Grow Financial Federal Credit Union

Watch Out for Fraudulent Activity learn more

January 9, 2020

We’re Changing Our Foreign Check Collections

Just so you know, we’re making some changes to our foreign check collections. We are moving to a new correspondent bank that charges a higher fee for foreign check collection and processing. Moving forward, we will be charging a fee consistent with the fee from the correspondent bank. We’re not making anything off of these fees, just passing along the same fees we are charged.

Provisional Credit Items

For Canadian items under $1,000, we will provide you with immediate access to the funds. For non-Canadian items (listed below) under $500, it may be up tp two business days before you have access to your funds. If your foreign check item is returned to us unpaid, we will debit your account for the returned item and any returned item fees applicable.

Fee for processing provisional credit for Canadian items – $8
Fee for processing provisional credit for non-Canadian items – $15

Accepted Currencies

Abbreviation Currency
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krona
EUR European Currency Unit
GBP Great British Pound
HKD Hong Kong Dollar
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
JPY Japanese Yen
SGD Singapore Dollar

Currencies not listed above are not eligible for provisional credit and will be processed as a collected credit item. Collected credit items must be a minimum of $300 to process.

Collected Credit Items

For Canadian items above $1,000 and non-Canadian items above $500, we will send the funds for collection. We will not receive credit until the item is paid by the foreign institution and will credit your account at that time. Please note that these items take an average of six to eight weeks to process.

Fee for collected credit items – $75

Additional Fees

Any additional fees we are charged to process your foreign check collection will be passed to your account. These additional fees could include bank payor fees or courier fees which vary in amount.

Fee for returned/unpaid foreign check collection – $25


Posted In: