A check or cheque deserve to be simply defined as a printed item of record which is offered in payment instead of money. A check will have actually a particular sum that money created on it. A inspect will be dated and also signed by the one do the payment. The one receiving the payment will have his name created on the check.

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In American English, that is created as ‘check’ conversely, in british English it is created as ‘cheque’.

Today, checks are one of the most common methods the payment. They space the desired payment method when the payment being made is huge.

In this short post we room going to take it a look in ~ the parties to a check. There are constantly three next to any kind of given check. In the absence of any kind of of the three parties come a check, a inspect cannot be provided to effect payment.

The parties space as follow:

The drawer, the drawee and also the payee.

The drawer

The drawer is the human whose signature appears on the check. In various other words, the drawer is the debtor who writes a check and instructs his or her bank to pay somebody on demand. His signature ~ above the examine authorizes his banker to do payment.

The drawee

The drawee that a examine is the banker. This is the bank on i m sorry the inspect is drawn. This way that every the time, the drawee is the bank in which the drawer saves. The surname of the bank is always printed top top the check. Because that example, Barclays Bank, merchant Bank, etc.

The payee

The last yet not the very least party come a inspect is the payee. Together the name implies, the payee is the person who is being paid by the bank. The payee is the person who the drawer orders his banker to salary on demand.

Bottom line: The drawer write the amount of money that he wants his banker (drawee) to pay to who (payee), indications it and also writes the date on the check. That then provides the check to the person or entity (payee) he desires to pay.

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NOTE: over there are specific times where the drawer have the right to be the same person as the payee. This happens when the drawer of a check makes a inspect payable come himself.