The bank on which a cheque is drawn is known as the
COMMERCE
WAEC 2012
The bank on which a cheque is drawn is known as the
- A. drawer
- B. drawee
- C. cashier
- D. payee
Correct Answer: B. drawee
Explanation
Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.
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