DEFINITION of 'Bank of First Deposit - BOFD' The bank of first deposit (BOFD) is a bank where someone first deposits a check to an account. If the check is drawn on another institution, the bank considers it a transit item.
Which routing number is for direct deposit?
Bank of America. Bank of America offers a guide online; simply visit the guide, select your State and locate the number called "Electronic (ex. Direct Deposit/Automatic Payment)". Please note - The routing number, 026009593, is a wire routing number, and will not work for ACH payments from BoA.
What is routing transit?
An ABA routing transit number (ABA RTN) is a nine-digit code, used in the United States, which appears on the bottom of negotiable instruments such as checks to identify the financial institution on which it was drawn.