Asked by Lindani Skhosana on May 22, 2024
Verified
The bank upon which a check is drawn is the ________ bank.
A) Payor
B) Payee
C) Depositary
D) Transfer
E) Acceptor
Payor Bank
A bank that is responsible for paying a check or draft presented for payment against an account.
Depositary Bank
A financial institution that holds securities, such as stocks or bonds, in electronic or physical form, for investors.
- Understand the principles and procedures of diverse bank checks.
Verified Answer
ZA
zayrehan ashleighMay 28, 2024
Final Answer :
A
Explanation :
The bank upon which a check is drawn is referred to as the payor bank, as it is the bank that is responsible for paying the amount specified on the check when it is presented for payment.
Learning Objectives
- Understand the principles and procedures of diverse bank checks.