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BOFD
(redirected from Bank of First Deposit)

   Also found in: Financial 0.03 sec.
AcronymDefinition
BOFDBank of First Deposit


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In the paper world, the checks must be deposited, which may not happen the same day they are received, and then must go from the bank of first deposit through the clearing system, with mail delivery in between each step.
The study also revealed that approximately 30 percent of checks are "on-us" items, meaning the bank of first deposit for these items is also the paying bank.
The bank of first deposit receives the check image for deposit, processes it through the banking system, and then settles funds to the retailer's local bank with funds being available as quickly as the next morning.
 
 
 
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