AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Usually not in the normal way. US banks are not required to accept cheques drawn on non-US banks or payable in foreign currency; Chase’s deposit agreement says so directly and allows such items only on a collection basis, at its own exchange rate, with funds credited only once the Nigerian bank pays. For a naira cheque, the quicker route is to pay it into a Nigerian account or ask the payer to transfer instead.
What a US bank does with a foreign cheque
Mobile deposit and ordinary US clearing are built for cheques drawn on US banks in dollars. A cheque drawn on a Nigerian bank, in naira, sits outside that system. Taking Chase’s Deposit Account Agreement (effective 14 June 2026) as one bank’s published terms:
- “We are not required to accept for deposit checks that are drawn on a non-U.S. bank or payable in a foreign currency.”
- It may accept them on a collection basis, even without your instruction, and can reverse any credit already given and send the cheque for collection.
- Its funds availability policy does not apply to foreign cheques; collection items are credited only when the other bank has actually paid.
- The exchange rate is set by the bank, includes a spread, and the agreement warns it will be less favourable than rates quoted online. The amount is fixed at the rate in effect when the bank is paid.
- If the other bank charges a collection fee, it is deducted from your account or from the amount credited.
Other US banks publish their own terms; read the foreign items section of your deposit agreement before you hand a naira cheque over the counter.
Why collection is slow and uncertain
Collection means the cheque is physically sent to the Nigerian bank it is drawn on, via correspondent banks, and the US bank waits to be paid. Several things can go wrong on the way: the cheque can be rejected for a format problem, the drawer’s account may lack funds, or the cheque may be too old when it arrives. Each party in the chain can charge a fee, and you learn the final dollar amount only at the end. For a naira cheque there is a further step, because the Nigerian bank pays naira and someone must convert it.
Worked example (illustrative figures)
A ₦2,700,000 cheque is sent for collection. If the bank’s rate on the day it is paid is ₦1,450 to $1, that is about $1,862. Take off an example correspondent collection fee of $50 and a US fee of $25 and you receive about $1,787. At a rate of ₦1,350 to $1 the same naira would have been $2,000 before fees. Check: 2,700,000 ÷ 1,450 = 1,862.07; 1,862 − 75 = 1,787.
Better routes for naira cheques
Pay it into a Nigerian account
Inside Nigeria, cheques clear electronically through the cheque truncation system. The CBN’s cheque truncation guidelines (an October 2011 exposure draft) describe clearing on T+1 with value on the morning of T+2, far faster than international collection. If you have a naira account in your own name, a relative or lawyer can lodge the cheque for you; check your bank’s rules on third-party cheque deposits, which can be capped. UBA’s savings page, for example, lists a ₦2 million maximum for third-party cheque deposits on its Tier 3 account. Our Nigeria library explains how cheque clearing works in Nigeria.
Ask for a transfer instead
For estate payouts, insurance settlements, refunds or a Nigerian employer’s final pay, ask whether they can pay by transfer to your naira account. Many institutions issue cheques only by habit and will transfer on request if you give them account details in your name. If you are receiving money from a Nigerian estate, see receiving an inheritance from Nigeria in the US for the documents banks will want.
A warning about overpayment cheques
A cheque that arrives from someone you do not know, for more than you are owed, with a request to send back the difference, is a classic fraud pattern. A US bank may show a provisional credit for days before a foreign item is returned unpaid, and the deposit agreement lets it take that money back from your account, even if you have already spent it. Never send money on the strength of a cheque that has not been confirmed as paid.
Dollar cheques drawn on Nigerian banks
If the cheque is in US dollars but drawn on a Nigerian bank, it is still a foreign item to your US bank. A Nigerian domiciliary account may be the easier home for it: GTBank’s domiciliary accounts page lists foreign currency cheques among accepted inflows.
Steps
- Check the cheque: currency, payee name exactly as on your ID, date, and that words and figures match.
- Decide where it goes: a Nigerian account (fastest for naira), a domiciliary account (for dollar cheques), or US collection (slowest).
- If using US collection, ask your bank in writing for its fee and expected timescale, and keep a copy of the cheque.
- Do not spend any provisional credit until the bank confirms the item has been paid.
- Next time, give the payer transfer details instead.
Where Pryme fits
Pryme does not accept cheques. What helps is giving payers naira account details in your name so they can transfer rather than write a cheque. A Pryme Personal Account opened from the US has naira details alongside dollar ones, and the money can stay in naira or be converted with Swap, with the rate and fee shown before you approve. See the multicurrency account.
Questions people ask
Can I mobile deposit a Nigerian cheque in my US banking app?
No. Mobile deposit is for US cheques. A cheque drawn on a Nigerian bank is a foreign item that banks handle, if at all, on a collection basis.
How long does foreign cheque collection take?
It varies by bank and route and is usually weeks rather than days. Funds are credited only when the Nigerian bank pays.
Who can deposit my naira cheque in Nigeria for me?
A relative or agent can lodge it into an account in your name, subject to the bank’s third-party cheque rules and limits.
What exchange rate is used for a foreign cheque?
The bank’s own rate on the day it is paid. Chase’s agreement says it includes a spread and will be less favourable than rates quoted online.
Sources
- JPMorgan Chase Bank: Deposit Account Agreement (effective 14 Jun 2026) · accessed Oct 2026
- CBN: Guidelines for Cheque Truncation in Nigeria (exposure draft, Oct 2011) · accessed Oct 2026
- UBA Nigeria: Savings Account · accessed Oct 2026
- GTBank: Domiciliary accounts · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.