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Home Accounting Dictionary Letter A Account Payee Definition
 
 

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Account Payee Definition:

When a check is crossed with the addition of the word 'account payee' or 'account payee only' the intention of the drawer is that monies should be paid into the account of the payee himself. Although the bank is not legally bound to take this as an instruction it could be sued for negligence if it did not take due care in accepting the check.

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