University of North Dakota Faculty/Staff Newsletter

Departments are responsible for fees and returned checks drawn on Canadian banks

Effective July 1, 2013, departments depositing checks drawn on a Canadian bank will be responsible for all returned checks and associated return fees.  Departments should be aware that Canadian banking regulations differ from U.S. banking regulations;  Canadian checks may be returned as unpaid at any time, which may be several months after they have been deposited.  In addition, if the check is issued in Canadian dollars, the department is responsible for the exchange fees.

Please review the new procedures, located at  http://und.edu/finance-operations/student-account-services/_files/docs/acceptance-of-checks-drawn-on-canadian-bank-departmental-deposits-07-01-13.pdf

Departments will no longer be required to submit a separate request for approval to deposit a Canadian check.

If you have any questions, please contact Lisa at 777.4575 or by email at lisa.heher@email.und.edu

Lisa Heher, Assistant Controller