Foreign Item Deposit
In the increasingly global and competitive ﬁnancial services industry, Alloya’s Foreign Item Deposit service will enable your credit union to introduce Foreign Item Cash Letters and Foreign Collection Items to your product oﬀerings – allowing you to exceed your members’ expectations, enhance eﬀectiveness and ﬁnd peace of mind.
How It Works
- An authorized staﬀ member of your credit union can enter the information into the foreign item module in Alloya’s online account management system, Premier View, and an exchange rate is quoted immediately and locked in upon Alloya’s approval.
- All items undergo a compliance review upon submission, enabling your credit union to immediately review a compliance item and decide whether to proceed with processing.
- Credit union staﬀ can eﬃciently view status, history, reports and activities on all items through Alloya’s online account management system, Premier View – allowing your credit union staﬀ to reduce eﬀorts while enhancing eﬀectiveness.
The Foreign Item Deposit service offered by Alloya provides two unique service options:
- Foreign Item Cash Letter (Draft)
A Foreign Item Cash Letter (Draft) is a negotiable item, usually a check, accompanied by a letter that lists the amount and instructions for transmittal to other banks. Alloya processes Cash Letters that contain checks drawn in bank countries that match the currency, in addition to U.S. dollar checks drawn on banks in Canada and the U.K.
- Foreign Collection Item (Wire)
A Foreign Collection Item (Wire) is a draft with a formal request for payment made by the credit union on behalf of a member. A letter of credit instruction is sent with the physical check to the ﬁnancial institution from which funds are being drawn. The payer’s bank issues credit per the instructions, less any fees incurred. Funds are paid when credit is received from the remitter’s banking institution.