Definition of Payee:
In a banking situation, the payee must have an active account that is in good standing through which funds can be transmitted from the payer.
A payee is a party in an exchange who receives payment. The payee is paid by cash, check, or another transfer medium by a payer. The payer receives goods or services in return. The name of the payee is included in the bill of exchange and it usually refers to a natural person or an entity such as a business, trust, or custodian.
Party to whom a bill of exchange (such as a check or draft) is made payable. Payees name follows the words Pay to the order of. Also called beneficiary. See also drawee and drawer.
A person to whom money is paid or is to be paid, especially the person to whom a check is made payable.
Synonyms of Payee
Heir, Heiress, Inheritor, Legatee, Accepter, Acquirer, Addressee, Audience, Auditor, Beholder, Consignee, Getter, Hearer, Holder, Listener, Looker, Obtainer, Procurer, Receiver, Recipient, Spectator, Taker, Trustee, Viewer
How to use Payee in a sentence?
- A payee is a party in an exchange who receives payment.
- On the other hand, there were dispositions of the companys money between the company and the payees of the cheques.
- He was listed as the payee on the check for $2,000.00 and when he went to the bank to cash it he had to sign the back as an endorsement.
- There are seven requirements that a personal cheque should include in order to be negotiable, such as the payee , the payor, the date, the written amount, the numerical amount, the payors signature and the payee s endorsement.
- The Social Security Administration may designate a representative payee if it believes the beneficiary can’t be trusted to manage their own funds.
- My job as an office manager requires me to review all of our accounts and to ensure that the payee matches each invoice received so our company account is properly credited.
- Payees may also be more than one party; sometimes, they are the same party.
Meaning of Payee & Payee Definition