Drawee

In finance, the term drawee denotes an entity which is required to pay money or other assets to another entity (the drawer) as per the terms of a bill of exchange.

The term drawee most commonly refers to a bank. When an account holder requests money from a bank at which they hold a bank account, they are drawing on their account at the bank as per their account agreement. This happens when an account holder initiates a draft. A draft may be a wire transfer from their bank account to a different bank account, a check or checking card action enabling a third party to draw on their bank account, a direct debit order, a standing order or a request to withdraw money at the till of their bank or using an automated teller machine (ATM).

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