International Check Receipts
Definition: Any check, draft, cashiers check or money order that meets at least one of the following criteria:
- Item written in any currency that is not US dollars
- including Canadian dollars
- including items drawn on a US bank but payable in a foreign currency
- Item drawn on or payable through any bank not physically located in the US
- including Canada
Departmental Process: Direct restrictively endorsed international checks to Sue Miller, University Billing, Room 5 Calvin Hall. Please deliver these items in person or in a sealed envelope via campus mail.
International check deposits should not be entered as E-Deposits. In lieu of an E-Deposit, please submit MFK(s) information this form. This form should accompany your foreign items submission to University Billing. When the bank collection process is complete, you will be provided appropriate documentation of the exact dollar amount of the deposit for your records. University Billing will record the deposit in the E-Deposit system and the total will be posted to your general ledger MFK(s).
Bank Collection Process: The University’s bank submits the international item to the foreign bank, either directly or through an intermediary U.S. bank. The foreign bank may assess a fee for processing the payment request. The payment, less the foreign bank fee, is applied to a foreign currency exchange rate and the remaining funds are forwarded in U.S dollars to the U.S bank that originally submitted the item for payment. Upon receipt the U.S. bank may assess a fee for its role in the foreign item collection process. Funds from the original payment less all associated fees are posted to the University bank account. The collection process may take from several weeks to several months.
Due to the cost and manner in which US banks collect on and clear international checks, please be aware that international items may be returned unprocessed and/or may result in a loss to your department.
Treasury Operations Recommendation: Encourage customers to remit payment via credit card (for non-tuition payments) or electronic bank transfer. Please contact Treasury Operations to obtain bank transfer instructions.
