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

  • AAP

    An accredited ACH professional certified by the National Automated Clearing House Association (NACHA).

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  • ACH Debit

    An ACH debit occurs when the receiver’s account is debited.

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