First Bank's Association Lockbox Service (assessment payment remittance processing) makes it easy to manage association assessment payments and receivables records.
The benefits of First Bank's Lockbox Service include:
- Elimination of Idle Funds - homeowners remit assessment payments directly to the bank. Payments are processed the day they are received by the bank and are deposited directly to the association's operating account, eliminating costly delays and inconvenient trips to the bank.
- Timely Reports - complete, easy to read deposit report listings are forwarded daily by Fax, Email or regular mail to the association’s designated representative or management firm so individual unit owner account records can be updated in a timely manner.
- Billing Flexibility -
almost any billing or coupon system can be integrated into First Bank's lockbox system.
- Automated Data Integration - allows us to provide a record of the association’s deposits via Email for uploading into your accounts receivable system, eliminating costly and time consuming re-keying of individual entries.
- Irregular payments and additional correspondence - are handled in accordance with your special instructions.
- Responsiveness - All lockbox staff report to Association Bank Services management. Technical support for lockbox is also handled within the division, not a centralized data center, allowing for more responsive service to First Bank’s association and management company clients.
- Lockbox Fees – In most cases, when the Lockbox Service is combined with Lockbox Checking, there are no fees to the association or management company for this service*.
*Some restrictions apply.
To find out more about Lockbox Services, contact the Association Bank Services Relationship Manager nearest you.