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Glossary > A > "Account payee" Definition

Account payee

Also "account payee only". 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.

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Account payee - Also "account payee only". 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.

Account payee : also "account payee only". 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.