Lockbox

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

  • Surcharge

    A surcharge is an extra fee that’s added to the regular total amount.

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  • TILA (Truth in Lending Act)

    The Truth in Lending Act requires the full disclosure of finance charges and terms with regard to costs associated with borrowing.

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