Yes, you are on the right track with your answer. When a bank says they are "crediting" your account, it means they are increasing the balance in your account. This can happen when you deposit money into your account or when the bank adds interest or any other positive transaction to your account. On the other hand, when the bank says they are "debiting" your account, it means they are reducing the balance in your account. This can happen when you make a withdrawal, write a check, or when the bank deducts fees or any other negative transaction from your account.
In accounting terms, "debit" refers to an entry on the left side of an account, while "credit" refers to an entry on the right side. Both debits and credits affect the balance of an account, but in opposite ways. Debits decrease the balance, while credits increase the balance. The bank uses this terminology to keep track of the inflows and outflows of money in your account and to maintain accurate records of all transactions.