Examples of Processing Date in a sentence
For each Bill Payment, Company will also be required to provide the complete name of the Payee, the account number and the Payee’s remittance address (as exactly as shown on the billing statement or invoice), the amount of the Bill Payment and the Payment Processing Date.
Processing Date: The date the Credit Union withdraws the funds from your account to begin the bill payment process.
For incoming ACH deposit transfers (ACH deposits that are originated at an external bank and sent to your Account) we receive the transaction details on the Processing Date, and the funds arrive on the Effective Date (the Effective Date can be up to five business days after the Processing Date, at the discretion of the Originating Bank).
For future one-time or recurring Bill Payments, Company will need to have sufficient available funds in the Bill Payment Account on the Payment Processing Date.
However, if the future Payment Processing Date is on a non-Business Day, then the new future Payment Processing Date will be the next Business Day.