Terms and Conditions

Lockbox Services

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THE SERVICE

Bank and/or Bank’s subcontractor (the “Processor”) are hereby authorized to rent a P. O. Box on Customer’s behalf, to process mail delivered to this P.O. Box, to make deposits to an Account established by Customer at Bank, to act on behalf of Customer according to the applicable Operational Instructions incorporated herein by reference in its entirety. The terms Bank and Processor may be used interchangeably when used in relation to any services performed by a subcontractor on behalf of Bank including, but not limited to, the receipt and processing of checks and remittances and any data relating thereto.

Bank offers different Lockbox services based on the needs of the Customer; including

Wholesale Lockbox – targeted to Customers that receive a low volume of large- dollar business-to-business payments

Retail Lockbox – targeted to Customer that receives a high volume of low-dollar consumer-to-business payments

Wholetail Lockbox – targeted to Customer that needs a combination of Retail and Wholesale Lockbox due to the mixed nature of payments received

Healthcare Lockbox – Healthcare providers interested in enhanced healthcare lockbox services should contact their TM Sales representative for information regarding a program offered by an unaffiliated third party provider. Customers who enroll in said program will be required to sign a separate agreement with Bank governing the transmission of data.

PROCESSING

The Processor will collect the contents of Customer’s post office box at regular intervals each day and process mail and remittances on a timely basis each Business Day.

The Processor will open envelopes, remove the contents, and process the contents according to the procedures on the applicable Operational Instructions. The Processor will capture and report lockbox information as indicated in the applicable Operational Instructions.

Checks that cannot be processed will be considered exception items and will be returned to Customer.

A Customer endorsement will be applied to each check deposited.

Foreign (Non- U.S. Dollar) checks, when identified during daily processing, will be processed on a collection basis. Credit will be posted upon receipt of paid collections, less all fees and charges. Customer will be notified of receipt of the item.

Post-dated, stale-dated, undated and unsigned checks will be processed and deposited.

The Processor will process and deposit all cash received. However, Bank shall assume no liability for cash received by mail. The processing of cash may require an additional charge.

Remittance material, correspondence and exceptions items, as applicable, will be returned to Customer. Delivery of remittance material will be made by the method designated in applicable Operational Instructions.

LOCKBOX REPORTING

Customer may receive from Bank, a data file via File Delivery, showing lockbox activity as designated in the applicable Operational Instructions.