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Policies and Procedures

Procedure 302.4 – Presenting Foreign Items

Effective
July 1, 1999
Last Updated
October 3, 2014
Last Reviewed
October 3, 2014
Responsible University Officer
Director of Student Accounts
Responsible Unit
Office of Student Accounts and Univ. Receivables

Procedure Statement

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

1. Fill out 302.4.1f - Request for Collection of a Foreign Item form

2. Attach the foreign item to above-mentioned form and send to:
Head Teller
Student Accounts
CB#1400.

3. 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.

4. 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.

5. 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.

6. For additional information, please contact the Head Teller in the Office of Student Accounts and University Receivables for assistance regarding the collection of foreign items.

Related Data

None.

History

Revised:
October 1, 2014: Updated steps in Forms and Instructions section to conform to ConnectCarolina system.
April 9, 2010
June 24, 2005