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Chapter 6000

FOREIGN CHECKS AND CURRENCY DRAWN ON FOREIGN BANKS

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This Treasury Financial Manual (TFM) chapter provides instructions for Federal agencies to deposit foreign checks and currency drawn on foreign banks.

Section 6010Authority

31 U.S.C. 321, 3301, 3302; 12 U.S.C. 90, 265

Section 6015Definitions

The following terms are defined for the purposes of this TFM chapter.

Adjustment, Correction, or Rescission (ACR) Request Form—A Check Capture or Deposit Reporting form for OTCnet which initiates ACR actions performed through the Collections Information Repository (CIR) by the OTCnet Customer Support area for Over the Counter (OTC) deposits.  An authorized individual from Federal agencies or financial institutions submits the ACR request form via email to the OTCnet Support Center.

Agency or Federal Agency—A department, agency, or sub agency in the executive, judicial, or legislative branch of the Federal Government, including wholly owned Government corporations.

Agency Depositor or Federal Agency Depositor—A person authorized to make deposits on behalf of the Federal agency.

Agency Location Code (ALC)—A numeric symbol used to identify the Federal agency accounting and/or reporting office.

Financial Agent—A financial institution authorized to accept Treasury’s General Account (TGA) deposits.

Foreign Check—A check, money order, or bank draft drawn on a foreign bank (i.e., foreign checks in foreign currency; foreign checks in U.S. dollars; foreign money orders; foreign bank drafts; Canadian checks in U.S. dollars [USD]; or Canadian checks in Canadian dollars). 

Foreign Currency—Non-U.S. currency (i.e., foreign coins and bank notes).

Over the Counter Channel Application (OTCnet)—A web-based application that integrates check capture and deposit reporting functionalities in one system. OTCnet enables Federal agencies who receive OTC collections for cash and checks to prepare an electronic deposit ticket or convert the checks to electronic instruments for settlement.

OTCnet Deposit Ticket—An OTCnet-generated report that is presented to a financial agent, along with the TGA deposits by an agency depositor. 

Provisional Credit—A status granted to deposits when they are received but before the check has finally settled or cleared the bank on which it was drawn.

Routing Transit Number (RTN)—A consecutive nine-digit numerical code used to identify the TGA bank.

Section 6020General Information

Federal agencies should require payment in U.S. dollars whenever possible, especially with checks or money orders.

All foreign collection services for TGA deposits will be processed by one or more financial agents.  The financial agent for foreign check processing will initially accept and process all foreign checks (see List of Currencies, subsection 6065.10) from Federal agencies, regardless of USD equivalent value. 

The financial agent for foreign currency processing will purchase foreign banknotes (including coins) of various countries from Federal agencies.  The financial agent will publish the exchange rates for all traded foreign currencies (see List of Currencies, subsection 6065.30).

Section 6025Determine Whether the Check is a Foreign or Domestic Item

The Federal agency depositor must determine whether the deposit item is a foreign check or a domestic check prior to creating a deposit in OTCnet.  

6025.10Foreign Check

 All of the following attributes appear on a foreign check:

  • A foreign bank drawee name;
  • The address of a foreign bank drawee located outside the U.S.; and
  • A non-consecutive nine digit routing transit number.

6025.20Domestic Check

The following attribute(s) appear on a domestic check:

  • A U.S. bank drawee name; and/or
  • A consecutive nine digit routing transit number. 

6025.30Ineligible Check Items

The following items are ineligible for processing as a domestic or foreign check:

  • Checks with dates missing and/or incomplete information
  • Checks previously dishonored and so marked on the face of the item
  • Checks post-dated or stale-dated (i.e., six months or greater)
  • Traveler checks
  • Stop payment on checks
  • Checks written on closed accounts
  • Fraudulent/counterfeit checks

Section 6030Record of Checks

The agency depositor must keep a description of each check to permit duplication in the event a check becomes lost, destroyed, or mutilated.   If such records are adequate and support duplication of the original check data (e.g., photocopy or digital images), additional record maintenance is unnecessary.

At minimum, the maintenance record must include the following information:

  • Currency amount
  • Currency type
  • Bank drawee name
  • Bank drawee address
  • Drawer/Check writer name
  • Date on check
  • Check number, if applicable

Section 6035Check Endorsement

Checks drawn on foreign banks and branches of U.S. banks, whether payable in U.S. dollars or foreign currency, must be endorsed by the Federal agency.

