- The individual or entity that makes a payment to another. In a financial transaction, the one making the payment is known as the payor (or payer) and the one receiving the payment is known as the payee.
Related Terms and Acronyms
- 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,
➥ Bank account transaction code.
- A written order for payment of a certain amount of money.
- Cheque Clearing — Definition,
- When you write a cheque to a person or a company, the cheque is typically cashed when deposited into a bank account. Your chequing account is then debited for the amount of the cheque and the cheque is said to have "cleared."
- 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.
- Mortgagor — Definition,
- The borrower 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.
- Payee — Definition,
- The name of the person to whom the money in a cheque is to go.
- Personalized Cheque — Definition,
- A cheque which has your name and account number printed on it.