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From lawbrain.com

Against; conflicting; opposite.

A contra-balance is the amount in an account of a creditor that is the opposite of the usual balance of such an account. It is an account receivable (a debt owed to the creditor) but with a credit balance (an amount owed to the debtor greater than what is owed to the creditor). The creditor therefore owes the debtor money, the opposite of the normal debtor-creditor relationship.