The endorsement must include, at minimum, the following information for checks deposited to a Treasury’s General Account:

  • ALC
  • The words “For Credit to the U.S. Treasury”

Section 6040Deposit Foreign Checks Payable in Foreign Currency 

6040.10Foreign Checks Listed

Checks that are drawn on foreign banks, payable in foreign currency, and listed on the tradable currency list (Section 6065), or listed in OTCnet’s currency code drop down box, will be processed in OTCnet as foreign check items.  These items will be treated as cash letter items.  Cash letter items are immediately cleared and are granted provisional credit within two business days following the day the financial agent receives the check.

A separate deposit must be created for each type of foreign currency.

The agency depositor will:

  1. Log into OTCnet Deposit Processing
  2. Create a deposit for a foreign check item
  3. Select the appropriate currency code (under Foreign Currency Information)
  4. Enter the foreign currency amount (under Foreign Currency Information)
  5. Mail the OTCnet deposit ticket and foreign check to:

Bank of America
Foreign Transit Items
TX1-160-05-31
1950 N Stemmons Fwy
Suite 5049
Dallas, TX 75207

The exchange rate and USD conversion amount will be determined and entered into OTCnet by the financial agent.  The financial agent will confirm the deposit in OTCnet, and field #4 (Amount) on the OTCnet deposit ticket will be populated.

6040.20Foreign Checks Not Listed

Foreign checks not listed on the foreign check tradable currency list (Section 6065) will be treated as collection items.  Collection items are forwarded to the foreign banks that the checks are drawn on for clearance, prior to credit being granted.  This collection process takes approximately six to eight weeks to complete.

The agency depositor will:

  1. Log into OTCnet Deposit Processing;
  2. Create a deposit for a foreign check item;
  3. Select the appropriate currency code (under Foreign Currency Information);
  4. Enter the foreign currency amount (under Foreign Currency Information); and
  5. Mail the OTCnet deposit ticket and foreign check to:

Bank of America
Foreign Clean Collections
TX1-160-05-31
1950 N Stemmons Fwy
Suite 5049
Dallas, TX 75207

Once the check item clears, the financial agent will enter the USD equivalent amount and confirm the deposit in OTCnet.

Cash letter items and collection items can both be mailed in the same envelope to the same address.  However, cash letter and collection items must have separately created OTCnet deposit tickets (i.e., vouchers).  They cannot be listed on the same voucher.    

Section 6045Deposit Foreign Checks Payable in U.S. Dollars  

Foreign checks drawn on Canadian and specific United Kingdom (UK) clearing banks (subsections 6065.10 and 6065.20), payable in U.S. dollars, will be processed as foreign check items (subsection 6040.10) in OTCnet.   The agency depositor must select the currency code for United States (i.e., USD).

Foreign checks drawn on foreign banks outside of Canada and the UK, payable in U.S. dollars, will be processed as collection items (subsection 6040.20) in OTCnet.

Checks drawn on foreign banks made payable through a bank in the U.S. or reflecting a consecutive 9-digit routing number will be processed in the same manner as checks in U.S. currency. 

Section 6050Return Items and Collection Charges 

The depositary will reprocess all items over $200 not successfully cleared on initial presentation, unless the item is ineligible (subsection 6025.30). 

Eligible return items are reprocessed as collection items and will be subject to a six to eight week processing period.  In such cases, the Federal agency will receive a notice and the check. 

If a foreign check is returned for any reason, the financial agent will use the Returned Item Adjustment in OTCnet.  The amount of the debit will equal the credit that was given to the agency because the exchange rate applied when the item is returned will be the same exchange rate applied when provisional credit was given.  The Federal agency will receive a copy of the debit advice along with the foreign check.   

Federal agencies may incur foreign collection charges or bank fees that are deducted from the proceeds by the foreign bank, prior to the settlement of the credit.   Foreign collection fees (usual and customary fees) assessed after credit has been given in OTCnet may be charged back to the Federal agency upon notification from the Fiscal Service.  Federal agencies may wish to consider setting higher minimum check limitations because of these substantial charges associated with foreign checks. 

Section 6055Deposit Foreign Currency

6055.10Foreign Currency Listed

Separate deposits must be created in OTCnet for each type of foreign currency.    

