Common use of QUALIFYING DEPOSIT ITEMS Clause in Contracts

QUALIFYING DEPOSIT ITEMS. (a) Qualifying Deposit Items are: I. A negotiable demand draft drawn on or payable through or at an office of a bank; II. A negotiable demand draft drawn on a Federal Reserve Bank or a Federal Home Loan Bank; III. A negotiable demand draft drawn on the Treasury of the United States; IV. A demand draft drawn on a state government or unit of general local government that is not payable through or at a bank; V. A United States Postal Service money order; or VI. A traveler’s check drawn on or payable through or at a bank. The term check includes an original check and a substitute check. The term check does not include a noncash item or an item payable in a medium other than United States money. A draft may be a check even though it is described on its face by another term, such as money order. For purposes of this Agreement, the term check also includes a demand draft of the type described above that is non-negotiable. (b) Non-Qualifying Deposit Items include: I. Checks made payable to a third party; II. Remotely created checks; and, III. Counterfeit checks

QUALIFYING DEPOSIT ITEMS. (a) Qualifying Deposit Items areinclude: I. A negotiable demand draft drawn on or payable through or at an office of a bank; II. A negotiable demand draft drawn on a Federal Reserve Bank or a Federal Home Loan Bank; III. A negotiable demand draft drawn on the Treasury of the United States; IV. A demand draft drawn on a state government or unit of general local government that is not payable through or at a bank; V. A United States Postal Service money order; or VI. A traveler’s check drawn on or payable through or at a bank. The term check includes an original check and a substitute check. The term check does not include a noncash item or an item payable in a medium other than United States money. A draft may be a check even though it is described on its face by another term, such as money order. For purposes of this Agreement, the term check also includes a demand draft of the type described above that is non-negotiable. (b) Non-Qualifying Deposit Items include: I. Checks made payable to a third party; II. Remotely created checks; and, III. Counterfeit checks