I am trying to do an analysis of what it actually costs our bank to process items. IE: an OTC check, Deposit, foriegn check, etc. Does anyone have a suggestion as to a starting point?

Survey your staff to find out how long it takes to process each type of transaction, get an average pay rate for each class of employee handling the transaction, and get deposit ops and/or accounting to get you cost data on hardware, etc.

So, this would work similar to what it costs to process a loan for FASB?

The best thing I can tell you is to remember to find out the overhead cost as well as the employee cost. Often times, we forget that it costs us to have a building, lights, computer, electricity, and more. You should be able to get some help from the accounting department on some of this, unless another department is reponsible for this.