10.3.2 Deposit Foreign Checks with University Bursar
Policy Statement
All debts and obligations to the University of Illinois System are due and payable in United States currency. Any check not drawn on a U.S. bank or that does not have a U.S. clearing bank listed on it, is considered a foreign check, even if the check is payable in U.S. funds. The payor must make up any shortfall in the amount of a transaction due to foreign exchange and/or expenses of collection.
Reason for the Policy
Foreign checks (including those payable in U.S. funds) should not be accepted for $200 or less. The process to deposit and adjust the transaction if there is a decrease in the deposit amount due to foreign exchange rate and/or bank collection is not cost effective for the system.
Applicability of the Policy
This policy applies to all University of Illinois Cash Handling Units.
Procedure
To deposit foreign checks to University Bursar Cashier Operations:
- Use a separate deposit form for each foreign check.
- Deposit to University Bursar Cashier Operations.
- University Bursar Cashier Operations submits the check to the system bank for collection and adjusts the unit's account when the system receives the money. This may take up to 120 days due to special collection activity required by the system's banks.
The actual deposit is the amount left after bank collection charges (if any) and the exchange rate is applied.
University Bursar office locations and hours
First Published: February 2008 | Last Updated: March 2023 | Last Reviewed: March 2023