Exchange Currency

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 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):
  1. 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.
     
  2. 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 ...
     
  3. 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.
     
  4. 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 ...
     
  5. 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.
     
  6. 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) ...
     
  7. 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 ...
     
  8. 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 ...