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

  • ACH Debit

    An ACH debit occurs when the receiver’s account is debited.

    Learn More

  • FDIC (Federal Deposit Insurance Corporation)

    The Federal Deposit Insurance Corporation provides deposit insurance to depositors within U.S. banks. Its primary source of funding is through member dues from included banks.

    Learn More