When do BBs ask for transcripts and how closely do they examine them?

I am not trying to fudge my GPA or anything. The story here is that I failed an Econ class and retook it for an A the next term, and school policy is that you get one freebie and one failed grade is scrubbed from your GPA if you retake the course. My GPA is currently 3.87. Of course, the class is still on my transcript. Will banks look at it during the application process and is this something I'll have the chance to explain away or not?

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