Overview

Foreign drafts are checks payable in foreign currency that clients can use to pay foreign entities instead of sending money by wire or ACH. They work much like a cashier’s check because the funds are guaranteed by the bank they are drawn on.

Foreign drafts are sold to CCB clients only and are issued by Deposit Services. They can be shipped to the office in 3 days.

• Next Day to office - $15 fee (if request is received after 1 PM EST, draft may be delayed by 1 business day)

Note: Additional mailing fees may apply.

To Sell a Foreign Draft

To sell a foreign draft to a client, do the following:

1. Complete the Foreign Draft Request Form (for the current fee for a foreign draft, see the Other Services and Fees brochure).
   1. Form must be typed and cannot be handwritten.
   2. Record the following on the form:
      • Date
      • Office name 
      • Office number
      • Office Address
      • Associate name and phone number/extension (draft will be mailed to the office and attention of the associate)
      • Client name, account number and signature
      • Foreign currency type (Canadian or U.S. dollar amount)
      • Foreign currency amount (Canadian or U.S. dollar amount)
      • Payee and any additional payment information
2. Scan the signed Foreign Draft form then email the form to Deposit Services at _Foreign Currency.
3. Retain the original Foreign Draft form in the office for completion when the client picks up the draft.  
4. Deposit Services emails the details of the appropriate charges and makes appropriate entries.
5. Clients are debited for the total of the following:
   • USD amount of the draft
   • $45 fee charged by CCB (or current fee - see Other Services and Fees brochure) 
   • $20 order fee charged by FNBB
   • $15 shipping fee charged by FNBB

Office Receipt of Foreign Draft

When the foreign draft is received by your office, do the following:

1. Verify the amount and payee is correct.
2. Under dual control, secure the foreign draft and the original Foreign Draft form in the vault.
3. Contact the client to schedule a pickup of the foreign draft.

Client Pick up

When the client picks up the foreign draft, do the following:

1. Complete client identification.
2. Verify the amount and payee is correct with the client before giving them the foreign draft.
3. Image the original signed Foreign Draft form to the client's CIF record following scanning procedures.