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.
What does BOFD stand for?
BOFD stands for Bank of First Deposit
This definition appears very rarely and is found in the following Acronym Finder categories:
- Business, finance, etc.
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- Breath of Fresh Air
- Business Office Force Administration Data System (method of delivery)
- British Orthopaedic Foot and Ankle Society (UK)
- Band of Brothers (gaming clan)
- Brown Orr Fletcher Burrows (media agency; Australia)
- Box Office Forecast Challenge
- Breyer Original Finish Club
- Bridgeton Onized Federal Credit Union (New Jersey)
- Block Orthogonal Frequency Division Multiplexing
- Back of the Envelope Analysis (engineering, project management)
- Oromiya Bureau of Finance and Economic Development (Addis Ababa, Ethiopia)
- Bay of Fundy Ecosystem Partnership
- Big Oak Flat-Groveland Unified School District (Groveland, California)
- Bastard Operator From Hell
- Beautiful Operatress from Heaven
- Bitch Operator from Hell
- Banks and Other Financial Institutions (Nigeria)
- Banks and Other Financial Institutions Act (Nigeria)
Samples in periodicals archive:
In accounts receivables conversion (ARC) environments, Image Sentry offers protection from unnecessary charge- backs for lockbox and remittance processors that choose to provide images to their bank of first deposit or participate in an image exchange program.
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.
Inbound return items are checks (both transit and on-us) that have been returned to the bank of first deposit for a variety of issues related to the maker's account.
The bank of first deposit receives the check image for deposit, processes it through the banking system, and then settles funds to the retailer's local bank with funds being available as quickly as the next morning.
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.
The system identifies the bank of first deposit for each inward clearing item and presents the matched information, along with the image, to the drawee bank operator for on-line return confirmation.
And Virtual Exchange expands image capture truncation by supporting bank of first deposit (BOFD) sort patterns, and providing capabilities for least-cost routing.