payee

noun

pay·ee | \(ˌ)pā-ˈē

Definition of payee

: one to whom money is or is to be paid The payee must endorse the back of the check.

Examples of payee in a Sentence

The payee must endorse the back of the check.

Recent Examples on the Web

But Etienne kept the Social Security train rolling until 2016 by signing payee accounting records that the money was being used for their food, clothing, shelter and medical needs. — David J. Neal, miamiherald, "She paid for her BMW with her grandparents' Social Security checks. They were dead. | Miami Herald," 11 Apr. 2018 Four days later, my mailbox held a thin cardboard flat-rate package with nothing inside but a startlingly realistic check with my name typed on the payee line. — Matthew Kauffman, courant.com, "I Trolled An Internet Scammer For Two Weeks. Here's What I Learned.," 29 Mar. 2018 According to court documents, Madden would generate checks for the phony purchase orders by putting tape over the payee line and put the company name on the tape. — Ashley Remkus, AL.com, "Former county administrator pleads guilty to using position to steal more than $700,000," 19 Aug. 2017 Sign up for account alerts through your bank so that you're notified of every deposit, every cash withdrawal, any new payee, etc. — Teresa Dixon Murray, cleveland.com, "TurboTax user hacked, gets bank account frozen after IRS refund scam: Money Matters," 11 Feb. 2018 In the case of KOIN, a committee consisting of people in the blockchain and financial markets divide the eligible stocks into four categories: cryptocurrency payees, mining enablers, solutions providers and blockchain adopters. — Sarah Ponczek, Bloomberg.com, "Quants Bring AI and Blockchain Together in One Fund," 31 Jan. 2018 The financial records the Committee seeks show only the name of the payer or the payee, the amount of the payment, and certain identifying information. — Spencer S. Hsu, Houston Chronicle, "Judge sides with House panel in records demand from firm behind Trump dossier," 4 Jan. 2018 Due to the disparity in tax rates that exist in these cases, this would have a negative effect on the payee. — Sarah O'brien, USA TODAY, "Divorce penalty? Tax reform could shrink alimony for ex-spouses," 4 Nov. 2017 Most people without a representative payee do have other potential sources of help, often a family member such as a spouse or child. — Robert Powell, USA TODAY, "Financial help for retirees with cognitive impairment or dementia," 16 Sep. 2017

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'payee.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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The first known use of payee was in 1758

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More Definitions for payee

payee

noun

Financial Definition of payee

What It Is

The term "payee" refers to an individual or entity that will receive a payment. It can also be referred to as the beneficiary in situations that pertain to a benefactor.

How It Works

There are a number of examples of payees. A payee is the person to whom a check, promissory note, draft or bill is written out. A payee may also be the one who holds the coupons of a bond.

An example of a payee in a check is one whose name appears in the caption "Pay to the Order of" on most checks.

Why It Matters

The payee is the one with legal rights to a payment. It is therefore essential to decipher who the individual or entity is that is to receive payment in any financial transaction. In any contract of a financial transaction where it is unclear who the payee and payer are, the contract may be invalid or there may be provisions within the law about how to determine rights in such situations.

Source: Investing Answers

payee

noun

English Language Learners Definition of payee

: a person or organization that receives money : a person or organization that is paid

See the full definition for payee in the English Language Learners Dictionary

payee

noun

pay·ee | \ˌpā-ˈē

Legal Definition of payee

: a person to whom money is to be or has been paid specifically : the person named in a bill of exchange, note, or check as the one to whom the amount is directed to be paid — compare drawee, drawer