As part of the payment creation process, CitiDirect automatically computes a default Value Date for each payment based upon parameters, such as Cut-Off time, number of disposition days, etc., that apply to the combination of branch, payment method, and currency of the payment. For most payments:
If the system time is earlier than the Cut-Off time, the default Value Date is equal to today’s date plus the number of disposition days.
If today’s date is not a business day, the default Value Date will be the next business day plus the number of disposition days.
If the current system time is greater than the Cut-Off time, the default Value Date is equal to the next business day plus the number of disposition days.
Additional checks are made based on the currency of the payment. Due to the implementation of the EUR currency in Europe, the national currencies of the participating countries will eventually become invalid. Payments using these currencies will have their Value Dates checked against a "Last Available Date" for these currencies. Value Dates for payments using participating currencies that are beyond the "Last available Date" will be returned as invalid.
Notes:
You may enter a payment Value Date that is different from the default date computed by CitiDirect. The date entered must be greater than or equal to the default Value Date, with the exception of select payments in Central & Eastern Europe, the Middle East and Africa where the Value Date may be equal to Processing Date at Citibank branch.
The system accepts future Value Date up to 30 Days only for payments in Mexico.
The Payment Value Date is re-evaluated by CitiDirect when the payment is released; and, if necessary, corrected based upon the appropriate parameters.
Any Value Date, whether computed by CitiDirect or entered manually, generally must be a business day as follows:
For Cheques and ACH Credit/GIRO payments, the Value Date is based upon the country of the payment currency.
For Funds Transfers, the Value Date is based on the country where the Debit Account is held and the country of the payment currency. However, for a foreign currency payment, the Value Date can be on a holiday, as long as the instruction itself is received by Citibank before the holiday. For Cross Border Funds Transfers in Hong Kong and Singapore, the Value Date can be specified, in Client Preferences, to be calculated based upon the country of the payment currency.
For Book Transfers, the Value Date is based on the country where the Debit Account is held.
For Advice to Receive, the Value Date is based upon the country where the Debit Account is held.
The Value Date can not fall on a local holiday.