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A "no debit" status is simply a block placed on a bank account to stop all transactions where money would go out of the account. All future ATM transactions, attempted debit card transactions, recurring payments, checks, etc. will be blocked. In other words, money can go IN the account, but not OUT.
A no debit status could be placed for several reasons... Suspected fraud, a mistake in a payment arrangement where more money is being debited than agreed upon, etc.
Most banks require that you go in to your local branch to have the no debit status placed on your account, and also to have the status lifted.
What else can I help you with?
Can a creditor get a judgment and attach your debit card?
They wouldn't attach a debit card, they would attach the bank account. If there is a debit card the account is connected to, I suppose you could say they've attached it.
What does D mean on your mini statement?
D stands for "Debit" in your mini statement. It refers to a Debit or Withdrawal transaction in your account. Let's say you withdraw Rs. 1000/- from your account now, and then try to get a mini statement, this Rs. 1000/- that you just took from your account would have a code D against it indicating a debit or withdrawal transaction on your account.
Purchase Return and Allowances is a contra account and its normal balance would be?
a debit and credit
What if you swipe your debit card as credit what happens?
The transaction would still be processed... provided the bank account linked to the debit card had sufficient funds in it.
Can you get debt with a debit card?
Yes you can. It would be limited because when you use your debit card it checks for your balance in the checking account. If you you have it linked to your saving or to a credit card than it will reduce your savings account first and then charge the credit card.
Is a contra account a debit or credit account?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
Is a service revenue that is billed but not paid a credit or debit?
A service revenue that is billed but not paid is an account receivable. Account receivables are assets and therefore you would "debit" the account.
Is a contra account a debit or a credit?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
Can a creditor get a judgment and attach your debit card?
They wouldn't attach a debit card, they would attach the bank account. If there is a debit card the account is connected to, I suppose you could say they've attached it.
What account would travelocity credit when you make a reservation with them?
1. Travelocity would credit their sales account and debit their cash account.
A balance of a prepaid expence account is normally DEBIT OR CREdit?
Prepaid Expenses would normally have a debit balance.
Is an increase in an asset result in a cret to its t-account?
No you would debit
What is the debit if you are crediting an asset account?
When you credit an asset account, you are decreasing its balance. To keep the accounting equation balanced, you must make a corresponding debit to another account. Typically, this debit would go to an expense, liability, or equity account, depending on the nature of the transaction. In essence, every credit to an asset requires a matching debit elsewhere in the ledger.
How do you use a debit card?
You would use it as a credit card, but the debit card takes money directly from your bank account.
Where can you get debit card in Japan?
Contact a Bank and set up an account, they would normally issue you with a debit card, but if not, you can request one.
What would be the entry if you received items for accounts payable?
Item(specify the name) a/c dr. To Account Payable a/c (If the person is dealer in that goods which is purchased then debit purchases account and if an assest is purchased then debit the asset account).
If you signed with a merchant for recurring debit from your account who has to stop it?
Contact the company with your account and ask them what you need to do to stop this debit. Also I would let the merchant know as well. It is my understanding that the account owner is the one that needs to stop these transactions.
