DEFINITION
Debit Balance

"Debit balance": 1. Financial accounting. In financial accounting a debit balance is an asset within the balance sheet, or an expense within the profit and loss account (or income statement). 2. Banking. In banking a debit balance - in the bank's records - is one which stands in favour of the bank. The customer owes money to the bank. Also known as an overdrawn balance. (Contrasted with a credit, or positive, balance in the bank's records. Being a balance standing in favour of the customer.)
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