A postage metering system which performs a plurality of different functions including printing of postage and exchange of data with a remotely located data center to accomplish a postage fund refill of the postage metering system, a remote postage metering system inspection, and a download of location data into the postage metering system is provided and further includes a portable vault having first data indicative of location stored therein, the portable vault accounting for the value of postage printed; and a terminal which houses structure for removably receiving the portable vault, a printing mechanism for printing postage, apparatus for communicating with the data center to perform the remote postage metering system inspection, the postage fund refill of the postage metering system, and the download of location data into the postage metering system, structure for storing second data indicative of location, and apparatus for comparing the first and second data at times when the portable vault is inserted in the receiving means, for permitting operation of all of the plurality of different functions if the first and second data match, and for preventing the printing of postage while permitting the operation of at least some of the other of the plurality of different functions if the first and second data do not match. A method associated with the postage metering system is also provided.