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 frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
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- Breath of Fresh Air
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- Back of the Envelope Analysis (engineering, project management)
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- Banks and Other Financial Institutions (Nigeria)
- Banks and Other Financial Institutions Act (Nigeria)
Samples in periodicals archive:
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.