Payer
A payer is the person or entity making a payment. On a check, the payer is the account holder whose name is printed on the check and who signs it.
The payer is also called the drawer or maker of the check. The payer's bank account is debited when the check is cashed or deposited by the payee.
Related Terms
Payee
A payee is the person or entity to whom a payment is made. On a check, the payee is the name written...
Check
A check (or cheque in British English) is a written order instructing a bank to pay a specific amoun...
Debit
In banking, a debit is a transaction that decreases the balance in your account. On your bank statem...
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