A depository credit union that has taken a check or draft for collection may supply any endorsement of the member which is necessary to title unless the item contains the words “payee’s endorsement required” or words to that effect. In the absence of such a requirement, a statement placed on the item by the depository credit union to the effect that the item was deposited by a member or credited to that member’s account is effective as the member’s endorsement. An intermediary credit union, or payor credit union, which is not a depository credit union, is neither given notice nor otherwise affected by a restrictive endorsement of any person except the credit union’s immediate transferor.