Lockbox Service

One of the most important aspects of an effective cash management system is efficient remittance collection. Reducing mail and processing float for your remittances provides faster access to receivables. Customers can achieve these benefits with our Lockbox Services.

Benefits

The benefits of using a lockbox include: improving availability by reducing mail and processing float, improving audit controls and reducing the risk of internal fraud. Other advantages include redeploying resources to higher level tasks by outsourcing the menial tasks of sorting and opening mail, and copying and filing checks. You can simplify your receivables management with our information reporting services, designed to offer options to meet almost any need.

Lockbox processing is advantageous because the U.S. Postal Service separates caller box mail before the rest of the mail. Beginning very early in the morning, we pick up mail and process remittances to meet each customer’s deposit deadlines. Funds availability is accelerated via frequent mail pickups and continuous processing.

How It Works

Customers can choose between Wholesale Lockbox and Retail Lockbox services.

Wholesale Lockbox

Once our clients’ wholesale lockbox remittances are sorted and opened, we balance, MICR encode, endorse, image-capture, assign audit trails and capture MICR line information on automated equipment. This method minimizes processing float and also provides clear copies of checks and remittance advices.

Quality control steps are built into the wholesale lockbox processing workflow. Each check is reviewed for appropriate payee information per our customer’s instructions and the remittance material is further compared to the check. The original checks will be endorsed, microfilmed and deposited.

Customers will have the option to have all checks received into their lockbox processed or can provide a list of defined acceptable payees. Multiple checks per batch in a single deposit may also be processed. Images of check, correspondence and envelopes are available online for viewing to facilitate the appropriate posting.

Retail Lockbox

Customers needing a retail lockbox also benefit from improved availability, as frequent mail pickups and continuous processing during the day are a part of this service. However, high speed processing equipment scans the OCR (Optical Character Recognition) documents to capture the desired payment information. Each item is assigned a unique tracking number for audit purposes as it moves through the system. Customers choose the information they need to receive but normally receive this information in electronic format to facilitate posting due to the volume of payments involved.

Regardless of the method, all clients receive a daily deposit summary report and check detail to assist them in reconciliation and cash application.

Customers using both wholesale and retail lockbox services can also choose to receive their remittance information by transmission in an electronic format. This can automate the receivables posting process.

Imaging

Our image technology eliminates paper handling and improves customer service. The online image service helps customers achieve these goals by providing electronic images of checks, remittance documents and envelopes processed through bank lockboxes.

Multiple users can have an instant secure access to this information no matter where they are located by using a PC, browser and an Internet connection. This will enable each user to respond to inquiries, resolve discrepancies, and search for and retrieve remittance information more quickly.

Summary and detail reports are provided online, and customers can download images for offline viewing and printing. A monthly CD-ROM of all images may also be provided so that a backup is readily available.

Businesses utilizing our Lockbox Services must maintain a Business Checking account on Account Analysis. Lockbox fees will be assessed through Account Analysis.

Please contact Treasury Management Sales at (832) 375-2606 to learn more about Woodforest National Bank’s Lockbox Services.

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