It is an instrument or promise or order to pay money (whether negotiable or non negotiable) sent by a sender and payable in a Federal Reserve District or sent to and collectible in funds acceptable to a Reserve Bank. An electronic image of this document together with electronic information describing that item in an approved format will be considered a valid instrument.
An 'item' in banking terminologies refers to an instrument or promise or order to pay money, whether negotiable or non-negotiable, that is sent by a sender and is payable in a Federal Reserve District or sent to and collectible in funds acceptable to a Reserve Bank. Additionally, an electronic image of this document, together with electronic information describing that item in an approved format, is considered a valid instrument.
In banking terminologies, an "item" refers to an instrument or promise or order to pay money, whether negotiable or non-negotiable, that is sent by a sender and is payable in a Federal Reserve District or sent to and collectible in funds acceptable to a Reserve Bank. Additionally, an electronic image of this document, together with electronic information describing that item in an approved format, is considered a valid instrument.