Bureau of the Fiscal Service

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OTCnet Printable Job Aid

Create a Deposit for a Foreign Check Item

To create a deposit for a Foreign Check Item, complete the following steps:

1. From the Deposit Processing tab, select Create Deposit>Foreign Check Item. The 

Select OTC Endpoint page appears.

2. Select an OTC Endpoint to create a deposit. The Step 1 of 3: Define Deposit Preparation

Information page appears.

3. Enter the information to prepare the deposit and click Next. The Step 2 of 3: Define 

Subtotals by Accounting Code or TAS page appears.

For data security, a message displays discouraging users from entering Personally 

Identifiable Information (PII) in User Defined Fields (UDFs).

Under Deposit Information:

o Select the Country of Deposit

If the name of the country of deposit is not listed, select “Other”. Once the Country 

of Deposit is selected the currency code for the selected country is displayed 

automatically in the Currency Code field.

▪ For a check drawn on a Singaporean bank and stamped “Non-transferable,” 

you must set the Country of Deposit to “Other”.

o Enter the Foreign Currency Amount

Under Financial Institution Information:

o Select a Financial Institution

(Optional) Under Agency Information:

o Enter comments in Agency Use (Block 6)

o Enter or select the From: and To: dates the receipts were processed

o Select the Fiscal Year from the drop-down menu

o Enter the name of the Alternate Agency Contact

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Bureau of the Fiscal Service

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OTCnet Printable Job Aid

When completing the Alternate Agency Contact field, including the following: 

• Name

• Email Address

• Phone Number

The entry cannot exceed 400 characters.

4. Select an Accounting Code or Treasury Account Symbol (TAS), enter the Amount, and 

click Add for each subtotal of the deposit (at least one accounting code entry is required).

• If the Agency Accounting Code label is customized at the organization level, the 

custom label is displayed instead of the default label of Agency Accounting Code.

• If the Country of Deposit selected in Step 1 was set to Other, amounts are

displayed in foreign currency values. Otherwise, if a country name was selected, 

amounts are displayed in US Equivalent (USE) dollar values.

• The combined accounting code subtotal must be equal to the deposit total before 

proceeding to the next step. If it does not, re-validate the subtotal entries.

Accounting codes are listed in the Agency Accounting Code drop-down menu:

• If they are not identified as TAS or

• If they are identified as TAS and designated by Share Accounting Module (SAM) as 

Valid

Accounting codes are not listed in the drop-down menu if they are identified as TAS and 

are in the process of being validated by SAM.

If no accounting codes are listed, contact your Accounting Specialist or Local 

Accounting Specialist for assistance.

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Bureau of the Fiscal Service

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OTCnet Printable Job Aid

5. Click Next. The Step 3 of 3: Review Deposit Preparation Information page appears as 

shown in Figure 1.

Figure 1. Step 2 of 3: Define Subtotals by Accounting Code or TAS for Foreign Check Item in 

which Country of Deposit was Set to a Country Name

6. Verify the deposit information is correct. Click Save as Draft, Save for Approval, or 

Submit. 

• The processing options available to each user depends on your system role, the 

status of the deposit and the system settings that enforce the separation of duties.

• Click Save as Draft an Acknowledgement page appears showing the Voucher 

Number of the deposit and a message confirming that the deposit information has 

been saved with Draft status.

• Click Save for Approval an Acknowledgement page appears showing the Voucher 

Number of the deposit and a message confirming that the deposit information has 

been saved with Awaiting Approval status.

• Click Submit a Confirmation page appears showing the deposit information detail. 

Your OTCnet deposit ticket generates at that time.

o Mail or send the Deposit Ticket, together with Foreign Currency Cash, immediately 

to Bank of America: 

▪ For foreign currency cash under $5,000 USD value mail to: 

Bank of America GBN-LA 

Mail Code: CA9-924-01-11 

2706 Media Center Drive 

Los Angeles, CA 90065-1733

▪ For foreign currency cash over $5,000 USD value: 

Call Bank of America's banknote trading desk number (800-387-1012) for an 

armored courier pick up. 

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Bureau of the Fiscal Service

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OTCnet Printable Job Aid

o For foreign checks:

▪ All foreign exchange check deposits for Clearing should be sent to the 

following mailing address:

Bank of America 

Attn: Foreign Transit Items 

GA 4-004-02-02 

6000 Feldwood Rd 

College Park, GA 30349

Foreign exchange check deposits for Clearing information is as follows: 

• Checks drawn on foreign banks and made payable in foreign currency, and where the name 

of the Country of Deposit is listed in the dropdown within OTCnet are processed in OTCnet 

as foreign check items.

• Checks drawn on foreign banks and made payable in US Dollars are processed in OTCnet 

as foreign check items and users should select ‘Other’ for the Country of Deposit.

• These items are treated as cash letter items. Cash letter items are immediately cleared and 

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.

o All foreign exchange check deposits for Collections** should be sent to the

following address:

Bank of America 

Attn: Foreign Collections

Mail Code: TX1-160-06-18

1950 N Stemmons Fwy Ste. 6001

Dallas, TX 75207

Foreign exchange check deposits for Collections information is as follows: 

• Checks drawn on foreign banks and made payable in foreign currency, and where the name 

of the Country of Deposit is not listed in the dropdown within OTCnet, are treated as 

collection items. Users should select ‘Other’ for items where the Country of Deposit is not 

listed. Collection items are forwarded to the foreign banks where the checks are drawn on 

for clearance, prior to credit being granted. This collection process takes approximately six 

to eight weeks to complete.
Bureau of the Fiscal Service

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OTCnet Printable Job Aid

The processing options available to each user depends on their system role, the status 

of the deposit and the system settings that enforce the separation of duties.

• Click Cancel to return to the OTCnet Home Page. No data is saved. 

• Click Previous to return to the previous page.

• Click Return Home to return to the OTCnet Home Page. 

• Click Update to remove any accounting code subtotal date from the accounting code 

subtotal summary table.

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