Payment Glossary


Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the box, take the funds, and process them accordingly.

Related Terms

  • FCRA (Fair Credit Reporting Act)

    The Fair Credit Reporting Act protects consumers from inaccurate information that may be found within credit reports.

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  • OTS (Office of Thrift Supervision)

    The Office of Thrift Supervision, between 1989 and 2011, was a federal agency that regulated all savings banks (chartered and state-chartered), savings associations, and loans associations.

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