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Lock box

A post office box used by organizations to accelerate collection of receivables. Checks are routed to a designated P.O. box number where they are picked up several times per day, separated from envelopes and submitted to the check collection system for conversion into cash receivables. Many large banks offer lock box processing as a cash management service to corporate customers.

A "retail" lock box is designed for remittance processing for consumer accounts. A lock box can also be "wholesale", for which payments from other corporations are collected and submitted through depository transfer check or electronic debit into a concentration account for investment and disbursement as needed.