BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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account holder
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payee
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paying banker
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collecting banker
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Detailed explanation-1: -Drawer: The person who writes the cheque, who can be the account holder or the customer. The payee and drawer can be the same person. Endorser: When the right to take the payment is transferred by the payee to another party, the payee is called an endorser.
Detailed explanation-2: -7. The maker of a bill of exchange or cheque is called the “drawer"; the person thereby directed to pay is called the “drawee". “Drawee in case of need".
Detailed explanation-3: -the drawer is the party that issues a bill of exchange – the ‘creditor’; the beneficiary or payee is the party to which the bill of exchange is payable; the drawee is the party to which the order to pay is sent-‘the debtor’.
Detailed explanation-4: -A drawee is the party that processes the check (usually a bank). A payor is the party that issues the check (the money will ultimately get removed from their account). And the payee is the person who receives the money.