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BOFD
(redirected from Bank of First Deposit)

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AcronymDefinition
BOFDBank of First Deposit


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? References in periodicals archive
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.
By eliminating daily paper deposits and instead transmitting them directly to the bank of first deposit via an electronic image file, deposits enter the check clearing process immediately.
 
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