account payee


Also found in: Legal.

account payee

a means of indicating on a CHEQUE that the money should only be paid into the bank or building society account of the payee.
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The emd may be submitted in the form of an account payee demand draft, fixed deposit receipt, bankers cheque or bank guarantee from any of the public sector banks or a private sector bank authorized to conduct government business as per form dpm-13
The candidates are required to incur all their expenses except petty minor amounts, through cross account payee cheque from the said account," he added.
However, some companies offer cheque encashment facilities and will cash a cheque marked account payee only, although they are only likely to do this subject to a number of conditions and a substantial charge.