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.
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This means that either an additional strip of paper is added to the check, or the item is placed in a carrier envelope, and the strip or carrier is encoded with the routing number of the Bank of First Deposit, the dollar amount of the check, and the value "2" or "5" in the EPC field of the MICR line.
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