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Lockbox Services

Save costly and time-consuming in-house deposit processing!

What is a Lock Box Service?

Lockbox is a service provided by North Shore Bank that allows you to direct your customers to send payments to a selected post office address. Automated Wholesale Lockbox Service enables the electronic receipt of remittance information for automated updates to an accounts receivable system. We pick up the mail, process the remittances according to your instructions, make deposits and provide daily reports of deposit information. North Shore Bank has a lock box service to fit your company's needs.

  • Retail

    Lockbox Service is traditionally used for consumer payments. These payments are generally smaller dollar amounts and a higher volume than the Wholesale Lockbox payments. The payments are generally accompanied by a scanable remittance document.

  • Wholesale

    Lockbox Service is used for business-to-business payments. These payments are generally large dollar payments and may contain large amounts of remittance information.

  • Custom

    Lockbox Service is a blend of Wholesale and Retail Lockbox Services.

  • Economy

    Lockbox Service is a type of Wholesale lockbox service that follows a unique funds availability schedule and provides limited processing information.

How does it work?

Deposit totals and availability information are reported to you on a same-day basis by using one of the options that you select.

Deposit Options:

  • North Shore Bank 's web-based lockbox system provides lockbox deposit and availability detail, automated lockbox data, as well as images of check and remittance data. As payments are processed, the detail is automatically updated to all pertinent reports that are available online and reports include up to 30 days of history.
  • Telephone calls with daily deposit totals are relayed via an operator or computer-generated phone call.
  • Lockbox e-mail or fax can be used to transmit reports that include daily remittance activity processed through the Automated Wholesale Lockbox.

How your Company benefits.

  • Maximizes value of funds. Improves cash flow and availability of funds.
  • Streamlines in-house procedures: Saves costly and time-consuming in-house deposit processing.
  • Reduce credit exposure. Faster processing and collection time means less credit exposure.

Additional benefits:

  • Keep your companyís cash working for you with our Line of Sweep services.
  • Make cash management even easier by paying bills and collecting funds electronically with ACH Origination.
  • North Shore Bank offers Paycheck Plus™ Payroll Card that allows employers to pay employees with direct deposit, even if they do not have a bank account.
  • Enjoy all the advantages of a North Shore Bank's Business Credit Card. Apply online or call 1-800-892-3263 any day between 7:00am and 11:00pm CST and reference priority code FRL9.
 

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