: Home : Jargon Buster : A : Account Payee
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Previous
Account Payee
Also referred to as 'account payee only'. In UK banking, this means: words written on the face of a cheque between two parallel diagonal lines.
The purpose is to ensure that the cheque may only be paid into an account in the name of the payee, that is the person to whom the cheque is made payable. This means that the payee cannot sign it in favour of another person.
Submitted by: admin
Added: Sat May 13 2006