The agency depositor will:

  1. Log into OTCnet Deposit Processing;
  2. Create a deposit for foreign currency; 
  3. Select the appropriate currency code (under Foreign Currency Information);
  4. Enter the foreign currency amount (under Foreign Currency Information); and
  5. Mail the OTCnet deposit ticket and foreign currency, if under $5000.00 (5K) USD value, by registered mail, to:

Bank of America-GBN-LA
CA 9-708-L3-13
P.O. Box 54529
Los Angeles, CA 90054-0529

6055.20Foreign Currency Not Listed

The agency depositor will:

  1. Log into OTCnet Deposit Processing;
  2. Create a deposit for foreign currency;
  3. Select the appropriate currency code (under Foreign Currency Information);
  4. Enter the foreign currency amount (under Foreign Currency Information); 
  5. Mail the OTCnet deposit ticket and foreign currency, if under 5K USD value, by registered mail to:

Bank of America-GBN-LA
CA 9-708-L3-13
P.O. Box 54529
Los Angeles, CA 90054-0529

Once the currency clears, the financial agent will enter the USD equivalent amount and confirm the deposit in OTCnet.

6055.30Foreign Currency Over 5K USD Value

If the foreign currency deposit is over 5K USD value, OTCnet will prompt the agency depositor to call the financial agent’s Banknote Trading Desk for an armored courier pick up.  The foreign currency deposits will be delivered to a specific location of the financial agent (see Contacts).

The agency depositor must confirm the legitimacy of the armored courier prior to releasing the foreign currency deposit.  Once the deposit has been picked up and signed for by the financial agent’s armored courier, responsibility and liability of the deposit transfers to the TGA bank.  The armored courier acts as the agent of the financial institution, not the Federal agency.

6055.40Place Orders to Sell Foreign Currency Banknotes

Federal agencies may place orders to sell banknotes and selected coins in OTCnet to the financial agent.  The agency depositor will communicate the appropriate instructions to the financial agent, who will receive the information in OTCnet and act upon it.

Federal agencies will send the shipment of foreign currency banknotes to the financial agent in the same manner as foreign currency deposits for under and over 5K USD (subsections 6055.10 and 6055.30).

Section 6060Deposit Corrections

If a Federal agency discovers an error after the deposit was submitted for confirmation in OTCnet, the agency depositor should call the Foreign Currency Customer Service desk (see Contacts) and/or request from the Fiscal Service OTC Customer Support the appropriate ACR Form to initiate the correction or adjustment.   

Section 6065List of Currencies

6065.10Foreign Check Tradable Currencies

Country Currency Currence Code

Australia

Australian Dollar

AUD

Austria

Euro

EUR

Belgium

Euro

EUR

Canada

Canadian Dollar

CAD

Denmark

Danish Kroner

DKK

European Community

Euro

EUR

Finland

Euro

EUR

France

Euro

EUR

Germany

Euro

EUR

Greece

Euro

EUR

Hong Kong

Hong Kong Dollar

HKD

Ireland

Euro

EUR

Italy*

Euro

EUR

Japan

Yen

JPY

Mexico

Pesos

MXN

New Zealand

New Zealand Dollar

NZD

Norway

Norwegian Kroner

NOK

Portugal

Euro

EUR

Saudi Arabia

Saudi Arabian Riyal

SAR

Scotland

Pound Sterling

GBP

Singapore*

Singapore Dollar

SGD

Spain

Euro

EUR

Sweden

Swedish Kronor

SEK

Switzerland

Swiss Franc

CHF

Tahiti/French Polynesia

CFP Franc

XPF

United Arab Emirates

Dirham

AED

United Kingdom

Pound Sterling

GBP

United States*

US Dollar

USD

LIMITATIONS and EXCEPTIONS:
* Italy: Checks $1,000.00 or higher must have an endorsement "Non-transferable."
* Singapore: Non-transferable items must be processed on a collection basis.
* United States: Only USD items drawn on a Canadian Bank or specific UK Clearing Bank can be processed as a cash letter item.
All other USD items drawn on foreign banks in other countries are to be processed as collection items (subsection 6040.20).

6065.20—United Kingdom Clearing Banks

Items must be drawn on the eligible banks listed below:

ABC International Bank plc

Fibi Bank (UK) LTD

Adam And Company plc

Fortis Bank NV (Formerly Mees Pierson & Generale Bank)

Allied Irish Bank

Ghana International Bank plc

Alpha Bank London LTD

Girobank plc

Anz Banking Group Ltd (But Not Anz Grindlays)

Hamburgische Landesbank Girozentrale

Banco Do Brasil S.A.

Hanil Bank

Bangkok Bank Public Company LTD

Hoare (C) & Co

Bank Leumi (UK) plc

HSBC Bank plc

Bank Of America NT & SA

Ing Bank N.V.

