Payee

Definition

  • Refers to the person being given a cheque to cash for funds that are owed. The name of the person (payee) is filled in on the front of the cheque.

Synonyms
cheque payee, consignee, beneficiary, casher, collector

Alternate Spellings
payor, payer

Related Terms and Acronyms

  • Annuitant Definition,
    • An individual who owns or is the recipient of an annuity.
  • Assignee Definition,
    • A person appointed to acquire (take) an item, such as a property.
    • In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
  • Cheque (CK) Acronym,
    • A written order for payment of a certain amount of money.
    Bank account transaction code.
  • Cheque Register Definition,
    • A book or log where you can record the details of every transaction made in your chequing account.
  • Endorse Definition,
    • To sign the back of a cheque in order to cash it.
  • Insufficient Funds (ISF) Acronym,
    • When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).
  • Mortgagee Definition, Important,
    • The lender in a mortgage transaction.
  • NSF Cheque Definition,
    • If a cheque is returned for this reason, it means that there was not enough money in your bank account to cover the amount of the cheque. There is a fee to you if this situation occurs.
  • Payor Definition,
    • One who makes a payment to another party.
  • Personalized Cheque Definition,
    • A cheque which has your name and account number printed on it.
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