G Cash Licensed Rip Off

[hk blues]

6 hours ago, Mike J said:

Off topic but interesting.  Actually it would be a debit to your account.  A debit is an increase to an account, a credit is a reduction to an account.  A bank vice-president explained that to me over beers one night.  I was surprised and asked how many people know that.  He said almost all non-accountant type folks, like me, get it wrong but the clerks are told not explain or correct the customers.   "We want the clerks to serve our customer needs, not teach them to be accountants."   

 

2 hours ago, Freebie said:

I just turned 66 and that maybe the first time I ever heard that. Never too old to learn.

But why does 99.9 of the population think that debits are balance reductions and credits are balance increases.

"Credits are added to your account each time you make a payment. A credit might be added when you return something you bought with your credit card. Credits can also be added to your account because of rewards you have earned or because of a mistake in a prior bill".

Based on the above, which is the top on Google, it's not surprising there is confusion.  Does nobody ever in Google read such things as it's completely contradictory?  The first sentence indicates your balance would decrease - you're making a payment.  The 2nd/3rd lines suggests your balance will increase - you're getting a refund on previous payment. A further check on Google doesn't help as there are conflicting statements everywhere, including from supposed accountants and bank staff!  Grrrrr!

Anyhow, I think the confusion arises because the term "your account will be credited in xx days" is used to explain when you will receive a payment and when you will make a payment.  It should be debited and credited but, in my experience, the correct terms are never used.

 

[Mike J]

17 hours ago, hk blues said:

 

"Credits are added to your account each time you make a payment. A credit might be added when you return something you bought with your credit card. Credits can also be added to your account because of rewards you have earned or because of a mistake in a prior bill".

Based on the above, which is the top on Google, it's not surprising there is confusion.  Does nobody ever in Google read such things as it's completely contradictory?  The first sentence indicates your balance would decrease - you're making a payment.  The 2nd/3rd lines suggests your balance will increase - you're getting a refund on previous payment. A further check on Google doesn't help as there are conflicting statements everywhere, including from supposed accountants and bank staff!  Grrrrr!

Anyhow, I think the confusion arises because the term "your account will be credited in xx days" is used to explain when you will receive a payment and when you will make a payment.  It should be debited and credited but, in my experience, the correct terms are never used.

 

My banker friend says the majority of the public thinks a credit to their account is money going in.  Rather than try to convince 99 percent of the population who are not accountants, they "go with the flow" rather than try to "row upstream".   I was not an accountant but as a programmer and manager spent quite a bit of time working with balance sheets and income statements.  

Agree that that google entry is flat out wrong, they would get a FAIL in accounting 101.  When I searched google my top entry is correct although it does not explain the terms "value", "asset", "liabilities", or "equity" so it may or may not be just as confusing to the many people.  

<snip>Debits and credits indicate where value is flowing into and out of a business. They must be equal to keep a company's books in balance. Debits increase the value of asset, expense and loss accounts. Credits increase the value of liability, equity, revenue and gain accounts<end snip>

[RBM]

As an update to my original post.

After 2 weeks of sending a copy of the BPI transfer to G Cash they finally replied, actually we were on the way to BPI as Kingpin suggested. It stated we shall receive a credit in a few days....Time will tell.

Todays struggle connected to the above is try get sense from PLDT, we were accepted for a plan 2 weeks ago, they willingly received payment but nothing since. The online agent we used now does not respond......

 My partner went there to complain about no installation, she would of needed lunch, perhaps diner before seeing anyone. I intend try today as a senior.....

[OnMyWay]

5 hours ago, Mike J said:

My banker friend says the majority of the public thinks a credit to their account is money going in.  Rather than try to convince 99 percent of the population who are not accountants, they "go with the flow" rather than try to "row upstream". 

Hmmm....

On statement, BPI lists a deposit as a credit, and a payment as a debit.  So it is no wonder that the public would think that way.

[Peaceful John]

On 12/7/2022 at 6:23 AM, Mike J said:

Off topic but interesting.  Actually it would be a debit to your account.  A debit is an increase to an account, a credit is a reduction to an account.  A bank vice-president explained that to me over beers one night.  I was surprised and asked how many people know that.  He said almost all non-accountant type folks, like me, get it wrong but the clerks are told not explain or correct the customers.   "We want the clerks to serve our customer needs, not teach them to be accountants."   

