BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The bank that collects the cheque
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The payee’s bank
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The endorsee’s bank
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The bank upon which the cheque is drawn
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Detailed explanation-1: -Drawer: The person who draws the cheque, i.e. signs and orders the bank to pay the sum. Drawee: The bank on which the cheque is drawn or who is directed to pay the specified sum written on the cheque.
Detailed explanation-2: -The maker of a bill of exchange or cheque is called the “drawer"; the person thereby directed to pay is called the “drawee".
Detailed explanation-3: -Drawee-this is the banker of the drawer. Payee-is the person who gets the check payment. The account holder has a check book from their bank and therefore writes (draws) a check to the bank (bank of drawee) to facilitate the payment.
Detailed explanation-4: -(3) “Consumer transaction” means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes. (4) “Drawee” means a person ordered in a draft to make payment. (5) “Drawer” means a person who signs or is identified in a draft as a person ordering payment.
Detailed explanation-5: -b. Cashier’s checks. Bank is both drawee and drawer (To obtain a cashier’s check, a person must first deposit funds equal to the check amount with the issuing bank.