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This will display the level required to use or equip an item in your bags, bank or guild bank in the top right corner of the icon itself. The level will be displayed using green text if you are able to equip or use the item or red if you are not.
So far I have discovered this will not work with OneBag and I suspect many other all-in-one bag addons. The next version will have configuration for the size, placement and colour of the text display.