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#2154158 - 11/17/17 10:43 PM Sending checks for collection
Anonymous
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Years ago in my previous life in a US agency of a foreign bank, we always sent items on collection, both clean (checks only) and documentary. Fast forward 30 + years to my current position in a community bank. People have no clue what I am talking about.

There used to be standards for doing this issued by the International Chamber of Commerce, but I am finding nothing. Is there any guidance out there now?

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#2154257 - 11/20/17 05:55 PM Re: Sending checks for collection Anonymous
Sherlocked Offline
Member
Joined: Dec 2013
Posts: 82
221B Baker St.
We used to send foreign items for collection, but ages ago we signed up for international collections through FRB so haven't done collections for years.

But we don't have large out-of-country items either, so we have very low risk of loss.
_________________________
"I’m not a psychopath. I’m a high-functioning sociopath. Do your research.” -Sherlock

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#2154266 - 11/20/17 06:18 PM Re: Sending checks for collection Anonymous
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
FWIW, I know you are right: there are international standards. I've tried to look for them in prior years without success. Interestingly, my search of a few minutes turned up this thread. frown

Keep in mind, if you find them, you may have to provide the paying bank with a copy and their reaction may still be disbelief. This is an ancient technique and there are fewer practitioners with every passing year. Offering to send a check for collection is a business decision, not a responsibility...
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#2154268 - 11/20/17 06:20 PM Re: Sending checks for collection Elwood P. Dowd
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Different search words: URC 522
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#2155324 - 11/29/17 06:29 PM Re: Sending checks for collection Elwood P. Dowd
Anonymous
Unregistered

Yes, that was the publication! Thank you for your input!

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