lockbox

Definition

A service offered by banks to companies in which the company receives payments by mail to a post office box and the bank picks up the payments several times a day, deposits them into the company's account, and notifies the company of the deposit. This enables the company to put the money to work as soon as it's received, but the amounts must be large in order for the value obtained to exceed the cost of the service.

Use lockbox in a sentence

I kept all of my valuable possessions in a lockbox, at the bank in order to prevent them from being stolen or damaged.

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Before my mother died, she told me to visit the bank where she kept her lockbox, and there we would find the deed to her house.

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I wanted to ensure that my payment made it to the companies lockbox before the last pick up of the day, otherwise I would have had to deal with the creditors.

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