Common use of Type of Item Clause in Contracts

Type of Item. Using the Remote Deposit service, Member may deposit only items eligible for treatment as cash items under Federal Reserve Operating Circular 3, drawn on financial institutions located within the United States. Member may not deposit savings bonds or food coupons using the Service. Items deposited using Remote Deposit must be payable in United States Dollars and payable through a financial institution located in the United States. Remotely created checks (as that term is defined in Federal Reserve Regulation CC) are not eligible for deposit using the Remote Deposit service.