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What is the difference between value date and processing date?
Banks may process transactions on a certain day but pre-date (or backdate) to previous days. There are two types of transaction dates:
- Processing date – the day on which a transaction is processed against an account.
- Value date - day on which a debit/credit value is given for funds. Bank statements are produced by value dates.
Most transactions have the same processing and value dates. However, there are transactions where these dates might be different. Value dates are used to calculate interest, fees, adjust transactions, e.g. error corrections. Usually such transactions are processed in the morning and pre-dated (given value) for a previous day. There are instances where transaction can be pre-dated (valued) to up to 2 previous business days.
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