The bank in which a check is originally deposited to an account. If the check is drawn on the bank in which it is deposited, it is settled in house. If it is drawn on a different bank, it is processed through the Federal Reserve System or through a private clearinghouse.
Related information about bank of first deposit (BOFD):
- Bank of First Deposit (BOFD) Definition | Investopedia
The bank where a check is initially deposited to an account. If the check is drawn on the same bank, it is an "on-us" check that can be settled in-house.
- What is bank of first deposit (BOFD)? definition and meaning
Definition of bank of first deposit (BOFD): The bank in which a check is originally deposited to an account. If the check is drawn on the bank in which it is ...
- Bank of First Deposit - BOFD: Definition from Answers.com
Bank of First Deposit Bank where a check in the process of collection is initially deposited to an account.
- Electronic Endorsements
BANK OF FIRST DEPOSIT (BOFD) ELECTRONIC ENDORSEMENTS. One of the most common points of confusion in the check image exchange process is the ...
- BOFD - Bank of First Deposit
And Virtual Exchange expands image capture truncation by supporting bank of first deposit (BOFD) sort patterns, and providing capabilities for least-cost routing.
- Service Offerings - Return Paper Check Clearing Service Offerings
... Clearing Service provides financial institutions with a variety of return item products that allows you to return unpaid checks to the bank of first deposit ( BOFD) ...
- Resource Document - ECCHO - Check 21
Bank of First Deposit (BOFD): A Bank that accepts a check for deposit from a customer. It is also the institution to which a check would be returned if the check is ...
- Endorsements: Information and Usage - CheckImage Central
Mar 1, 2011 ... This is typically referred to as the Bank of First Deposit (BOFD) or Return Location Routing Number endorsement record. It immediately follows ...