Q: Are my deposit accounts FDIC insured?
A: On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC coverage limit applies per depositor, per insured depository institution for each account ownership category.
Q: How do I set up Direct Deposit of my payroll check?
A: If your employer participates in a direct deposit program, simply provide our Bank routing and transit number and your account number to the Human Resources or Payroll department at your company, and your direct deposit will usually begin within thirty days.
Q: How do I set up Direct Deposit of my Social Security check?
A: Simply contact us to set-up your direct deposit right over the phone. Please have your Social Security Number and account information available.
Q: Can I get information about my account by phone?
A: Yes! Account information is available through Access24 Phone Banking. Just use a touch-tone phone to call Access24 and follow the simple instructions to quickly and easily: check account balances, check CD and loan rates, inquire about loan balances and payments, transfer funds between accounts, verify interest paid and earned, verify if a check has cleared and more. Call the Access24 Phone Banking System today:
(908) 719-2265 (if calling locally)
(800) 742-7595 (out of the area)
Q: What products can I apply for online?
A: We have a variety of personal deposit accounts that you can apply for online. Open an Account
Q: Is interest paid on my checking account?
A: If you want a checking account that pays a market rate of interest, check out our Interest Bearing checking account or our Chairman's Club account, available to those who are 55 or better.
Q: Can I open an account if I don't live in the United States? What if I live in the United States but I am not a citizen yet?
A: At this time, we only accept applications from persons residing within the United States with valid U.S. tax identification numbers (Social Security Numbers). If you have questions, please contact us.
Q: Can I do all of my banking with you?
A: Absolutely! And with online banking, Direct Deposit and ATMs, everyday banking activities can be performed when it's convenient for you.
Q: Can I look at all of my transactions at any time?
A: Yes! PGB NetAccess Online Banking gives you access to your account information 24 hours a day, 7 days a week! You can even do your banking when you're on the go! Sign-up for Mobile Banking through PGB NetAccess to quickly and conveniently set-up alerts, review accounts, transfer funds or pay bills all using your cell phone! With Mobile Banking you can use Small Message Service (SMS) to send us a text message to request information about your account and you'll get a text reply. And, with newly enhanced PGB NetAccess alert capabilities you can even set-up email notifications that will reach you quickly and easily. If you have a smartphone with email capabilities this is a great way to monitor your banking while you're literally on the go!
Q: How frequently is my information updated?
A: Your account information is updated every business day with new transactions that posted to your account the previous business day.
Q: Are wire transfers possible to and from my checking, money market and savings accounts?
A: Yes! Funds can be transferred to and from accounts by wire transfer or via ACH (Automated Clearing House) debits or credits. Contact us for more information.
Q: How do I make a deposit to my account from a remote location?
A: Most deposits can be made by using Direct Deposit, ATMs or ACH (Automated Clearing House) transactions. We also offer a bank-by-mail service, which allows you to mail non-recurring deposits. Contact us for details on a method that's best for you.
Q: What happens if I lose my Visa Debit Card or ATM card?
A: If your Visa Debit Card or ATM card is lost or stolen, you should immediately contact Peapack-Gladstone Bank at (908) 234-0700 or after hours call (866) 546-8273.
Internet Banking and Bill Pay View Demo!
Q: When do I have access to use Internet Banking?
A: Online Banking gives you access to your account information 24 hours a day, 7 days a week!
Q: Will I be able to use Bill Pay with any of my PGB accounts?
A: No. Bill Pay can only be used with a checking account.
Q: How do I enroll?
A: PGB NetAccess Internet Banking allows you to bank when you want, where you want. To get started simply complete an application:
PGB NetAccess Personal Application
PGB NetAccess Business Application
Q: When can I start using Bill Pay?
A: Within 72 hours your account will be open and ready for you to use.
Q: Is there a fee for Bill Pay?
A: No! It's Free!
Q: What bills can I pay through Bill Pay?
A: You can use Bill Pay to pay practically anything - charge accounts, utilities, auto loans, even your doctor or day-care center.
Q: How many days does it take for a payment to reach the payee?
A: Since payment processing can take three to five working days, the safest thing is to always schedule your payments at least five working days before the due date.
Q: Can anyone else see my accounts over the Internet?
