BOFD Explained: Faster Payments Now
Let's demystify BOFD – a term frequently used in banking circles that significantly impacts how quickly you receive payments. BOFD stands for Bank of First Deposit, essentially the first financial institution where a check is deposited. It's the initial checkpoint in a check's journey to your account. Understanding the BOFD's Role The BOFD's role is surprisingly crucial to check clearing speed. This speed hinges on whether the check is "...