What is a debit?

A debit is an entry in the debit of an account, which implies a decrease in the balance in favor of the account holder. The debit is normally domiciled, and it is a payment instrument that allows payments to be made electronically and automatically. All this has to be done between legal entities and / or individuals through a charge to the payer's account. Debt allows a company to direct debit payments from its client. That is, the service companies (water, electricity, gas, telephone) will collect the corresponding money from the customer's account, but without the need for their mediation.

Then, once the debt is collected, in the event that it is less than € 3000, the customer has 30 calendar days + 2 business days to undo the payment. There are times when a commission can be charged for an account debt, but the normal thing is that it is free.

As a general rule, debts are of this type, that is, the payment of a receipt of any service company, in which the payment is domiciled, or also the withdrawal of money from an ATM of the same bank.

Characteristics of debits

There are four actors in the operation of a debt: creditor and his bank, and the debtor and his bank. Its characteristics are as follows:

  • They are operations that are carried out in euros.
  • The accounts of each of the parties must be located within the European Economic Area.
  • There must be a level playing field and fees for domestic and cross-border transactions in the USA, regardless of the amount.
  • The code IBAN it has to be the identifier of the user's account,
  • El BIC identify the financial institution of the beneficiary
  • The beneficiary will have to receive the transfer amount no later than the next business day.

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