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 ?
A Japanese investor in his 60s told Kyodo News that MRI had assured him of the "absolute safety" of his funds as they were to be managed in a lock box account.
Wouldn't you be better off just putting your vital information in a real lock box in a bank vault somewhere?
Another form of a lock box, the one used by CCF, has envelopes going to an outsourced agency that deposits the money in the organization's domiciled bank.
Many practices resist the use of a lock box because of loss of control and previous poor experiences.
Many US firms have lock boxes in Canadian banks to receive and convert Canadian checks into US dollars.
Packstation is a self-service kiosk equipped with lock boxes that is available around the clock.
With the number of Americans on Medicare expected to double in the next 35 years, Al Gore has stepped up and taken responsibility by proposing a Medicare Lock Box that would insure Medicare surpluses are used for Medicare--and not for pork barrel spending or tax giveaways.
Ashcroft touted his sponsorship of a so-called "lock box" and pledged to extend the concept to Medicare.
For additional information, contact: Jennifer Blanck, DCCA, One Galleria Tower, Suite 1940,13355 Noel Road, Lock Box 39, Dallas, TX 752406613; or call at (972) 386-9545, fax (972) 386-9547; or e-mail: dcca@rickgump.com.
Supra, a 42-year-old company that invented the real estate lock box, already boasts it built 85% of the electronic lock boxes hanging on doors across America.
The village processed the billing in-house and issued postcard-type water bills, while a lock box facility was used to receive bill payments.
Ogilvie: For one, with the emergence of online electronic services, many banks are making it possible to review - from your office computer - your association's accounts throughout the day to see what checks have cleared, what's outstanding, how much money has come in through your lock box, and so forth so that you can manage your cash very efficiently.