Common use of Eligible Items for Deposit Clause in Contracts

Eligible Items for Deposit. You agree to deposit only “checks” as that term is defined in Federal Reserve Board Regulation CC. You agree that the image of the check transmitted to us shall be deemed an “item” within the meaning of Article 4 of the Uniform Commercial Code as adopted in California. For purposes of this Agreement, “check” (as defined in Regulation CC) means a negotiable demand draft that is drawn on: a. Or payable through or at an office of a bank or credit union; b. A Federal Reserve Bank or a Federal Home Loan Bank; c. The Treasury of the United States; d. A state or local government that is not payable through or at a bank or credit union; e. A United States Postal Service money order; or f. A Traveler’s check drawn on or payable through or at a bank or credit union.