Lockbox

Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the box, take the funds, and process them accordingly.

Related Terms

  • CIE (Customer Initiated Entry)

    A standard entry class code that enables a consumer to initiate an ACH credit into the ACH network whereby funds will be transferred to a company for...

    Learn More

  • Remote Deposit

    Remote deposit (or remote deposit capture) is the process of converting paper or mailed-in checks to an electronic file for processing.

    Learn More