Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
38% - Moderately


Synonyms:cheque payor
Filed Under: financial-banking
Tags: banking

Definition of payor

1. The individual or entity that makes a payment to another. In a financial transaction, the one making the payment is known as the payor (or payer) and the one receiving the payment is known as the payee.

Related Terms and Acronyms:

  • assignee   A person appointed to acquire (take) an item, such as a property.
  • cheque (CK)   A written order for payment of a certain amount of money.
      ➥  Bank account transaction code.
  • cheque clearing   When you write a cheque to a person or a company, the cheque is typically cashed when deposited into a bank account. Your chequing account is then debited for the amount of the cheque and the cheque is said to have "cleared."
  • cheque register   A book or log where you can record the details of every transaction made in your chequing account.
  • insufficient funds (ISF)   When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).
  • mortgagee   The lender in a mortgage transaction.
  • mortgagor   The borrower in a mortgage transaction.
  • nsf cheque   If a cheque is returned for this reason, it means that there was not enough money in your bank account to cover the amount of the cheque. There is a fee to you if this situation occurs.
  • payee   The name of the person to whom the money in a cheque is to go.
  • personalized cheque   A cheque which has your name and account number printed on it.

More Related Terms and Acronyms

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