Lock Box Service

GreenState Credit Union’s Lockbox is designed to accelerate your company’s remittance procedures and rental payment processing.

LOCK BOX SERVICE ADVANTAGES

It saves you time and money.
Increases the efficiency of your collection process while expanding your usable cash.
Cash flow is increased by reducing mail float time, delays in the postal system, check transit and internal mail processing float.
Same day credit to your company’s designated deposit account at the bank expedites your collection process.
Your staff spends less time on collecting rent receivables while providing you with an outside audit control of your rental payments.
Reports are customized to your needs. Our staff is dedicated to providing you with timely and accurate reporting of your renter’s payments.

HOW DOES THIS PROCESS WORK?

You instruct your customers to mail their payments to a Bank-accessible post office box.
You are provided with pre-printed envelopes with your rental property or company name and the bank’s designated post office box.
Your mail is picked up daily from the post office by an authorized GreenState Credit Union employee.
It is processed by the operations staff of the bank the same day it is received. The mail is opened, sorted and deposited by bank personnel into your designated rental property deposit account.
Once the data is captured, it will be itemized on a customized spreadsheet for your property account and faxed or emailed to you that day.
In addition, the check detail, both front and back of the check, will be available for your review through the bank’s imaging program contained within our online banking website.