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 ?
Solar Innovations[R] lockboxes offer architects, glaziers, and builders an alternative to the costly and thermally less efficient steel door version.
Wells Fargo operates a network of lockboxes in 18 cities throughout the U.S.
While sales agents here remain resistant to lockboxes, the devices may finally be gaining a toehold in the city's rental market, brokers said.
"Within three to five years, you're going to see lockboxes go away significantly, not totally; technology will make them somewhat obsolete," Fountain predicted.
We install the lockboxes in the residents, rooms where they won't be readily visible (space permitting).
While the marketplace is healthy for lockboxes and safes, dealers still need to make the sale.
Other keyed lockboxes are built like safes and are very strong.
As such, their accounting department deals with a large volume of wholesale payments at various lockboxes. Previously, the use of these lockboxes meant paying banks tens of thousands of dollars each month in re-occurring data extraction keystroke fees.
To automate receipts, Mattes and Patel chose a lockbox system from Bank of America that uses two lockboxes identified with legal entities but just one reporting and application stream.
Speaker Ahmatbek Keldibekov said the parliamentary commission set up to probe the events of April-June 2010 should also explore the issue of withdrawn funds from bank lockboxes.The Speaker voiced this suggestion after former provisional government member Temir Sariev prsented the document with spending of around $2 million, which was from the funds withdrawn from bank lockboxes.According to this document, the Chief of President's Staff received $43,000, the Director of the Environmental Protection Agency, Assistance to Chief of Staff of the Interim Government, Head of the State Register received funds.
Very often, lockboxes that are housed internally to a company function much the same way as an outsourced lockbox--especially if the company has invested in the right technology and processes.
The White House has recommended that pilots keep any weapons in lockboxes and stated that only pilots who volunteer and receive training may carry weapons.