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 ?
For more information on Comerica's leading-edge lockbox services, visit http://www.
We are extremely proud to have recently been selected by these boards and associations in Illinois, Denver and Hawaii, and it fulfills our mission of partnering with the industry to deliver a smart lockbox solution with the features real estate professionals want," said Scott Fisher, president of SentriLock.
Cole Taylor will continue to offer boutique lockbox services such as keying in remitter information, sorting and providing documents in the format requested by clients.
Survey participants were asked to rank several factors in order of importance when selecting a lockbox vendor.
Financial previously had a lockbox agreement with another financial institution that used a laborious, manual data-entry system that often resulted in less-than-perfect data.
Asa Ashcraft, PCAM and the general manager of Spanish Trail Master Association, one of the bank's newest clients in Las Vegas, said: "We are extremely pleased with the service Union Bank provided, leaving nothing to chance and assisting in every aspect of the implementation of the lockbox service.
Mellon has one of the largest bank-owned lockbox networks in the country, with sites in Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia (wholesale and custom only) and Pittsburgh.
More than a year in research, design, development and testing, SentriLock's new REALTOR[R] Lockbox NXT takes real estate lockboxes to a new level through a next-generation platform of technology and other features that can be customized to meet the needs of any association or board.
This combination of wholesale and retail lockbox processing, known as Wholetail lockbox, reduces costs, time and errors associated with the accounts receivable (AR) posting process, said Alison Quigley, Senior Vice President and Receivables Manager with Wachovia's Treasury Services Division.
We are absolutely thrilled that the Regional Lockbox Consortium has chosen SentriLock as their exclusive lockbox solution," said Scott Fisher, president and CEO of SentriLock.
Banks with customers in the health care, utility, insurance and telecommunications industries, are among the best candidates for our new wholetail lockbox solution," said Robert W.
Traditional wholesale lockbox data capture services are largely manual, slow and inaccurate.