account payee only


account payee only
Words printed between two vertical lines in the centre of a UK cheque that, in accordance with the Cheque Act (1992), make the cheque non-transferable. This is to avoid cheques being endorsed and paid into an account other than that of the payee, although it should be noted that banks may argue in some circumstances that they acted in good faith and without negligence if an endorsed cheque is honoured by the bank. In spite of this most cheques are now overprinted ‘account payee only’ or ‘A/C payee’, and the words ‘not negotiable’ are sometimes added.

Accounting dictionary. 2014.

Look at other dictionaries:

  • account payee (only) — ➔ payee …   Financial and business terms

  • account payee only — words often written on crossed cheques, which direct the bank to pay the cheque only to the bank account of the payee. Glossary of Business Terms * * * account payee (only) UK US noun [S] (WRITTEN ABBREVIATION a/c payee (only)) BANKING ► in the… …   Financial and business terms

  • account payee only — Words printed between two vertical lines in the centre of a UK cheque that, in accordance with the Cheque Act (1992), make the cheque non transferable. This is to avoid cheques being endorsed and paid into an account other than that of the payee …   Big dictionary of business and management

  • account payee — (only) UK US noun [S] (WRITTEN ABBREVIATION a/c payee (only)) BANKING ► in the UK, words written vertically in the centre of a cheque (= a printed form used for paying money out of your bank account). The words show that the cheque must be paid… …   Financial and business terms

  • account payee — a crossing or direction on a bill of exchange that the drawee should credit funds only to the bank account of the payee. Under the Bills of Exchange Act 1882 this had no effect upon the ability of the instrument to be negotiated, but the law has… …   Law dictionary

  • a/c payee only — a/c payee (only) UK US noun [S] BANKING ► WRITTEN ABBREVIATION for account payee (only): in the UK, words written vertically in the centre of a cheque (= a printed form used for paying money out of your bank account). The words show that the… …   Financial and business terms

  • payee — person to whom money is paid See drawee A person receiving payment through any form of money transfer method. Bloomberg Financial Dictionary * * * payee pay‧ee [peɪˈiː] noun [countable] 1 …   Financial and business terms

  • a/c payee — (only) UK US noun [S] BANKING ► WRITTEN ABBREVIATION for account payee (only): in the UK, words written vertically in the centre of a cheque (= a printed form used for paying money out of your bank account). The words show that the cheque must be …   Financial and business terms

  • Cheque — A Canadian cheque …   Wikipedia

  • cheque — A preprinted form on which instructions are given to an account provider (a bank or building society) to pay a stated sum to a named recipient. It is a common form of payment of debts of all kinds ( current account). In a crossed cheque two… …   Accounting dictionary


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