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

  • OFAC (Office of Foreign Asset Control)

    The part of the US Treasury Department responsible for enforcing United States economic and trade sanctions.

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  • Settlement Date

    The date an exchange of funds will be reflected on the books of the Federal Reserve Bank.

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