Cash Receipts

Why don't we accept foreign items that are less than $200?

Bank of America does not accept checks drawn on foreign banks in US dollars (USD) for amounts less than $200 USD. Checks drawn on a foreign bank are costly to process due to the fact that both Bank of America (BOA) and the foreign bank charge fees that may exceed the value of the check. Since local units are assessed these fees they should instruct their foreign customers to have their checks drawn on US bank in USD to avoid processing fees or drawn on a foreign bank in foreign currency.

How long does it take for a foreign item to collect?

Depending on where the check is drawn on will dictate how long the collection process will take. It can take anywhere from next day upwards of 4 - 6 months.  The University receives provisional credit for most common foreign currencies drawn on foreign banks and will post the income to the local unit the same day as the item is deposited at the bank.   For all other collection items the Cash Receipts Office will process the CV and post the income net of collection fees upon receiving the credit notification from the bank.