LOCKBOX
Our physical and virtual lockbox systems will give you the flexibility to have your tenants, residents, customers sent to a central location for processing, as well as the ability to process payments from the convenience of your offices for those payments that are dropped-off or mailed into your office. This service covers the processing of payments that are mailed to a central P.O. Box location.
- Our cash management specialists will work with your finance staff to customize the rules you want us to follow to process your payments.
- Your payments will be sent to Deptford, NJ or Southeastern, PA P.O. Box.
- The Bank will process all payments on the same day that they are received at the P.O. Box.
- All funds will be deposited the same day they are received directly to your Account(s) at OB&T.
- We will image each coupon, envelope and check that is received, along with any correspondence. Images will be retained for seven years.
- We will create a posting file to your specifications so you can electronically update your accounts receivable system daily.
- We will provide you access to our Exception Processing Module that will allow you to instruct the Bank how to process exception items, namely those items that fall outside the scope of the rules that you co-developed with the Bank.
- You will have access to our online Lockbox portal. It will enable you to download your posting file, view Summary and Detailed Deposit Reports of all payments received, as well as view images of all checks, envelopes and coupons, as well as correspondence.
*Subject to additional terms and conditions and/or credit approval as applicable and/or fees.
