Who is payee name

Legal Definition of payee. Get Word of the Day daily email! Test Your Vocabulary. Test your vocabulary with our question quiz! Love words?

Need even more definitions? Homophones, Homographs, and Homonyms The same, but different. Merriam-Webster's Words of the Week - Nov. Ask the Editors 'Everyday' vs. On a check, the payee is the person or organization to whom the check is written. For online payments, you provide payee or recipient information when setting up automatic transfers. They can deposit it, cash it, or potentially sign it over to somebody else.

For example, on your paycheck or any other check you receive , you should see your name written on the check because you are the payee. If you write a check to pay rent, your landlord is the payee, so you write your landlord's name or the business name on the check. Providing payee information tells your bank who receives the money and where to send the check or electronic payment. You may need to provide additional details, like your address or account number, so the utility company can apply the payment to your account.

When somebody uses a check or money order for payment, the payee typically must endorse the check by signing or stamping the back of the check. If there is more than one payee listed on a check, any one of them individually might be able to endorse the check, or they might all have to endorse the check.

The rules depend on state law and the language on the check. After endorsing a check, the payee presents it to a bank or credit union for deposit. A representative payee is similar to a standard payee. That person can negotiate the check, but representative payees must manage money for the benefit of the actual beneficiary. As a result, the funds must be spent on or saved for things that help the beneficiary. Key Takeaways A payee is a party in an exchange of goods and services who receives payment.

The payee provides goods and services to the payer who obtains them through the exchange of value most often money. Payees may also be more than one party in a transaction and sometimes they are the same party. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear.

Investopedia does not include all offers available in the marketplace. Related Terms Understanding Payments Payment is the transfer of one form of goods, services, or financial assets in exchange for another form of goods, services, or financial assets. Representative Payee A representative payee is an individual who acts as the receiver of disability or Social Security payments for someone who is not capable of managing their own benefits.

Pay to Order Definition Pay to order refers to negotiable checks or drafts paid via an endorsement that identifies a person or organization the payer authorizes to receive money. Negotiable Definition Negotiable refers to the price of a good or security that is not firmly established or whose ownership is easily transferable from one party to another.

Bill of Exchange Definition A bill of exchange is a written order binding one party to pay a fixed sum of money to another party on demand or at a predetermined date. Drawee A drawee is the party directed by a depositor to pay a certain sum of money to the person presenting the check or draft.

Partner Links. Related Articles. Checking Accounts How to Endorse a Check. Investopedia is part of the Dotdash publishing family. Pay Via Select the network through which the transfer is to take place. Address Displays complete address of the bank. National clearing code Look up The following fields appear on a pop up window if the Lookup National Clearing Code link is selected. NCC Type The facility to search for the national clearing code by type. NCC Code The facility to search for bank details by defining the national clearing code.

Bank Name The facility to search for the national clearing code by defining the name of the bank. City The facility to search for the national clearing code by city. Bank Name Name of the bank in which the payee account is held.

Bank address Complete address of the bank at which the payee account is held. Country Country of the bank. City City to which the bank belongs.

What type of payee would you like to add? Payee Name. Specify the name by which the payee is to be identified.

Account Type. Select the type of account associated with the payee. Account Number. Specify the account number of the payee. Account Name. Pay Via. Select the network through which transfers are to be made. IFSC Code. Bank Name. The facility to lookup the bank details based on bank name. Name of the bank. Bank branch name. The complete address of the bank.