I deposited a UK check in pounds and was given a rate of 1.79.76. I accepted and the check was deposited on Oct 16. On Oct. 17, the check was returned for reason of "fgn item
rejected for verify rate". The bank is now telling me that the reason the check was returned was for uncollected funds. The BOA foreign exchange told me that the branch where deposit was made should take the loss. What are my rights?
When you deposit a foreign check, you are not protected by rules designed for processing U.S. bank checks. That leaves you subject to the operating procedures of the bank that accepted the check from you for deposit. You'll have to resolve your question with your bank. It may require that you convince the branch office to discuss your question with the foreign exchange department of the bank to determine what will happen.
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When you deposit a foreign check, you are not protected by rules designed for processing U.S. bank checks. That leaves you subject to the operating procedures of the bank that accepted the check from you for deposit. You'll have to resolve your question with your bank. It may require that you convince the branch office to discuss your question with the foreign exchange department of the bank to determine what will happen.
