means A debit is an amount of money taken out of your account, recorded as a charge against it.
from From Latin 'debitum,' meaning 'something owed' or 'a debt' — the past participle of 'debere,' to owe. The same root gives us 'debt,' 'due,' and 'duty,' all sharing that sense of something you're obligated to hand over. It entered accounting via the bookkeeping convention of marking what's owed, and by the time it reached your bank statement it had simply become the word for money leaving.
- latin roots
- From debitum, meaning what is owed or due
- accounting trick
- Debits sit on the left, always have
- card history
- First debit cards appeared in late 1960s
- no float
- Spends real money now, not borrowed money later
- fraud gap
- Less legal protection than credit when stolen
first debit card — barclaycard issued in 1966 in the uk, allowing direct bank account withdrawals
visa debit — launched 1995, now the world's most used debit card with billions in circulation