| Foreign Check Clearing |
|
 Background |
Our Recommendation |
The Policy |
| The Procedures |
What is a Foreign check? |
Help/Contacts |
| Type I Currencies |
What if? / FAQ's |
* Please note that this policy was updated effective September 22, 2006.
Due to a change in the structure of the foreign banking system and the increased fees associated with this change, US banks are passing through larger fees on foreign checks, and are raising the minimum check value eligible for foreign clearing. As a result, bank fees have increasingly exceeded the face value of small checks, resulting in a net loss on these payments to the University.
Our recommendation to University departments is that you do not accept foreign checks.
Departments that accept payment from foreign residents should advise individuals abroad to make their payment using a U.S. check, wire transfer or credit card (i.e. VISA/Master Card). This information should be communicated in all registration material, tuition payment instructions, journal subscriptions, etc.
For departments that still accept foreign checks, the University has a separate bank account used to expedite the acceptance and translation process. The costs of maintaining this account are offset by clearing fees, charged on a per check basis, as noted below.
Our recommendation to University departments is that you do not accept foreign checks. If payment is accepted in the form of foreign check, money order to draft, in order for the item to be deposited:
Each foreign check deposited must exceed $150 US.
All currencies must be Type I currencies.
All Foreign Checks will be charged a one time processing fee of $50*.
Note : The fee is for the processing of foreign checks only. The following transaction costs will be in addition to the charges listed above:
A. Currency Exchange Rate charged by the bank (i.e. for conversion from Euro to US Dollars)
B. Any additional transaction cost imposed by the issuing bank.
C. Insufficient Funds (NSF) - $20*
D. Stopped Checks - $20*
*Please note that dollar amounts within this policy are subject to change*
The Procedures
All foreign checks must be sent to :
Office of the Treasurer
Attn: Cash Management & Operations
Columbia University in the City of New York
615 W. 131 Street, Floor 3
New York, NY 10027
Tel: (212) 854-9694
Fax: (212) 851-2747
> All checks must be stamped "For Deposit Only - Columbia University" on the back
> Each check must be accompanied by a foreign check log (which lists checks, amounts,
10 digit FAS account number, etc.) and copies of the checks
> Each log must also be sent by email to Treasury Services & General Accounting
> Your 10 digit FAS account should be credited within 2 weeks of receipt
For Checks, Foreign Postal Money orders, or Bank Drafts:
1. Is the check written in a currency other then $US (ignoring the country of the bank)?
a. Yes - It is a foreign check and should be sent to treasury.
b. No – Go to question 2
2. Is the location of the drawee bank on the check outside the US?
Explanation - Although a bank is in a foreign country it may state a drawee bank in the US from which the funds will be drawn. If no drawee bank is listed then the funds will be drawn from the bank listed on the check.
a. Yes - It is a foreign check and should be sent to treasury.
b. No – Go to question 3
3. Is the 9 Digit ABA number of the check printed on the bottom line of the check?
a. Yes – It is not a foreign check and can be deposited in the Bursar’s Office.
b. No – It should be treated as a foreign check and sent to treasury.
CAD Canadian Dollar
DKK Danish Krone
EUR EMU Euro
HKD Hong Kong Dollar
JPY Japanese Yen
NZD New Zealand Dollar
NOK Norwegian Krone
SGD Singapore Dollar
SEK Swedish Krona
CHF Swiss Franc
GBP UK Pound Sterling
USD Drawn on Canada
USD Drawn on United Kingdom
I want to accept Credit Card Payments
Please click on the link below to communicate with the Treasury Operations team
What should you do if your foreign check does not exceed $150?
If your foreign check does not exceed $150 US return it to the sender and request payment by alternate means (US check, wire or credit card)
What if your foreign check is not written in a Type I Currency?
If your foreign check is not written in a Type I currency return it to the sender and request payment by alternate means (US check, wire or credit card)
What if you are not sure that your check is a foreign check?
If you are not sure that your check is a foreign check, call 854-9691 or 854-9698.
What if you receive tuition payments that have to be credited to a student account?
These checks should be routed through the Bursar's Office (and will be subject to the above policy).
Georgia Pike (212) 854-1011
_____________________
COLUMBIA UNIVERSITY
615 W. 131 Street, Floor 3
New York, NY 10027
