> My questions are:
>
> 1. Is this standard operating practice for credit unions in the
> States?
Depends on the individual institution, each sets their own
policy/procedure within the parameters allowed by Local, State, and
Federal Regulations. In the case of the Credit Union where I am
employed, if an item comes in, be it money order, cashiers check,
whatever, if it is in U.S dollars, we process it without any fees. If is
is not in U.S. dollars then conversion is required. As we are not
allowed to convert currencies we deposit the funds as though they were
U.S. dollars and place a hold on them, process it through channels, and
when our account is adjusted, we adjust the members account accordingly,
passing along at actual cost any conversion fees charged to us, usually
in the range of $2 to $5 U.S.
Also keep in mind when dealing with Credit Unions that "size can make a
difference." ;-) Larger "open membership" organizations are more likely
to be "full service" while smaller CU's that serve a limited membership,
such as employees of a single company, may be less familiar with the
"uncommon" as a result of seldom, if ever, having dealt with a given
situation. In fact many of the smaller CU's are operated by volunteers,
often on a part time basis.
> 2. Any suggestions on how the seller can cash this?
Shop around. If you are dealing with a smaller CU it may be they are
just unfamiliar with the item. It may be they just "feel the urge" to
charge a fee for this? Check out some of the larger financial
institutions [b*nks ;-) ] and see what the situation is there.
Daryl Hurley
Topeka, KS
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