Question

Difference between paying banker and collecting banker

Answer 1

Paying and collecting a cheque - Law Handbook The cheque is delivered by the drawer to the payee. The payee then deposits the cheque by delivering it to her or his own bank, called the collecting bank. ... A collecting bank will ordinarily be collecting thousands of cheques a day, and the paying bank will be collecting cheques drawn on the collecting bank.

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Answer 2

paying banker and collecting banker

Explanation:

A collecting banker is one who undertakes to collect the amount of a cheques & bills for his customer from the paying banker.A banker is under no legal obligation to collect cheques drawn upon other banks for a customer. But this function is performed by every modern bank

Paying bank

1.The banker on whom a cheque is drawn.

2. The banker who is required to pay the cheque drawn on him by a customer is called the paying banker or drawee bank  

Collecting bank  

1.A collecting banker is one who undertakes to collect the amount of a cheques & bills for his customer from the paying banker.

2. A banker is under no legal obligation to collect cheques drawn upon other banks for a customer. But this function is performed by every modern bank.

#Learn more :

What are the precautions to be taken by the paying banker and collecting banker?

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