Bank of First Deposit

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Bank of First Deposit

A bank that takes deposits from individuals and/or businesses. See also: Retail Bank.
References in periodicals archive ?
The act also limited the time that a bank may hold funds before making them available to customers for withdrawal and directed the Federal Reserve to speed the process of returning unpaid checks to banks of first deposit to reduce the risk that banks face when making funds available to their depositors.
Check fraud affects everyone, and ValidateCheck(TM) is a collaborative way to prevent fraud for all parties involved in the check clearing process - banks of first deposit, merchants, and paying banks - by enabling financial institutions to interoperate and validate checks drawn on each other, and increase the value of their existing investments," said Sandru.
Mitigating this risk through contractual negotiations is the first order of business for banks of first deposit that move to adopt check-imaging solutions.