Bank of First Deposit


Also found in: Acronyms.

Bank of First Deposit

A bank that takes deposits from individuals and/or businesses. See also: Retail Bank.
References in periodicals archive ?
SAND(R) offers payee name verification with self-authenticated checks, and positive pay, providing the most complete protection available for financial institutions and their customers, and enables real-time check validation at the point of presentment; at the teller line, bank of first deposit, or at the merchants.
Endpoint Exchange member institutions initiate the check clearing and settlement process a day earlier than non-member institutions, truncating checks at the bank of first deposit and electronically exchanging check images rather than waiting on the physical transportation of the paper check.
The VECTOR Exceptions Solution streamlines and automates virtually every process related to exceptions, including pay/return decisions, bank of first deposit (BOFD) input, the handling of physical items and power encoding.
Truncation of checks at the bank of first deposit and the subsequent exchange of check images through the Endpoint National Check Image Exchange greatly increases efficiency, significantly reduces check-handling costs, and allows our member institutions to identify fraudulent checks faster," said Sharon Lewis, Executive Director of COCHA.
If we catch a fraudulent check within a 24 hour period of it being presented to us, it can then be returned to the bank of first deposit with no loss to our customer.
Payments and deposits captured at five-partner "virtual branches" will be transmitted in real-time and processed at the "Bank of Alogent" (booth #1117), which will function as the bank of first deposit.
Solutran's Consolidated Returns service speeds transaction time significantly by returning checks from the merchant customer's bank directly to Solutran, rather than to the bank of first deposit.
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