Foreign Check Deposits at DCU
DCU is here to meet your financial needs. We realize that some of our members receive checks drawn on financial institutions outside of the United States. We try to process these checks in a proper and prompt manner. There are some circumstances when checks will be sent for collection and there will be a time delay. Please review the following guidelines.
Please be aware that exchange rates vary throughout the world. An exchange rate offered within the United States might be very different from that offered abroad. Rates published on the World Wide Web are generally for high dollar volume traders. Making the currency exchange on the sending end offers more competitive choice, whereas sending United States dollars to a foreign institution leaves you with their exchange rate. Please be aware that currencies with low exchange volume have high market volatility.
It may be more advantageous to exchange currency at the foreign institution where the rate can be immediately locked, and send the wire or check in United States funds drawn on your foreign bank's "corresponding" bank (usually in New York, if available). The check in United States dollars once deposited often clears without additional fees. This option increases your control over the process, and eliminates the timing risk of currency exchange at the receiving institution.
For the Collection Process all checks must be properly endorsed by all payees. Your member number and the account it will be deposited into need to be on the back of the check. Allow 4 weeks for processing. If the check is over $5,000 allow 8 weeks for processing. Although DCU does not charge a fee, other institutions may.
Please be aware that exchange rates vary throughout the world. An exchange rate offered within the United States might be very different from that offered abroad. Rates published on the World Wide Web are generally for high dollar volume traders. Making the currency exchange on the sending end offers more competitive choice, whereas sending United States dollars to a foreign institution leaves you with their exchange rate. Please be aware that currencies with low exchange volume have high market volatility.
It may be more advantageous to exchange currency at the foreign institution where the rate can be immediately locked, and send the wire or check in United States funds drawn on your foreign bank's "corresponding" bank (usually in New York, if available). The check in United States dollars once deposited often clears without additional fees. This option increases your control over the process, and eliminates the timing risk of currency exchange at the receiving institution.
For the Collection Process all checks must be properly endorsed by all payees. Your member number and the account it will be deposited into need to be on the back of the check. Allow 4 weeks for processing. If the check is over $5,000 allow 8 weeks for processing. Although DCU does not charge a fee, other institutions may.
The following checks may be deposited into a DCU's member account immediately:
- Canadian Postal Money Orders
- Foreign checks drawn on "US Banks"
The following checks CAN NOT be accepted:
- Checks drawn on Indian Banks
- Checks drawn on Citibank Singapore
- Checks made payable to "Cash" (checks must be made payable to a person)
The following checks must be sent for collection:
- Checks that state "US Dollars" but are drawn on a "Foreign Bank"
- Checks payable in Foreign Currency - minimum numeric face value for foreign check is 50 (this is face value in foreign currency before any exchange rate is applied)
- Checks payable in Canadian Currency - any amount
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Digital Federal Credit Union
220 Donald Lynch Boulevard PO Box 9130 Marlborough, MA 01752-9130 508.263.6700 • 800.328.8797 |
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© 2008. Digital Federal Credit Union