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When a cheque is drawn on a bank, the banker is called the ___________

  • When a cheque is drawn on a bank, the banker is called the Drawee.
  • he drawee is the financial institution that is responsible for paying the amount specified on the cheque to the person or entity named as the payee.
  • The person who writes the cheque is called the "drawer."
  • The drawer is typically a customer of the bank on which the cheque is drawn, and they are the one who is issuing the cheque to make a payment or transfer money to the payee.
  • When the payee presents the cheque to their own bank for deposit, their bank becomes an "intermediary bank," and the cheque is sent to the drawee bank for processing and payment.
  • The drawee bank is responsible for verifying the authenticity of the cheque, ensuring that the drawer has sufficient funds to cover the amount of the cheque, and then making the payment to the payee's bank.