A PR Date, often referred to as a Payment Request Due Date, is the date notified by a bank to an account holder or customer specifying when a payment request is due.
Essentially, it's the deadline the bank sets for you to make a payment. However, the exact definition includes a fallback mechanism: if no date is notified or the notified date is after a "PR Fallback Date," the PR Fallback Date becomes the effective PR Date.
Here's a breakdown:
- Payment Request Due Date: The primary date set by the bank for payment.
- PR Fallback Date: A backup date that becomes the PR Date if the bank doesn't notify a date or if the notified date is too late. This ensures there's always a defined deadline.
Therefore, in cases where a specific date is not notified or the notified date extends beyond a specific fallback date, the PR Fallback Date becomes the governing due date for the payment request. This protects the bank and ensures timely payment.