Bank Of Ireland

Lloyds TSB Bank plc

Bank Of Montreal

Mellon Bank NA

Bank Of Montreal Europe LTD

Mizuho Corporate Bank

Bank Of New York

Morgan Grenfell & Co LTD

Bank Of Scotland

National Bank Of Egypt International LTD

Banque Nationale de Paris plc

National Bank Of Greece SA

Barclays Bank plc

NatWest Bank plc

Barclays Private Bank LTD

Nedcor Bank LTD

Bayerische Hypo Und Vereinsbank AG

Northern Trust Company

BFG Bank AG

Rabobank

British Arab Commercial Bank LTD

Riggs Bank Europe LTD

Brown, Shipley & Co LTD

Riyad Bank

Bsi-Banca Della Svizzera Italiana

Royal Bank Of Canada

Butterfield Bank (UK) LTD

Royal Bank Of Canada Europe LTD

Charterhouse Bank Limited

Silicon Valley Bank London

Chase Manhattan Bank N.A.

Societe Generale

Citibank N.A.

Standard Chartered Bank

Clydesdale Bank plc

Svenska Handelsbanken

Co-Operative Bank plc

Swiss Bank Corporation

Coutts And Co

T.C. Ziraat Bankasi

Credit Lyonnais

The Royal Bank Of Scotland plc

Den Danske Bank Aktieselskab

Union Bank Of Nigeria LTD

Deutsche Bank AG

United Overseas Bank LTD

EFG Eurobank Ergasias

Wachovia Bank NA

Erste Bank Der Oesterreichischen Sparkassen AG

 

 

6065.30Foreign Currency

Country Currency Currency Code

Argentina

Argentina Peso

ARS

Aruba

Aruba Florin

AWG

Australia

Australian Dollar

AUD

Austria

Euro/Austr Schilling

EUR/ATS

Bahamas

Bahamas Dollar

BSD

Bahrain

Bahrain Dinar

BHD

Barbados

Barbados Dollar

BBD

Belgium

Euro/Belgian Franc

EUR/BEF

Belize

Belize Dollar

BZD

Bermuda

Bermuda Dollar

BMD

Bolivia

Bolivian Boliviano

BOB

Brazil

Brazilian Real

BRL

Brunei

Brunei Dollar

BND

Canada

Canadian Dollar- Coin

CAC

Canada

Canadian Dollar

CAD

Cayman Islands

Cayman Islands Dollar

KYD

Chile

Chilean Peso

CLP

China

China Renminbi/Yuan

CNY

Colombia

Colombian Peso

COP

Communaute Financiere Africaine (BCEAO)

CFA Franc- Western African

XOF

Communaute Financiere Africaine (BEAC)

