Deposit Foreign Checks with USFSCO
Before You Begin
All debts and obligations to the University of Illinois are due and payable in United States currency. Any check not drawn on a U.S. or Canadian 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.
Do not accept foreign checks for $200 or less. It is not cost effective for the University to process checks below that amount.
Begin
To deposit foreign checks to USFSCO:
- Use a separate deposit form for each foreign check.
- Deposit to University Student Financial Services and Cashier Operations (USFSCO).
- USFSCO submits the check to the University bank for collection and credits or reconciles it to the unit's account when the University receives the money. This may take up to 120 days because of special collection activity required by the University’s banks.
The actual deposit is the amount left after bank collection charges (if any) and the exchange rate are applied.
Campus USFSCO Office locations and hours:
Urbana
Chicago
Springfield
Last Updated: October 21, 2011 | Approved: Senior Associate Vice President for Business and Finance - February 2008