Lockbox

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Lockbox

A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firm's bank account.

Lockbox

A service that a bank provides in which is processes payments for a company. The company directs its customers to send payments to a lockbox at the bank, whose employees then collect the payments and deposit them directly into the company's account. A lockbox reduces time between the receipt and processing of payments, which can be beneficial for the company using the service. On the other hand, it opens the possibility of fraud by bank employees, who could theoretically steal the payments by taking the funds from the payments and not depositing them.

lockbox

(1) A special box placed on the door of homes listed for sale, with a key to the property inside the box.The box is accessed via a code or a key,available only to licensed real estate agents.

(2) An arrangement whereby customers of a business send their payments to a PO box which is actually controlled by the business's lender rather than the business.The lender takes all receipts, pays itself any loan payments and fees,and then remits the balance to the business.

References in periodicals archive ?
I see single mothers and grandparents buying lock boxes, Grandparents who want to have a gun for self defense, want to ensure their grandchildren are safe when come to visit," Abrams said.
Like most lock boxes, the BioSaf has a hidden lock, which can be opened with a key for auxiliary access.
To meet the growing demand for locks, lock boxes and property management products nationwide, MFS Supply directors decided to expand.
He added, "Our hospital Universal Precaution Stations and Narcotic Lock Boxes are manufactured from tough, break-resistant LEXAN* polycarbonate sheet and are designed to hold up under the most extreme conditions.
It will be a full service branch with four drive-thru lanes, lock boxes, an ATM machine and night deposit.
Under the mortgages, payments to the nursing homes are transmitted to lock boxes where they are first applied to mortgage payments, including those due in the following month, with the excess to be released to fund operations of the nursing homes.
7 million; six cross- collateralized and cross-defaulted loan mini-pools; the use of lock boxes for collection of rental payments; high-quality assets; the presence of Pacific Mutual Life Insurance Co.
5 million; three cross-collateralized and cross- defaulted loan mini-pools within the larger pool; use of lock boxes for collection of retail rental payments; high quality retail assets within the pool; and subordination provided by classes A-2 (9.