Payee
A payee is the person or entity to whom a payment is made. On a check, the payee is the name written on the 'Pay to the order of' line.
When depositing a check, the payee must endorse it by signing the back. The payee name should match the bank account name exactly, or the bank may refuse to deposit the check.
Related Terms
Payer
A payer is the person or entity making a payment. On a check, the payer is the account holder whose ...
Check
A check (or cheque in British English) is a written order instructing a bank to pay a specific amoun...
Endorsement
An endorsement is a signature on the back of a check that authorizes the bank to process it. The pay...
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