Q:

When considering the three parties involved with a check, who is the drawer?

A:

Quick Answer

The drawer, one of the parties involved with a check, is the individual who wrote the check and signed his or her name on the check's signature line, as stated by the Duhaime site, an organization that helps users understand legal terminology. Drawers are the people who have permission to release money from the account from which the check is drawn.

Continue Reading

Full Answer

The payee is the second party associated with a check. This is the person or company that the check is made payable to; the name is found on the "pay to the order of" line. Only the payee has the ability to cash or negotiate the check.

A drawee or payee bank is the third party connected with a check. This is the financial institution that holds the account from which the check is drawn.

Learn more about Bank Accounts

Related Questions

  • Q:

    What are the basics of writing checks?

    A:

    To fill out a check, first write the current date on the date line, explains Investopedia. Under "Pay to the order of," fill in the person, company or institution you are paying with your check. Enter the amount to be paid in the box, and then write out the amount in the form "dollars and cents/100" on the line below. Include a memo on the memo line if desired, and sign the check at the bottom right.

    Full Answer >
    Filed Under:
  • Q:

    What is the anatomy of a check?

    A:

    The anatomy of a check includes bank information, a personalization area, a pay-to line, dollar box and a signature line, states 4checks. A check also include the routing, account and check numbers.

    Full Answer >
    Filed Under:
  • Q:

    What information is listed on a check?

    A:

    A check contains the checking account owner’s personal information, such as his name and address, and indicates the payee, which is the business or person to whom the check is written, explains About.com. The payee line on a check may indicate payable to “cash,” which lets any bearer of the check cash it. The dollar box indicates the check amount in figures. Below the payee line, the check states the amount using words.

    Full Answer >
    Filed Under:
  • Q:

    How do I write a check to myself for cash?

    A:

    Make a check payable to your name, and then cash it at the bank. You need a pen, a form of identification and a check from your checking account. The process takes under 5 minutes.

    Full Answer >
    Filed Under:

Explore