Drafts. When you write a draft, it is processed through the Federal Reserve System. We receive data files of cashed drafts from the Federal Reserve each day. The drafts drawn on your account are compiled from these data files and paid each day. We process the payments in the order contained in the data file.
Appears in 3 contracts
Sources: Master Membership Account Agreement, Membership Account Agreement, Master Membership Account Agreement
Drafts. When you write a draftdraft (paper check), it is processed through the Federal Reserve System. We receive data files of cashed drafts from the Federal Reserve each day. The drafts drawn on your account are compiled from these data files and paid each day. We process the payments in the order contained in the data file.
Appears in 1 contract