BANKING AFFAIRS

Detailed explanation-1: -The drawee of a cheque will always be a banker. As a cheque is a bill of exchange, drawn on a specified banker by the drawer, the banker is bound to pay the cheque of the drawer, i.e., the customer.

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: -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. The drawee, on the other hand, is the bank on which the check is drawn.

Detailed explanation-5: -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.