The party who writes a draft or check against funds he or she owns.
Also called payor. American Banker Glossary

Financial and business terms. 2012.

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Look at other dictionaries:

  • Acceptor — The acceptor is the third party who accepts responsibility for payment in a bill of exchange drawn upon it. The bill of exchange will generally have three parties: the drawor, the drawee and the acceptor. The simplest example of an acceptor is a… …   Investment dictionary

  • hold — A process by which a bank restricts funds deposited by checks. Usually but not always used to restrict the proceeds of checks drawn on other banks until the funds have been transferred by the drawor s bank to an account that the depositor s bank… …   Financial and business terms

  • on-us items — Checks or drafts drawn on the same bank that is used by the payee/drawee to cash the check or deposit the proceeds. Checks or drafts payable to the drawor s bank itself, as opposed to checks drawn on other institutions. American Banker Glossary …   Financial and business terms

  • payor — See drawor * * * payor pay‧or [ˈpeɪə ǁ ər] noun [countable] FINANCE another spelling of payer …   Financial and business terms

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