CFA Franc- Central African

XAF

Comptoirs Francais du Pacifique

CFP Franc

XPF

Costa Rica

Costa Rican Colon

CRC

Croatia

Croatian Kuna

HRK

Cyprus

Euro/Pound

EUR/CYP

Czech Republic

Czech Korunas

CZK

Denmark

Danish Krone

DKK

Dominica Republic

Dominican Peso

DOP

East Caribbean

East Caribbean Dollar

XCD

Egypt

Egyptian Pound

EGP

Estonia

Estonian Kroon

EEK

Euro Member Countries

Euro-Coin

EUC

Euro Member Countries

Euro

EUR

Fiji

Fiji Dollar

FJD

Finland

Euro/Pound

EUR/CYP

France

Euro/Franc

EUR/FRF

Germany

Euro/Deutsche Mark

EUR/DEM

Gibraltar

Gibraltar Pound

GIP

Greece

Euro/Drachma

EUR/GRD

Guatemala

Guatemalan Quetzal

GTQ

Guernsey

Guernsey Pound

GUP

Honduras

Honduras Lempira

HNL

Hong Kong

Hong Kong Dollar

HKD

Hungary

Hungary Forints

HUF

Iceland

Icelandic Krona

ISK

India

Indian Rupee

INR

Indonesia

Indonesian Rupiah

IDR

Ireland

Euro/Pound

EUR/IEP

Isle of Man Pound

Isle of Man Pound

IMP

Israel

Israeli Shequel New

ILS

Italy

Euro/Lira

EUR/Lira

Jamaica

Jamaica Dollar

JMD

Japan

Japanese Yen

JPY

Jersey

Jersey Pound

JEP

Jordan

Jordan Dinar

JOD

Kenya

Kenyan Shilling

KES

Korea-South

Korean Won

KRW

Kuwait

Kuwaiti Dinar

KWD

Latvia

Euro/Latvian Lats

EUR/LVL

Lebanon

Lebanese Pound

LBP

Lithuania

Lithuanian Litas

LTL

Luxemburg

Euro/Luxemburg Franc

EUR/LUF

Malaysia

Malaysia Ringgit

MYR

Malta

Euro/Maltese Lira

EUR/MTL

Mauritius

Mauritius Rupee

MUR

Mexico

Mexican Peso- Coin

MXC

Mexico

Mexican Peso

MXN

Morocco

Moroccan Dirham

MAD

Nepal

Nepal Rupee

NPR

Netherlands

Antilles Guilder

ANG

Netherlands

Euro/Florin

EUR/NLG

New Zealand

New Zealand Dollar

NZD

Nicaragua

Nicaragua Cordo

NIO

Norway

Norwegian Krone

NOK

Oman

Oman Rials

OMR

Pakistan

Pakistan Rupee

PKR

Papua New Guinea

Papua New Guinean Kina

PGK

Paraguay

Paraguay Guarani

PYG

Peru

Peru Nuevo Sol

PEN

Philippines

Philippine Peso

PHP

Poland

Poland Zloty

PLN

Portugal

Euro/Portuguese Escudo

EUR/PTE

Qatar

Qtar Riyal

QAR

Romania

New Romania Leu

RON

Russia

Russian Ruble

RUB

Saudi Arabia

Saudi Riyal

SAR

Scotland

Scottish Pound

SCO

Singapore

Singapore Dollar

SGD

Slovakia

Euro/Slovak Krona

EUR/SKK

Slovenia

Euro/Slovenia Tolars

EUR/SIT

South Africa

South African Rand

ZAR

Spain

Euro/Spanish Peseta

EUR/ESP

Sri Lanka

Sri Lanka Rupee

LKR

Sweden

Swedish Krona

SEK

Switzerland

Swiss Franc

CHF

Taiwan

Taiwan Dollar New

TWD

Tanzania

Tanzania Shilling

TZS

Thailand

Thailand Baht

THB

Tonga

Tonga Pa'anga

TOP

Trinidad and Tobago

Trinidad and Tobago Dollar

TTD

Tunisia

Tunisian Dinar

TND

Turkey

Turkish Lira-Old

TRL

Turkey

Turkish Lira-New

TRY

Ukraine

Ukraine Hryvnia

UAH

United Arab Emirates

UAE Dirham

AED

United Kingdom

British Pound Sterling- Coin

GBC

United Kingdom

British Pound Sterling

GBP

Uruguay

Uruguay N Peso

UYU

US

US Dollar-Coin

USC

US

US Dollar

USD

Vanuatu

Vanuatu Vatu

VUV

Vietnam

Vietnam Dong

VND

Western Samoa

Western Samoa Tala

WST

 

CONTACTS  

Send foreign check items to:

Bank of America
Foreign Transit Items
TX1-160-05-31
1950 N Stemmons Fwy
Suite 5049
Dallas, TX 75207

Send foreign currency under $5K USD value, by registered mail, to:

Bank of America-GBN-LA
CA 9-708-L3-13
P.O. Box 54529
Los Angeles, CA 90054-0529

Call the financial agent’s Banknote Trading Desk for foreign currency over $5K USD value:

Telephone: 1-800-387-1012 

The foreign currency deposits over 5K USD value will be delivered by armored courier to:

Bank of America
CA 9-708-L3-13
1200 W 7th Street, Lower Level 3
Los Angeles, CA  90017-2349

Direct inquiries concerning foreign currency issues or concerns with specific transactions to:

Foreign Currency Customer Service
Telephone: 1-800-268-8144
Email: dg.bn_desk@bankofamerica.com

Direct inquiries concerning foreign check issues or concerns with specific transactions to:

Karen Dolores
Telephone: 888-715-1000 ext. 21600
Email: DedicatedService101@bankofamerica.com

Direct inquiries concerning the ACR Form to:

OTC Customer Support
Telephone: 1-866-945-7920
Email: fms.otcchannel@citi.com

Direct inquiries concerning the placing of orders to sell banknotes to:

Bank of America Global Foreign Exchange
Telephone: 1-800-523-7860
Website: http://www.bankofamerica.com/foreigncurrency

Direct general inquiries concerning this chapter to:

Over The Counter Division
TGA Program
Telephone: 202-874-5202
Email: david.metler@fiscal.treasury.gov

or

Federal Reserve Bank of St. Louis
OTC Support Team
Telephone: 1-866-771-1842
Email: stls.tga.support@stls.frb.org