The drawer, one of the parties involved with a check, is the individual who wrote the check and signed his or her name on the check's signature line, as stated by the Duhaime site, an organization that helps users understand legal terminology. Drawers are the people who have permission to release money from the account from which the check is drawn.Know More
The payee is the second party associated with a check. This is the person or company that the check is made payable to; the name is found on the "pay to the order of" line. Only the payee has the ability to cash or negotiate the check.
A drawee or payee bank is the third party connected with a check. This is the financial institution that holds the account from which the check is drawn.Learn more in Bank Accounts
To write a check, write the date on the date line and the name of the individual receiving the check on the "pay to" line. The numerical dollar amount goes in the box to the right of the "pay to" line, and the written amount, including cents, goes on the line under the "pay to" line, explains TheMint. Sign the check on the signature line in the lower right corner.Full Answer >
Check crossing is a process used across Asia, Europe, Mexico and Australia that allows the depositing of a check, but prohibits cashing of the check. To prohibit the cashing of the instrument, two parallel lines are drawn either across the face of the check or in the upper left corner.Full Answer >
To locate a deceased person's bank account, an individual must determine if the bank is open, closed or has merged with another bank. Proof of ownership of the account must be provided before access is allowed, states the FDIC.Full Answer >
A fiduciary bank account is a checking or savings account in which the funds are owned by an individual or group and managed by another individual or group for the benefit of the owner, according to the U.S. Department of Veterans Affairs. Fiduciary accounts assume that the party managing the account will look out for the best interests of the fund owners.Full Answer >