Retail Lockbox

Our Retail Lockbox Service is designed for Property Management Companies that receive a large volume of monthly assessments. It accelerates funds availability, provides timely assessment collection of information, and expedites assessment receivables at the unit owner level with the precise information you need. Unit owners will send payments to a unique post office box used only for COMMUNITY ADVANTAGE® lockbox mail. We pick up the checks at the post office and prepare them for deposit. The Bank will distribute funds to the individual condominium accounts on a daily basis. The remittance coupon that your unit owners enclose with their payments will be machine-readable, providing you with the information you need to post assessments.

After initial sorting, the checks are run through an automated workstation that captures the account number, payment amount, property I.D. number, and any other additional information you require. We will organize the information in a format that is compatible with your current accounting procedures. Once data capture is complete, we create a computer file that includes individual remittance data plus a summary report that is available for you to use and download.

Our retail lockbox service provides many benefits:

• Protects against co-mingling of funds
• Reduces labor and processing costs
• Ensures data integrity through expanded audit trail
• Accelerates access of the information telling you which residents have paid
• Reduces the time and expense of manual data entry of assessment information
• Minimizes the errors that can result from manual data entry
• Increases processing speed, accuracy, and funds availability
• Competitive pricing

For more information, call our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.