BANKING AFFAIRS

Detailed explanation-1: -The person or entity writing the check is known as the payor or drawer, while the person to whom the check is written is the payee.

Detailed explanation-2: -Always use a pen-not a pencil-to write a check because it’s your first line of defense in making your check tamper-proof. A thief can easily erase pencil and change payee names, amount of the check, etc.

Detailed explanation-3: -An auditor will normally contact the bank where a company has an account and request that specific balances be confirmed. Before they are granted access to specific information, they must provide proof of identity, which includes having some sort of photo identification or a government-issued ID card on hand.

Detailed explanation-4: -Checking accounts are better for regular transactions such as purchases, bill payments and ATM withdrawals. They typically earn less interest-or none. Savings accounts are better for storing money. Your funds typically earn more interest.