What does BOFD stand for?

Bank of First Deposit

This definition appears very rarely and is found in the following Acronym Finder categories:

Business, finance, etc.

Other Resources:

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Samples 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.

Check 21 brings financial benefits to owners and managers

The original paper check never leaves the bank of first deposit.

The End of the Paper Trial? New Check Act Should Improve Banking ...

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.

Results of study on retail payment systems. (Announcements)

And Virtual Exchange expands image capture truncation by supporting bank of first deposit (BOFD) sort patterns, and providing capabilities for least-cost routing.

eGistics, Inc. and SortLogic SYSTEMS Launch New Era of Electronic ...

0 determines the presence and usability of selected check image fields -- such as date, payee, convenience amount, legal amount, signature, MICR line, payor name and address, memo line, payor bank name and address, payee endorsement, bank of first deposit endorsement and subsequent bank endorsement.

BancTec Announces Image Sentry 2.0: Next Generation High-Quality ...

This saves the bank of first deposit the float costs associated with two-day items.

CheckTech Financial Corporation Introduces Turnkey IRD Printing System

Following the VSoft implementation, eDesk Returns automatically identifies the bank of first deposit for each item and presents the matched information to an operator, along with images, for confirmation, eliminating a significant amount of man-hours.

City National Bank of West Virginia Implements eDesk Return Software; ...

The most prominent risk associated with Check 21 is that the first bank that adopts a truncated (imaged) check becomes liable for providing a good image to the bank of first deposit.

Research and Markets: The Complexity and Risk of Check 21 Imaging ...