Body
Procedure
A foreign item is a check, money order or draft that is not drawn on a U.S. bank or payable in U.S. funds. These items must be sent to the bank for special collection.
Forms and Instructions
- Fill out Finance Form 302.4.1f - Request for Collection of a Foreign Item.
- Attach the foreign item to above-mentioned form and send to:
Head Teller
Student Accounts
CB#1400
- The bank will convert the item to US dollars using the current exchange rate. The rate is subject to change daily. A one-time collection charge may be applied to the transaction. This charge is taken against the proceeds of the conversion.
- Once the conversion is complete, the bank deposits the proceeds back to Student Accounts. Student Accounts will contact the department and provide the conversion documentation and the net amount of the deposit after the conversion.
- The department will create an "other" deposit in the University Deposit System to record payment using the net amount and date provided by Student Accounts. The department should use 333333 as the merchant ID for this deposit.
- For additional information, please contact the Office of the University Cashier for assistance regarding the collection of foreign items.
Related Requirements
University Policies, Standards, and Procedures
- Finance Policy 302 - University of North Carolina at Chapel Hill Policy on General Receipts and Deposits