drawee

/drɔːˈiː/ noun [C]

Definition

› (also drawee bank) BANKING the bank that pays the amount of money that is written on a cheque or bank draft by the owner of an account at that bank: A drawee is responsible for knowing his drawer’s signature and cannot recoup from the person who presented the draft if it turns out that the drawer’s signature was forged.

› FINANCE, COMMERCE the person or company that accepts and pays the amount of money written on a bill of exchange (= document used in trade that orders payment for goods or services): When a bill of exchange is drawn by a seller on a buyer, the buyer becomes the drawee, the person upon whom the bill is drawn.

→ Compare drawer, payee

(Definition of drawee noun from the Cambridge Business English Dictionary © Cambridge University Press)