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Drawer: the person or entity whose transaction account is to be drawn. Usually, the drawer's name and account is preprinted on the cheque, and the drawer is usually the signatory. Payee: the person or entity who is to be paid the amount. Drawee: the bank or other financial institution where the cheque can be presented for payment. This is ...
A cashier's check is not the same as a teller's check, also known as a banker's draft, which is a check provided to a customer, drawn by the bank (the drawer), and drawn through another bank or payable through or at a bank (the drawee). [5] A cashier's check is also different from a certified check, which is a personal check written by the ...
The check drawer will be responsible to cover the amount of the check, plus all fees to which the recipient is legally entitled, plus a program fee. The drawer will also be required to take a course designed to improve check-writing habits. These programs are controversial and in recent years have come under fire in lawsuits.
[2] [3] The person making the order is known as the drawer and the person specified in the order is called the drawee, as defined in the UCC 3–103. The party who creates the draft is called the maker, and the party who is ordered to pay is called the drawee. [2] [4] In the United States, remotely created cheques are also referred to as demand ...
A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank. [1]
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
The person preparing a check positions the check in the check writer so its print-heads are centered over the field on the check where the amount of the check would otherwise be written out in words. Using a series of levers or buttons on the checkwriter's control panel, the operator enters the monetary amount of the check.
A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party. The party upon whom the bill is drawn is called the drawee. He is the person to whom the bill is addressed and who is ordered to pay.