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CRM 304 - Foreign Funds - Exchange and Deposit

The policies on this webpage have been streamlined and reformatted, and are now available on the University Policies webpage. We ask that you use this new resource, as future changes, additions to or eliminations of these policies will only be made to the University Policies webpage, and policy manuals you may have used in the past will no longer be updated. Note: On March 31, 2018, this resource will no longer be available. Please update your bookmarks to the University Policies webpage.

Foreign Funds:

Must Be Exchanged Before Being Deposited - All foreign funds received by the University must be exchanged for U.S. dollars before being deposited.

Definition of Foreign Funds - Foreign funds include all coins and currency issued by a non-U.S. government and all checks written on non-U.S. banks or for non-U.S. dollar values.

Limitation on Acceptance - Foreign funds are not generally acceptable for over-the-counter sales. They are acceptable, however, as payment on account, subject to the amount of U.S. dollar value that can be collected in exchange.

Exchanging and Depositing Foreign Funds:

Responsibility - All foreign funds received by the University shall be submitted to the depository bank for collection as a separate item not as part of the regular deposit. Locations making direct deposits will handle their own foreign funds. Locations making deposits through the Campus Cashiers Office will send their foreign funds to Cashiers for collection as a separate item.

created: 02-28-97