Wholesale Lockbox FAQs

Yes. KeyBank has five company owned lockbox collection sites. Those lockbox collection sites are located in Cleveland, OH, Cincinnati, OH, Albany, NY, Denver, CO and Tacoma, WA. We also contract with a third party processor to offer additional site across the country, specifically in Chicago, IL, Los Angeles, CA, Dallas, TX and Pittsburgh, PA.

Yes, we have unique zip codes in our Cleveland and Cincinnati lockbox locations. We also participate in the semi-annual Phoenix Hecht Postal Survey^® that measures the receipt and processing of remittance mail.

Yes, Key offers Lockbox Exception Management that allows you to automate your exception process by accepting or rejecting your exceptions using a QuickLink in KeyNavigator.

We offer an integrated receivables solution that allows for the consolidation of paper and electronic receipts into a single file. Lockbox checks, ACH credits and incoming wire transfer payments can be sent in one consolidated file.

• This product offering is in the first phase of a comprehensive, multi-phase approach in which the end result will allow you to receive a consolidated file transmission of all receivable types and channels, as well as view and house all receivable payments through an online Receivables channel.
• At a future date, you will be able to enrich remittance data online for those incoming payments with incomplete invoice information for same day reporting, ensuring a better posting rate. Additionally, we will offer advanced reporting and analytical reporting capabilities to provide trend analysis across payment types, to help you make analytical inferences about payments. Finally, we will build an all payment AR Matching process to match all incoming payment types to an open invoice file(s) provided by you.

Our standard transmission format is BAI and eight different record types are used. However, you may use modified record formats and as a result, the record field definitions are typical, not definitive. Typical formats include: fixed width, delimited, BAI, and EDI 823. In addition to check MICR information, files can include data captured via OCR and/or keystroke data entry. Key will work with you to customize your data transmission and design a file that is compatible with your A/R System.

We will work with you and the specific file layout / format requirements of your accounting system to build a remittance file that is compatible. Any data and or images captured during processing are delivered to an output server where it is formatted and delivered electronically. Our system contains all information required for formatting and delivery of the files, including the schedule for delivery.

Yes, we process Retail Lockbox. We offer Optical Character Recognition (OCR) scanning in five of our lockbox sites: Cleveland, Cincinnati, Albany, Denver and Tacoma. This service utilizes caller box mail collection, automated opening and coupon scanning. Checks and coupons are imaged and can be delivered via our normal channels. We can provide you with coupons specifications to ensure the highest level of quality read of the scanline. Additionally, we can process check or coupon only items that may come through and we can segregate them within your reporting to aid you in reconciling these items.

Yes, we accept credit card payments in our lockbox. We utilize KeyBank Merchant Services to process credit card payments. We are PCI compliant.

Canadian items available in U.S. funds are processed with a three-day float assignment. Canadian items over $10,000, as well as all other foreign items, are entered for collection with notice provided to you and credit given as payment is received. The process for large Canadian items is monitored for a period of time when the lockbox is opened for any potential fraudulent activity.

Images and data captured are delivered online via KeyNavigator. Lockbox detail, including images are retained for up to 7 years. No additional fees are assessed for the extended archive.

Returned items will be charged back to the account and returned to the address which you specify. Alternatively, you may request the return to be automatically re-deposited for re-presentment up to two times via paper or ACH.

You may choose to receive the detail of the returned items via KeyNavigator's Image Research Center, which will provide text information as well as an image of the item. Images can be saved on your local drive or printed directly from this screen.

You will be able to view return items, advices and images (front and back). Tabs are used to provide access to three distinct functions: defining search criteria, viewing results data and viewing images. You will simply select the desired image/report type.

Yes. Please ask your treasury management relationship contact for a copy of our most recent SOC 2 Type 1 report. These reports are shared only with existing clients or parties covered by a Non-Disclosure Agreement.