Lockbox Services

Lockbox Services

This is an ideal service for companies that receive a large number of payments by mail, such as medical offices, insurance agencies and homeowners associations. Lockbox basically amounts to outsourcing the function of depositing accounts receivable checks. Pinnacle's services can improve operations, cash flow management and your bottom line.

How It Works

Pinnacle establishes a unique post office box address for your business. You include your unique PO Box address for remittance of invoices mailed. A Pinnacle associate checks your company's PO Box every banking day, opens envelopes and prepares checks for deposit. We then return to you copies of the checks and all other contents from the envelope.

Control

A Lockbox service enhances internal control for a company. Since the bank makes the deposits, you accomplish segregation of duties, deterrence of fraud, and documentation of audit trails. In addition, you no longer have to be concerned about not making your regular deposit when you are short of staff.

Quick Access through Image Delivery

Images of all checks and documents are captured during the Lockbox process, with real-time input keeping the images updated throughout the day. These images can be viewed via a secure connection to Pinnacle's web site. This means you can see images of checks and accompanying documents as they are processed. Image Delivery enables you to post payments to your accounts receivables system on the same day the amount is deposited into your bank account.

For more information about our services, call your Pinnacle financial advisor or contact one of our treasury management advisors.

Middle Tennessee 615.743.6200
East Tennessee 865.766.3031
Toll Free 866.839.2781
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