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The payee's name written on the cheque is called ______.

  • The payee's name written on the cheque is called an Order cheque.
  • An order cheque is a type of cheque that is payable to a specific person or entity, whose name is written on the face of the cheque.
  • The payee is the person or entity to whom the money is to be paid, and the name of the payee must be written on the cheque.
  • An order cheque can only be transferred to another person by endorsement (i.e., signature) by the payee, and the endorsement must be written on the back of the cheque.
  • This type of cheque is typically used in business transactions, where a specific payment is being made to a particular party.
  • In contrast, a bearer cheque does not specify the name of the payee and can be paid to whoever presents the cheque to the bank for payment.
  • Bearer cheques are generally less secure than order cheques, as they can be easily stolen or lost, and then cashed by anyone who has possession of the cheque.