Ldclass Banking Services
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Created by:
Ldoroghazi on January 26, 2010
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14 terms
Terms | Definitions |
|---|---|
 Endorser | Person who signs his/her name on the back of a check for the purpose of transferring title to another person |
| Maker | In reference to a check, any individual/corporation/legal party who signs a check or any type of negotiable instrument |
| Negotiable | Legally transferable to another party |
| Payee | Person named on a draft or check as the recipient of the amount shown |
| Payor | Person who writes a check in favor of the payee |
| Power of Attorney | Legal statement in which a person authorizes another person to act as his/her attorney |
| Attorney in Fact | Person authorized to act as the agent via power of attorney |
| Drawee | Bank or facility on which a check is drawn or written |
| Drawer | Person who writes a check |
| Principal | Capital sum of money due as a debt or used as a fund for which interest is either charged or paid |
| Bank Draft | Check drawn by a bank against funds deposited to its account in another bank |
| Holder | Person presenting a check for payment |
| Cashier's Check | Bank's own check drawn on itself and signed by the bank cashier or other authorized official |
| American Bankers Association (ABA) Number | Appears on the upper right area of a printed check to identify the area where the bank is located |
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