International Collection Items are checks or currency intended for deposit which are not issued in US Dollars or that have been issued by a foreign bank.
International Collection Items require special handling by the Bursar’s Office and the University’s partnering bank:
- Immediate credit to the department’s account for International Collection Items may not be granted.
- Some International Collection Items may have a Collection Fee assessed. When the funds are returned from the bank, the department will be notified if there is a Collection Fee.
Departments can avoid Collection Fees by:
- requiring checks to be drawn against a US bank
- requesting funds be sent by wire transfer
Items under the equivalent of $300.00 US Dollars will not be accepted since the bank will not accept these for processing. Contact the Cashiering Services Coordinator to determine if a foreign item (check or currency) can be accepted.
Depositing International Collection Items
If the foreign check is not in US Dollars, departments should first call the Cashiering Services Coordinator to determine if the check should be deposited by Cash Receipt or sent to our partnering bank to be converted.
Submit a written memo (NOT a Cash Receipt) to the Bursar’s Office listing the following information:
- Type of currency
- Account/object code funds are to be deposited to once converted
- Department contact information
Once funds have been converted by the bank, a notification will be sent to the department contact providing the Cash Receipt number associated with this deposit..
Refer to FSM Policy 8.10 or contact the Cashiering Services Coordinator for more information.