Bank Drawer Definition

A person or bank that is ordered by its depositor a drawer to withdraw money from an account to pay a designated sum to a person according to the terms of a check or a draft.

Bank drawer definition. A draft ensures the payee a secure form of payment. The holder of the check is the payee and the check writer the drawer. A person who orders a bank to withdraw money from an account to pay a designated person a specific sum according to the term of a bill a check or a draft. He stood there in only his drawers.

For example with a check the drawer is the party writing the check who demands that his her bank pay to some third party the indicated amount of money. In documentary credit the drawer is the beneficiary of a letter of credit. The top drawer of the desk there are some pens in my desk drawer. A request by a bank that the payee consult the drawer concerning a cheque payable by that.

An individual who writes and signs a commercial paper thereby becoming obligated under its terms. A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. Drawer definition a sliding lidless horizontal compartment as in a piece of furniture that may be drawn out in order to gain access to it. During a payer s reconciliation of his bank.

Cross references commercial paper. Maker or writer of a bill of exchange check draft letter of credit etc who directs the drawee such as a bank to pay the stated amount to a third party the payee.