(redirected from Bank of First Deposit)
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BOFDBank of First Deposit
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This holds true when an image of an unpaid check is returned to the bank of first deposit and a substitute check is created or sent back to the depositor of the original item.
Indorsements are placed on the check by payee(s), by the Bank of First Deposit, and by Banks subsequently handling the check.
To expedite the return process, the Reserve Banks now send returned checks directly to the depositary bank (that is, the bank of first deposit), bypassing intermediary endorsers.
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