Depository bank (Check 21)

nouncandidate·updated May 12, 2026

GlossaryL1 — what DictionaryL2 — how used ThesaurusL3 — relations Universaleverything

Also known as Bank of First Deposit (BOFD). The first bank to which a check is transferred even though it is also the paying bank or the payee. A check deposited in an account is deemed to be transferred to the financial institution holding the account into which the check is deposited, even though the check is physically received and endorsed first by another financial institution.

Framework senses

1 sense across 1 framework

Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook Infobase, Glossary1 senseview framework →

§1: Also known as Bank of First Deposit (BOFD). The first bank to which a check is transferred even though it is also the paying bank or the payee. A check deposited in an account is deemed to be transferred to the financial institution holding the account into which the check is deposited, even though the check is physically received and endorsed first by another financial institution.