Get In Touch


(443) 548-0191

Discover The Tidewater Difference

Discover The Tidewater Difference

get in touch

back to blog

How Do Lockbox Services Work?


As a homeowner’s association or condominium owner’s association, it is important to have association dues and other fees processed quickly and credited accurately to the proper accounts. With Tidewater Property Management, association members can send payments directly to their property management company, where employees process the payments, update the account records, and forward the fees to the financial institution used by the association. Lockbox services make the process faster and more efficient by allowing payments to be sent directly to the financial institution thorough a lockbox.

What Are the Benefits of a Lockbox Service?

A lockbox is a PO box that is accessed directly by a bank or financial institution on behalf of the property management company and the community association. Payments are sent to the lockbox, where bank personnel receive them, process them, and credit the appropriate accounts. Transaction records are then sent to the property management company to update individual accounts for association members. This eliminates the extra payment processing that is normally done by the property management company and can provide several benefits, including:

  • Faster payment crediting – Association members will have their payments credited to their accounts faster, avoiding unnecessary late fees and other problems.
  • Quicker access to capital – For an association, the fees collected will be deposited and available faster, allowing quicker payment for vendors and other obligations.
  • More accurate direction of funds – Lockbox services help to avoid commingling of funds and allow the proper accounts to be credited quickly and accurately.
  • Better reporting – Payments are processed in a consistent manner with accurate reporting for accounting purposes.
  • Improved accuracy – Lockbox services are designed to accurately process payments with reliable methods to deal with potential problems such as missing account numbers, illegible checks, or incorrect payment amounts.

In short, lockbox services make the payment process easier, faster, and more efficient for all parties involved, including association board members, homeowners, and the property management company itself.

Lockbox Services for Associations in Maryland, DC & Virginia

At Tidewater Property Management, we use lockbox services extensively, and we can help associations choose the best lockbox services to meet the needs of their community homeowners. Since 1989, we have been providing comprehensive property management services throughout Maryland, including association management, rental management, property maintenance, real estate service, and more. To learn how we can help make processing payments quicker and easier with lockbox services, call us today at (443) 548-0191 or contact us online!

grandson sits on his grandfathers shoulders
Our Mission

Since we opened our doors in 1989, Tidewater has been offering personal customer service throughout Maryland, Virginia, Delaware and West Virginia. Due to our dedication to helping homeowners buy, sell, rent, and maintain their properties, we have become one of the largest family owned full-service real estate management companies in the area.

grandson sits on his grandfathers shoulders
Family Owned & Operated
Since 1989
Experienced &
Knowledgeable Professionals
24/7/365 Emergency
Exceptional Customer
Online Portal
high-rise luxury apartments with balconies high-rise luxury apartments with balconies
Tidewater managed my condo for 2 years. They were professional, promptly addressed service requests, inspected my property to ensure it was being properly cared for by the tenants and gave me ultimate peace of mind,…
Profile Img
Maisha C. Maisha C.
Tidewater has been managing my property in Odenton, MD, for nearly 5 years. They have been excellent in supporting my needs, and leave me feeling confident that my property is in good hands while deployed.…
Profile Img
Ben C. Ben C.
My experience was great! I had the pleasure of working with Melody Timmons. She was very responsive to messages and very communicative. She made every effort to accommodate us when scheduling a time and date…
Profile Img
Nicole S. Nicole S.
Tidewater provided incredible service as they managed my rental property for more than 3 years. The team is responsive, communicative, and professional. Highly recommend Tidewater Property Management!
Profile Img
Shayna H. Shayna H.
Cody helped us purchase our new home in Baltimore. We were living in Arizona and had a lot of complications to work through logistically and Cody stepped up every time to help us out. He…
Profile Img
Matt M. Matt M.