What is a check drawn on a bank?
What is a check drawn on a bank? A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. The person or entity writing the check is known as the payor or drawer, while the person to whom the check is written is the payee. The drawee, on the other hand, is the bank on which the check is drawn. Does a bank have to honor a check drawn on their bank? There is no federal law or regulation that requires banks to cash checks for non-customers. Most...