Learn about the Bank of First Deposit (BOFD) and its role in check processing. Discover key differences between "on-us" and "transit" items and how they affect your transactions.
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What happens when you deposit a large check
When a five- or six-figure check hits your account, it can feel like instant money. In reality, a quiet chain of bank rules, federal regulations, and fraud checks kicks in before you can safely spend ...
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