Instructions for Cash Deposits: Foreign Checks

Deposits of Foreign Checks with Cash Receipt & Advance Deposit eDocs

The following guidelines apply for the preparation of foreign checks for the daily deposits:

  • A $300.00 minimum per check has been set for foreign check collection. If a foreign check (or two or more checks drawn on the same bank) does not meet the $300.00 minimum, the check(s) will be returned to the department or revenue center making the deposit.
  • Each department and revenue center is responsible for identifying and separating foreign items from their regular deposit before it is sent to the bank.
  • Any charges imposed by the foreign bank will be the responsibility of the respective department or revenue center and will be charged back to their account.

Below are the three different types of foreign checks and deposit instructions for each:

  • Foreign checks drawn on U.S. banks – No special handling (see the deposit instructions for Domestic Checks). These can be included in the normal check deposit batch even if there are no MICR-encoded bank account numbers.
  • Checks in U.S. dollars, drawn on a foreign bank – These checks must be submitted to the Cashier’s Office, which will deposit the checks to the bank. When the university receives credit, the respective department will receive income. A journal voucher (JV) will be processed crediting the department’s GL account within approximately 45 days.
  • Checks not in U.S. dollars and drawn on a foreign bank – These checks must be submitted to the Cashier’s Office, which will prepare a slip and submit to the bank for conversion to U.S. dollars. When the university receives the credit, the department will receive a journal voucher (JV) crediting the department’s GL account. This process takes approximately 3 working days.

University policy stipulates that all departments that deposit with the Cashier’s Office must be able to reconstruct their check deposits. By “reconstruct” it is meant that each department must photocopy/scan check deposits in order to identify deposited checks by maker, check number, dollar amount, etc. This will facilitate replacement in the event of loss.

If you have questions or need further clarification on this or any other Banking procedure, we encourage your inquires by calling the Cashier’s Merchant Window at 213-740-2877 (UPC) or 323-442-3040 (HSC).