0
A payee is a person who will receive the funds.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Difference between value date and transaction date in banking?
value date means ordinary date . transaction date means banking date.
What is the difference between payee and beneficiary in banking transactions?
payee is a person on whose life expectancy the insurance poilicy is issued. beneficiary is a person who receives the death benefits if the insured dies
What clearing check means in banking?
Clearing a cheque , means the time it takes to verify funds involved in the transaction.
What is difference between payor and payee?
payee is the person who is to be paid payor is who pays to the payee
What check does not require a payee?
All checks require a payee. Payee is the person who is going to use the check and get the money. You cannot issue a check that does not have a payee.
What is the definition of a banking check?
A banking cheque is a paper instrument that can be used to pay money by one person to another. There are two parties involved in a cheque transaction. The payee and the drawee. The drawee is the person who issues the cheque and the payee is the one who is gonna get the cash out of it. The payee can deposit the cheque in his bank and if the drawee has enough funds in his account, the money would get credited to the payees account within 2-3 working days.
What is Business Banking?
business banking is one of the emerging technical transaction of making paper business through banking transaction
What does INET on a bank statement mean?
Transaction via internet Banking
What is transaction and core banking?
all transaction made one single window called core banking
What is the definition of a Check?
A banking cheque is a paper instrument that can be used to pay money by one person to another. There are two parties involved in a cheque transaction. The payee and the drawee. The drawee is the person who issues the cheque and the payee is the one who is gonna get the cash out of it. The payee can deposit the cheque in his bank and if the drawee has enough funds in his account, the money would get credited to the payees account within 2-3 working days.
What are GREY screens in banking?
The grey screen transaction is actually called inter bank grey screen transaction. A gray screen transaction relates to the old style Nostro Banking.
How do you save paper in banking transaction?
By using paperless, no queue internet banking
Difference between value date and transaction date in banking?
value date means ordinary date . transaction date means banking date.
Who posts cash deposits and post payments to customer accounts?
Your banking institution or the payee's accounting department.
What is the difference between payee and beneficiary in banking transactions?
payee is a person on whose life expectancy the insurance poilicy is issued. beneficiary is a person who receives the death benefits if the insured dies
What is conduct banking?
If a person is conducting banking, it means that they are performing a transaction. This could be a deposit, a withdrawal, or taking out a loan.
Is a Pan Card needed for an account payee cheque over rs50000?
Quoting of PAN is required in various banking transactions. But PAN is not required for an account payee cheque over Rs.50,000/-.
