What is the “lockbox”, and how does it work?
A. Lockbox is the generic term used to describe the processing of homeowner payments. It starts with a Post Office Box, which Bay Commercial Bank rents from the U.S. Postal Service (at no cost to the Association), for homeowners to mail their payment checks and coupons. Daily, the mail is collected and processed. The Association’s account is credited with payments received, and an electronic data file is sent to the Association’s accounting service, compatible with their accounting software, detailing the payment activity. The data file can then be imported into the Associations records, to register the payments received. Q. Is there a fee for the lockbox service? A. No. Bay Commercial Bank does not charge a fee for its lockbox service. Q. How do we obtain coupons, and who pays for them? A. While Bay Commercial Bank will usually arrange for the printing of your coupons, an Association is free to choose its own vendor, once we can pre-test the coupons for the requisite printing specific
