Foreign Checks
Freedom FCU will only accept foreign checks that meet these TWO criteria.
1. The payee is a member of FFCU
2. The check is drawn on a Canadian bank
The primary purpose is to set limits on how long financial institutions may delay the availability of funds deposited into transaction accounts.
Regulation CC
The threshold for an item to be run through True Checks is this amount.
$800.00
A non-member can cash a Freedom FCU check if they provide these three items.
Primary ID
Secondary ID
$10.00 fee
Foreign check collection can take between __ and __ days.
30 and 60
The disclosures of this act must be provided to each member with a transaction account.
Expedited Funds Availability Act
Inventory Control and Check Control are utilized for this purpose.
Verifying Cashier's Checks and Money Orders drawn off of a Freedom FCU account.
The transaction string for cashing a non member check.
ON GL CD
A foreign check collection fee of $___ should be collected and credited to the MISC GL before the funds can be sent for collection.
$25.00
A business day refers to any day except for the following:
Federal Holidays and weekends.
When verifying a cashier's check or money order for a stop payment, this is the ideal status for the item.
Issued.
A phone call should be placed if a check over this amount is brought in for cashing by a non-member.
$2000.00
Copies of which two documents should be sent to Accounting with the daily work?
1. Foreign check
2. Member deposit ticket
The standard check hold releases in these increments.
Next business day: $225.00
Two business days: $5300.00
Seventh business day: Any remaining funds over $5525.00
When verifying an on us check for a non-member check cashing, we must ensure these tasks are completed.
1. Signature of maker is verified.
2.Non member has endorsed the check.
3. Non member has placed a thumbprint on the front of the check
4. OFAC is run on non-member
5. Any ID information is recorded on the back of the check
6. Fee is collected.
The proper transaction string for cashing a transit check for a member.
KR-SD-SW-CD
Foreign postal money orders from the following country payable in US funds DO NOT need to be sent for collection.
Antigua and Barbuda, Bahamas, Barbados, Belize, British Virgin Islands, Dominica, Japan, Montserrat, Peru, St. Kits, St. Lucia, St. Vincent.
If an extended hold is placed on a members check, the member must be notified within this timeframe.
At the time of the hold placement.
These are the two ways to verify a Treasury Check.
1. True Checks and Fraud Fighter
2. Treasury Check Verification Website
A supervisor override is required for any check received over this amount, as well as any item disbursed over this second amount.
1. $5,000
2. $2,000