Due to collection difficulties, departments should avoid accepting foreign checks, except those drawn on Canadian banks. When a check drawn on a bank outside the U.S. is deposited, the student receives immediate credit. The bank will collect the funds and charge a fee for foreign check collection. These collection costs are charged back to the student. If collection is unsuccessful, the entire amount previously credited is charged back to the student.
Departments receive a credit to their account when the check clears the bank.
The account will be credited for the amount of the check less any collection costs. Occasionally a check is made payable to the University with the intent that the money be transferred to a student or an employee. The Bursar's Office is the only organization authorized to negotiate checks payable to the University as described below. Checks payable to the University are not endorsed over to the person presenting the check, except for Plus loan checks. Financial aid checks made payable to UNM may be deposited and replaced with a University check payable to the student.