Interesting point Mike, but now there's a debate between my wife and I about this.  She agrees with you, I think the opposite and have the definitions to support it, I.E. 

deb·it

[ˈdebit]

 

NOUN

1.  an entry recording an amount owed, listed on the left-hand side or column of an account: The opposite of credit.

    

   VERB

   (BE DEBITED)

   (of a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or goods:

   "$10,000 was debited from their account"

    

   To an accounting professional, who is subjected to "double entry system", it is one half of a transaction entry.  I.E.

   "a double-entry system of bookkeeping, where each debit has a corresponding credit entry" In other words, it's taken from one line item and added to another.

    

   This all makes sense to me, but again, accounting is not my profession, but my wife's profession of Hotel/Restuarant Management is heavily influenced by accounting so she has academic knowledge.  Although I will continue to "debit" money from my checking account, my wife will continue to "credit" from her account.  My daughter is a CPA so we will defer to her to break the impasse. Interesting subject though............ 

[Dave Hounddriver]

1 minute ago, Peaceful John said:

My daughter is a CPA so we will defer to her to break the impasse

 

[Jollygoodfellow]

5 hours ago, RBM said:

The online agent we used now does not respond.....

Is that the one who asked for you to transfer money to them?  This appears to be your problem. Seems you are not dealing with PLDT. 

[hk blues]

18 minutes ago, Jollygoodfellow said:

Is that the one who asked for you to transfer money to them?  This appears to be your problem. Seems you are not dealing with PLDT. 

This was my thought.

My wife had a situation when she wanted to install Cignal TV in the family home.  The "online agent" insisted on advance payment based on Cignal's pricing - on my guidance my wife refused.  A few days later the installer arrived to install the system - it was GSat, not Cignal and thus installation was significantly cheaper than Cignal's would have been.  Scammer.

[Kingpin]

On 12/7/2022 at 10:03 AM, Freebie said:

why does 99.9 of the population think that debits are balance reductions and credits are balance increases.

 

Because that's what they do for your account, the confusion is only about which account one is talking about.

When  a merchant or store or bank issues a credit (to your account) your balance does increase. It's the sender's account which decreases. Likewise, when  you use a debit card, your account balance decreases, while the recipients increases.

Also PLDT is terrible in every way.

[Mike J]

17 hours ago, Peaceful John said:

Interesting point Mike, but now there's a debate between my wife and I about this.  She agrees with you, I think the opposite and have the definitions to support it, I.E. 

deb·it

[ˈdebit]

 

NOUN

1.  an entry recording an amount owed, listed on the left-hand side or column of an account: The opposite of credit.

    

   VERB

   (BE DEBITED)

   (of a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or goods:

   "$10,000 was debited from their account"

    

   To an accounting professional, who is subjected to "double entry system", it is one half of a transaction entry.  I.E.

   "a double-entry system of bookkeeping, where each debit has a corresponding credit entry" In other words, it's taken from one line item and added to another.

    

   This all makes sense to me, but again, accounting is not my profession, but my wife's profession of Hotel/Restuarant Management is heavily influenced by accounting so she has academic knowledge.  Although I will continue to "debit" money from my checking account, my wife will continue to "credit" from her account.  My daughter is a CPA so we will defer to her to break the impasse. Interesting subject though............ 

You are both actually correct (but your wife is more correct).  Virtually all examples for accounting are written from the side of the financial institution, bank, business, corporation, etc.  The example posted is written from the banks side of the cash withdrawal.  For the bank your account is actually a lability (they owe you the money), but for you the account is an asset.   For Customer John additions to the account are debits and withdrawals are credits.  If Customer John kept a personal set of accounts at home a deposit would debit the "Check Account" and credit "Cash on Hand", the reverse entry would be made if you withdrew cash from the account.  The banks accounting entries for a deposit to John's account (which is a liability for the bank) would debit "Cash" and credit (John's Acct).  Again the entries would be reversed if John withdraws cash or writes a check against the account.  The bank's computer would credit "Cash" and debit "John's Acct".