Debit Value Date definition

Debit Value Date means the date on which we debit the funds for a Payment Order from your Account. Fees means any of the fees calculated and charged in accordance with any tariff we have specified. EEA means the European Economic Area. IBAN (International Bank Account Number) means an account number expressed in an international format. Intermediary Bank means a bank or other institution involved in the transfer of funds besides the Payer’s Payment Service Provider and the Payee’s Payment Service Provider on instructions given by the Payer’s Payment Service Provider or the Payee’s Payment Service Provider.
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Examples of Debit Value Date in a sentence

  • When you give us a Payment Order the money will be taken from your Account on the Debit Value Date specified in your Payment Order.

  • After we receive your instruction we will stop the payment, provided that: the payment has not already been made; you give us sufficient details and time to process your request; if it is a direct debit payment you instruct us to cancel the payment no later than the Business Day before the Debit Value Date; and if it is any other type of advance Payment Instruction (such as a standing order) you instruct us to cancel the payment no later than the Business Day before we start to execute the payment.

  • If you do not specify a Debit Value Date, then we will commence the execution of the Payment Transaction on the same day that we receive your Payment Order, provided that if we do not receive the Payment Order on a Business Day or if we receive it after the relevant Cut-off Time, then unless agreed otherwise we are deemed to have received the Payment Order on the following Business Day.