CIBC Canadian and U.S. Dollar Lockbox Service
Eliminate in-house remittance processing for receivables.
A CIBC Lockbox eliminates in-house cheque and invoice processing for payments you receive from your corporate clients. We handle the entire process - from opening the mail to sending you the information you need to update your receivables - giving you faster access to your payments. Lockbox locations are available in Canada and the U.S.
Get access to your funds faster
- CIBC offers Lockbox locations across Canada and the U.S. helping reduce the time it takes for a cheque to reach your account.
- We handle cheque and invoice processing on your behalf, making the process more efficient so you can concentrate on what matters most to your business.
Lower your operating costs
- CIBC Lockbox Service eliminates the manual process associated with payment processing - saving you time and money.
- We handle all aspects of the entire process on your behalf - including opening the mail, capturing payment details, preparing control reports and organizing the deposit.
Outsource remittance processing to an expert
- Lower your operating costs by outsourcing a critical part of your receivables management to CIBC's business banking experts.
Automate your Receivables process!
- CIBC provides an electronic file listing details for all invoices paid.
- You can use this file to automatically update your receivables ledger making it easier and more efficient to reconcile and manage your accounts.
Establish a presence in locations where you don't have an office!
- Instead of sending their payments to a remote head-office location, your clients send them to a familiar address nearby saving mail float time.
- CIBC will set up a Lockbox in the location most convenient for your clients.
- Lockbox locations are available in Canada and the U.S.
Is it right for my business?
Consider CIBC Lockbox services if you:
- Want faster access to deposits.
- Want to reduce operating costs.
- Have business across Canada and/or the U.S.
- Receive cheques from your clients.
Information you need to know
| Feature | Description |
| Same-Day Processing | Remittances are typically sent to CIBC-managed post office boxes, sent to a Lockbox processing centre and processed in the morning between 7 am and 1 pm each business day. The value for all payments received by 1:00 pm local time will be deposited into your account that day. |
| Lockbox locations | You can maintain Lockboxes in as many CIBC Lockbox locations as you wish. CIBC Canadian Lockbox centres are located in:
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| Reporting | A detailed report, including the remittance information needed to update your Accounts Receivable ledger, can be sent electronically on the same day as deposit. Remittance information is sent electronically in industry standard BAI or EDI format and is available via CIBC Business Banking® (CBB) and File Transfer Service (FTS) channels. Information regarding file formats is available from your CIBC representative. A deposit summary can be given as a FAX or phone advice on the same day as deposit. |
| Image Retention | CIBC retains images of all cheques processed for 6 years. |
| Back up materials | Daily backup materials are batched and sorted according to your specifications. These materials can be sent to your CIBC branch, couriered or mailed to your office, or kept at the Lockbox centre for pick up. In your backup materials, you can receive any cheques marked 'paid in full' as well as any attachments your clients may send with their payments. Any items that cannot be processed (e.g., stale-dated items, cheques with no signature, cheques with incorrect payee information) will be sent to you for further handling. |
| Service Support | Client Support Hours: 7:00 a.m. to 8:00 p.m., Eastern time (ET) |
| Technical and Administrative Requirements | In order to receive electronic remittance reports, you must have the appropriate hardware, access to the internet and the capability to accept files in either BAI or EDI (ANSI X.12 823) formats. The return address on your invoices and other pre-printed materials must be amended to reflect the mailing location(s) of your Lockboxes. |
| Access | Lockbox services are available to clients who have a CIBC Business Operating Account™. |
Run your business your way
CIBC Cash Management Solutions can help you take better control of your banking needs - giving you more time to focus on what matters to your business. Get started today:
- Talk to your CIBC representative
- Call the CIBC Business Contact Centre at 1 888 947-7736
Additional CIBC business banking solutions
When it comes to your business banking needs, we want to ensure you get value, convenience and control. That's why CIBC offers a range of banking and cash management solutions designed to save you money, provide convenient access to your accounts, and give you more control over your cash flow.
CIBC Business Interest Account® (CBIA)
If you want to take advantage of higher interest rates on surplus funds combined with the convenience of easy access to your money, the CIBC Business Interest Account (CBIA) is an ideal solution.
EFT Pre-Authorized Payment (PAP)
EFT Pre-Authorized Payment service gives your business a fast and simple way to withdraw funds from clients' pre-arranged accounts and get paid on time, every time. CIBC EFT Pre-Authorized Payment service makes bill collection more predictable and cost-effective.
Prior-day transactions BAI file (Unattended Raw Data Delivery)
The prior-day transactions BAI file makes it easy and convenient to upload transactions into your treasury workstation or accounting system each day - eliminating manual data-entry and giving you more time to focus on what matters most to your business.
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® Registered trademark of CIBC.
The above is intended to be only a general description of this product and its features. Some conditions may apply. CIBC reserves the right to change or discontinue this product or any of its features at any time. This product and its features shall be subject to the terms and conditions of the applicable agreement governing its use.
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