What is a debit memo on a checking account?

A debit memo on a checking account is a record of a transaction that reduces the account balance, typically reflecting a bank charge, fee, or correction of an error. It serves as a notification to the account holder that a specific amount has been deducted from their account. Debit memos can include items such as service fees, overdraft fees, or adjustments related to previous transactions. Essentially, it indicates a withdrawal that is not initiated by the account holder.