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U.S. Lockbox

U.S. Lockbox eliminates in-house remittance processing for U.S. dollar payments you receive from your clients in the U.S.

With U.S. Lockbox your remittances go directly to a U.S. post office box opened on your behalf. The remittances are then processed on a daily basis for CIBC Wachovia. This arrangement allows us to provide you with faster availability of funds while at the same time ensuring you receive the reporting you need to update your Receivables in a timely manner.

Why use U.S. Lockbox?

  • Get access to your funds faster!

    Many days can pass between the time your U.S. based customers put the cheque in the mail and the money finally reaches your account. This mail float can really hurt your cash flow, especially with large-value payments from your clients. By using lockbox locations in the U.S., CIBC can reduce the amount of time it takes for the proceeds from these remittances to reach your account, so your money can start working for you sooner.

  • Establish a presence in the U.S.!

    Using CIBC's U.S. Lockbox service allows you to provide a U.S. invoice address to your clients south of the border without the need for bricks and mortar. This is typically more convenient for your client and allows your U.S. remittances to be processed more quickly.

  • Outsource you remittance processing to the experts!

    Managing remittances isn't your core business, it is one of ours though! Through our processing partnership with Wachovia (one of the largest lockbox service providers in the U.S.) we can provide convenient, efficient service at competitive prices.

  • Streamline your U.S. Receivables process!

    CIBC can send you a report listing details for all invoices paid on a daily basis. You can use this information to easily update your Receivables ledger.

What's the bottom line on U.S. Lockbox?

U.S. Lockbox gives you faster access to some of your largest Receivables-payments from your clients. With U.S. Lockbox you get your money faster, enjoy the benefits of having a presence in the U.S. and receive detailed reporting to assist in your reconciliation process.

Service Features

  • your customers' remittances are sent to post office boxes located in the U.S.
  • the value for payments received by the 1:00 p.m. cut-off time will be deposited into your USD account the same day
  • CIBC's U.S. Lockbox centres are in: Atlanta, Georgia, North Brunswick, New Jersey and Los Angeles, California. Lockboxes can be opened in one or more locations
  • daily backup materials are batched and sorted. These materials can be sent to your branch for pick up or sent directly to your office via courier or mail
  • in your backup materials, you can receive invoices, cheque photocopies, cheques marked paid in full and any attachments your customers may send with their payments
  • any items that cannot be processed (e.g., stale-dated items, foreign currency items, cheques without signatures, cheques with incorrect payee information) will be forwarded to you for further handling
  • a detailed report, including the remittance details needed to update your Receivables ledger, can be sent via fax on the same day the deposit is made to your account

Service Hours

Client Support Hours: 7:00 a.m. to 8:00 p.m., local time

Service Prerequisites

  • Deposits from the U.S. Lockbox service must be made to a U.S.D. Current Account or U.S.D. Rapidtrans® account with CIBC.
  • The mailing address on your invoices must be amended to reflect the mailing location(s) of the lockbox.

The above is intended to be only a general description of this product and its features. 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.

For further information, please contact your CIBC representative or get in touch with us directly at 1-877-873-2765.

Copyright® 2004 Canadian Imperial Bank of Commerce. All rights reserved.