For companies that regularly receive a large number of customer remittances, Bank Leumi Lock Box Services can reduce the processing work while improving cash flow.

Clients no longer have to handle individual remittances, and deposits are credited to the account immediately. There are often additional efficiencies resulting from the acceleration of receivables into usable cash and optional downloading into the client's accounts receivable system.

How does this work?

Lock Box clients send statements to their customers in the usual manner but the return envelope/remit to address is a post office box rather than the client's address.

The bank maintains the locked post office box for the client, and collects the remittances along with any accompanying invoice documents.  The payments are deposited to the client's account and deposit advices are sent to the client along with any invoices or documents.

For more information please contact our Custom Business Services department at (917) 542-2174.