10.3.2 Deposit Foreign Checks with USFSCO

Policy Statement

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.

Procedure

To deposit foreign checks to USFSCO:

1. Use a separate deposit form for each foreign check.
2. Deposit to University Student Financial Services and Cashier Operations (USFSCO).
3. USFSCO submits the check to the University bank for collection and adjusts 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.

Additional Resources

USFSCO office locations and hours:
    Urbana-Champaign
    Chicago
    Springfield

Last Updated: November 29, 2018 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008