The Bernards–Malliaras model, published in 2007, is the primary reference for the operation of organic electrochemical transistors (OECTs). It assumes that, as in most transistors, the electronic transport is drift only. However, in other electrochemical devices, such as batteries, the charge neutrality is accompanied by diffusion-only transport. Using detailed 2D device simulations of the entire structure while accounting for ionic and electronic conduction, we show that high ion density (>1019 cm−3) results in Debye screening of the drain–source bias at the electrodes’ interface. Hence, unlike the drift-only current in standard FETs or low ion density OECTs, the current in high ion density OECTs is diffusion only. Also, we show that since in OECTs, the volumetric capacitor and the semiconductor are one, the threshold voltage has a different meaning than that in FETs, where the semiconductor and the gate-oxide capacitor are distinct entities. We use the above insights to derive a new model useful to experimentalists. Lastly, we fabricated PEDOT:PSS fiber-OECTs and used the results to verify the model.