Acceptor

  

Doesn't this sound like the name of a dinosaur with a massive, gaping mouth? Like, you have velociraptor and gigantosaur and...acceptor?

Maybe not.

Acceptor refers to the entity responsible for paying a bill, i.e., they accept that liability. The type of bill requiring an acceptor is usually a bill of exchange, and has two players, other than the acceptor: the drawor and the drawee. A drone building company pays Plastics R Us for blades based on a check drawn from their Wells Fargo account. The plastics company brings that check to the bank, which then accepts responsibility for wiring the money to the right place.

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Finance: What is Escrow?7 Views

00:00

Finance a la shmoop what is escrow so leave it to the French they'll cook and [Man and woman cooking food]

00:08

eat anything horse hoof pig snout and yes finally snail but wait that's

00:14

different oh okay well escrow is a financial state

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of being akin to the pearly gates where st. Peter is a you know checking you out [St Peter appears in the clouds]

00:24

there's a transaction a contract a whole bunch of signatures a commitment and

00:28

then a holding time our waiting period or cooling period will the transaction

00:33

be allowed through the gates or in Dante fashion will it be sent back to the pits

00:38

of hell to be renegotiated fixed or suffer eternal damnation yeah those are

00:43

the questions escrow is that special place where your dough hangs out until [Escrow definition appears on 100 dollar bill]

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the grander powers that be decide whether or not that dough can be you

00:53

know shoveled along forward selling your home well it's likely the buyer first

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puts their dough into an escrow account which only gets released to you once [money transfers into a piggy bank]

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those pesky socialist termites have been eradicated by Clint Eastwood and if the

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termites win well you won't be able to afford cooked snail any time soon and

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we'll just put it that way so its escrow your money just kind of sits there until [Escrow piggy bank waiting at traffic lights]

01:16

gets a green light all the contracts are signed everything's good then the money

01:20

just wires into your bank account and then you can move on with life

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