Transaction roles

the following are the basic roles describing the participants in a check transaction role name description issuing bank the bank that issued the check (usually as part of a checkbook) to the account holder check payer/payer the account holder writing and passing the check the federal reserve/the fed the central bank of the united states check payee/payee the account holder depositing the check and receiving its funds depositing bank the check payee bank the check is deposited into the payee’s account at the depositing bank check payment services a range of companies that offer a variety of automated payment services, including the option to print and mail a check on behalf of an account holder