reimbursement claim

berry · Post by **berry** » Mon Apr 06, 2009 10:30 pm

dear all,
as per URR 725, reimbursing bank will not process a request for back value. again a reimbursing bank has three days to process a reimbursement claim. now say if a reimbursement claim comes on 1st april with a value date of 2nd april, what will be the value date of the reimbursement if the reimbursement is made on 4th april?

rania · Post by **rania** » Mon Apr 06, 2009 11:50 pm

4th april (i.e 3 banking days following the receipt of the reimbursement claim, this period can be increased if there is a pre-debit notification period.)

aprilee · Post by **aprilee** » Tue Apr 07, 2009 11:05 am

the pre-debit notification period is in addition to the processing period,but i wonder about this value date,what does it mean?

shruti · Post by **shruti** » Tue Apr 07, 2009 1:55 pm

Dear Aprilee, Berry & Rania

Value date ( date of credit/debit effecting withdrawability of funds in account ) depends on
a. claim receipt date b. RA (reimbusment Authorisation) receipt date c. processing time

also we should note pre-notofication / pre-debit as per art 6 of URR and its realtion with RA vs credit .

N K K

cristiand969 · Post by **cristiand969** » Tue Apr 07, 2009 2:14 pm

If you look carefully to the 'testing' questions which berry used us with (no offence) you will notice that the REQUEST is not for back value but simply one day after the date of claim.
The normal course is : even if the payment is effectively available of 04.04.2009 the value date should correspond with that of the claim.
I guess we talk too much about theory, in practice there is more complexity in many cases. But as you all guessed, berry is probably going to participate to CDCS this year and let us wish him good luck

SHAMEER · Post by **SHAMEER** » Mon Apr 13, 2009 5:13 pm

3 banking days following the receipt of the reimbursement claim,ie,4th april