What Are Lockboxes Used for?

What is a Lockbox System? A lockbox is a bank-operated mailing address to which a company directs its customers to send their payments. The bank opens the incoming mail, deposits all received funds in the company's bank account, and scans the payments and any remittance information.

What is the purpose of a lockbox?

Lockbox services are specifically designed to compress the amount of time a check is in the mail and ultimately deposited into your business' account. Banks specialize in taking the delays out of the process by collecting and promptly depositing the checks for you.

Why do realtors use lock boxes?

Realtors routinely use lock boxes to securely store the keys to a house on the premises. This arrangement allows agents to show the house without first going to the listing agent's office or some other location to pick up the keys. ... Understanding how to open a lock box is important for all real estate agents.