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| *Ostroff, Fair and Company>>>Personal Finance |
What does it mean when my bank account statement (from bank) shows a Debit Balance ? Do I own or owe money ? |
A friend of mine asked me this about his Fixed Deposit account which is linked to his Current account. Please help us out. you own No, a debit balance is the balance left on your debit card. If you owed it would tell you specifically and have a - sign next to your balance. Is there not a - before or after the balance? Ring the bank, check it online, use an ATM etc. it will show available funds. A debit balance in your account means you have overdrawn that is the bank has loaned you the money. If your friend has linked his account to fixed deposit ; this means the bank treats the fixed deposit as a surety and charges you about 1% over the fixed deposit rate as interest on the overdrawn amount. |
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