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please tell me what "account payee" is

glossary FAQ: glossary.
Phoenix X. From United Kingdom
22 November, 2008

Also 'account payee only'. Words written on the face of a cheque between two parallel diagonal lines. The purpose is to ensure that the cheque may only be paid into an account in the name of the payee, that is the person to whom the cheque is made payable Visit Interbank FX

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