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as valued in U.S. dollars. The value of each check must
be or exceed the established minimum amount before
Citibank will accept it for deposit. For checks from
Canadian banks, the minimum amount per check is
$5.00 (U.S. dollars). For checks drawn on banks in
other foreign countries, the minimum amount per check
is $15.00 (U.S. dollars). Sometimes, collection
charges, such as uncollectible check charges or
exchange fees, are incurred in connection with the
foreign checks. These charges are assessed and, after
dollar credit has been given to the Treasury, they are
charged back to the DO. The DO will receive an SF
5515 prepared by Citibank showing these chrages.
Upon receipt of the SF 5515 from Citibank, the DO
is responsible for collections. Exchange fees and other
collection charges are collectable from the person or
vendor who presented the instrument to the DO.
However, if collection cannot be made or is otherwise
impractical, the assessed charges are properly
chargeable to the disbursing activity’s operations and
maintenance funds. Any gain or loss as a result of a
difference in the dollar amount of the foreign currency
as carried by the DO and the rate of exchange when
processed by Citibank will be accounted for the same
as any other gain or loss on revaluation.
FOREIGN CURRENCY RECORDS
AND REPORTS
All transactions involving foreign currency are
treated as cash transactions and basically follow the
same principles and guidelines established for
controlling U.S. currency. However, disbursing
personnel involved in foreign currency are required to
maintain specific records.
SUBSIDIARY RECORDS
All DOs, agents, or cashiers who engage in foreign
currency transactions are required to maintain a record
of those transactions on a DD Form 2663, Foreign
Currency Control Record. A sample DD 2663 is shown
in figures 5-7 and 5-8.
Figure 5-8.—Sample DD Form 2663, Foreign Currency Control Record (back).
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