A person or bank that is ordered by its depositor, a drawer, to withdraw money from an account to pay a designated sum to a person according to the terms of a check or a draft.
More From encyclopedia.com
OVERDRAFT , OVERDRAFT A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference… Bank , Bank A bank, at its most basic level, is an institution that holds people’s money for safekeeping and lends money to individuals and businesses for a… Commercial Paper , A written instrument or document such as a check, draft, promissory note, or a certificate of deposit, that manifests the pledge or duty of one indiv… mountebank , moun·te·bank / ˈmountiˌbangk/ • n. a person who deceives others, esp. in order to trick them out of their money; a charlatan. ∎ hist. a person who so… Monetary Policy , The size of the money supply (the amount of money in circulation) is one of the most powerful influences on an economy. In general, when more money i… Federal Reserve System , All modern capitalist nations have central banks. In the United States the central bank is called the Federal Reserve System, or the Fed; it is an in…
About this article
Updated About encyclopedia.com content Print Article
You Might Also Like