Common use of Prohibited Source Documents Clause in Contracts

Prohibited Source Documents. Checks that may not be used as source documents for POP Entries include: checks that contain an Auxiliary On-Us Field in the MICR line; checks written for more than $25,000; third party checks; credit card checks; obligations of a financial institution (e.g., cashier’s checks, money orders, traveler’s checks, official checks, etc.); checks drawn on the Treasury of the United States, a Federal Reserve Bank, or a Federal Home Loan Bank; checks drawn on a state or local government that are not payable through or at a participating depository financial institution; demand drafts and third party checks that do not contain the signature of the Receiver; checks drawn on a home equity line of credit; checks drawn on an investment company as defined in the Investment Company Act of 1940; and checks payable in a medium other than United States currency. We may, in our discretion from time to time, notify you of additional types of checks that we prohibit you from using for POP Entries.

Prohibited Source Documents. Checks that may not be used as source documents for POP Entries include: checks that contain an Auxiliary On-Us Field in the MICR line; checks written for more than $25,000; third third-party checks; credit card checks; obligations of a financial institution (e.g., cashier’s checks, money orders, traveler’s checks, official checks, etc.); checks drawn on the Treasury of the United States, a Federal Reserve Bank, or a Federal Home Loan Bank; checks drawn on a state or local government that are not payable through or at a participating depository financial institution; demand drafts and third third-party checks that do not contain the signature of the Receiver; checks drawn on a home equity line of credit; checks drawn on an investment company as defined in the Investment Company Act of 1940; and checks payable in a medium other than United States currency. We may, in our discretion from time to time, notify you of additional types of checks that we prohibit you from using for POP Entries.