If your institution uses the forward check collection services of any of the Federal Reserve Banks, you may take advantage of the Federal Reserve Bank of Cleveland's Foreign Check Collection Service.
The Foreign and Canadian Items Cash Letters will auto populate Federal Reserve Bank of Cleveland’s routing information to ensure the cash letter reaches the appropriate processing site. All Canadian checks should be sorted into the proper category according to whether they are denominated in U.S. or Canadian dollar using the appropriate cash letter form. Mail all Foreign and Canadian Item Cash Letters to the Federal Reserve Bank of Cleveland for processing.
Please review the Canadian Check Collection User Guide or the Foreign Check Collection User Guide for more information.
Information and sign-up documentation to register for Foreign Check Processing (required).
Checks drawn on depository institutions outside of the twelve Federal Reserve Districts can be forwarded to the Cleveland Federal Reserve Bank Office for collection. The process is easy. Here is all you need to know to get started.
The purpose of this User's Guide is to assist you in using the Foreign Check Collection Service to process Canadian work. We hope you will find the handling of Canadian items to be a simpler process by using this guide. Basic procedures for preparing and receiving Canadian work are outlined in this manual.
| Week | Exchange Rate |
|---|---|
| 02-06-12 to 02-10-12 | 0.9982 |
| 01-30-12 to 02-03-12 | 0.9881 |
Please note effective August 5, 2011, each Canadian fund deposit from a single customer within a cash letter equal to or greater than $250,000 must be submitted in a separate cash letter. These deposits will receive a separate exchange rate that may differ from the weekly exchange rate published by the Reserve Banks. To receive a separate quote, please call the Cleveland Canadian Check Collection Department at 1-800-929-2435 and select the Canadian option. The Reserve Banks reserve the right to group items from different depository institutions for the same customer in applying the $250,000 deposit threshold. For deposits greater than $250,000, call 1-800-929-2435 for exchange rate information.
Previous Canadian Exchange Rates
For more information about the Foreign Check Collection Service, visit the service offerings page or contact the Foreign or Canadian Check Clearing Contacts.
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