A: Peapack-Gladstone Bank uses the latest technology to keep your account information secure and we have extremely high criteria to guarantee the security of your banking information online. Security features exist at every level-from your PC, to the Internet, and over our secure network. For your peace of mind, PGB NetAccess uses 128-bit encryption, firewalls, remote servers and other techniques to ensure the security and confidentiality of your personal information. A few of these are listed below:
Your banking information never travels the Internet without encryption protection.
Login sessions have a time-out limit and after the limit is reached you are required to login again.
PIN guessing is deterred and reported.
Multifactor Authentication added in December 2006.
Internet security is an ongoing task. We are constantly developing and implementing security enhancements to ensure the integrity of our Internet Banking system.
Q: What if I have a question about Bill Pay or NetAccess?
A: Peapack-Gladstone Bank is committed to personal service. If you have any questions, call the Client Contact Center at (908) 234-0700.
Q: What happens if I forget my PIN?
A: If you forget your PIN, contact the Client Contact Center at (908) 234-0700. What about after hours? Now you can reset your online banking password on your own with our new Password Reset feature! Enable Password Reset today by logging into PGB NetAccess and selecting the Options button, then select Personal. Enter your email address and complete the password reset question and answer section. Once you've done this you'll be able to reset your password on your own anytime directly from the PGB NetAccess login page. Look for the Reset Password button and click through for easy to follow instructions.
Q: What is Mobile Banking?
A: Very simply, Mobile Banking is the ability to do your banking through your cell phone. You must be enrolled in our online banking product, PGB NetAccess, and have a cell phone with internet capabilities. Mobile Banking is FREE however you should contact your cell phone provider to find out what their charges are for web-enabled wireless capabilities and text messaging. You should also verify if your cell phone provider allows secure SSL Traffic.
Q: How do I activate Mobile Banking?
A: You must already be set-up as a PGB NetAccess online banking customer with Peapack-Gladstone Bank. If you are not a current Peapack-Gladstone Bank NetAccess user, stop at any of our conveniently located branches to apply. If you are a PGB NetAccess user simply log into online banking as you normally would to do your banking via your computer.
Select Mobile Settings
Check Activating Mobile Banking Access
Select the Accounts you want to access
Fill in your Cell Phone Number and your Wireless Provider
Review the Mobile Banking Agreement and click I Agree
A few minutes later you will receive a SMS Text Message on your cell phone confirming your enrollment to our Mobile Banking product. You will also receive the URL to access your accounts through Mobile Banking. Now you are ready to start using your cell phone to view accounts, transfer funds and pay bills.
Q: Which cell phone providers can be used with PGB Mobile Banking?
A: PGB Mobile Banking can be used with the following providers:
Q: Do you offer Mobile Apps for smartphones? Is it free?
A: Yes! And, yes! Peapack-Gladstone Bank now offers PGB Mobile, free Mobile Banking Apps specifically designed for the iPhone® and AndroidTM devices. Bank when you want, where you want more easily than ever. Check balances, transfer funds and pay bills all using your smartphone.
A: Yes. You must be a PGB NetAccess Internet Banking user in order to properly download and use our new iPhone and Android Mobile Banking Apps. If you are already using PGB NetAccess simply log in, select Options and Mobile settings, then complete or verify your smartphone information. Select the accounts you'd like to view on your smartphone, hit submit, then make your way to the Apple iTunes® App StoreTM or the Android Market to quickly download our Mobile App.
Q: How do I download the PGB Mobile Banking iPhone or Android App?
A: You can quickly download our Apps directly from the Apple iTunes App Store or the Android Market.
Q: What are the benefits of an Adjustable-Rate Mortgage (ARM)?
A: An ARM usually has a low introductory rate that stays fixed for an initial interest rate period, which ranges from 1 to 7 years. Then the rate will adjust up or down annually for the life of the loan based on a specified index. Some popular indexes used by mortgage lenders include the One Year T-Bill that adjusts weekly or the London Interbank Offered Rate (LIBOR) that adjusts daily, so it reacts more quickly to changes in the financial markets. An ARM is a good option if you believe interest rates will go down over the next few years or if you plan on staying in your home 5 to 7 years or less.
Q: What are the benefits of a 15-year mortgage?
A: A 15-year mortgage allows you to own your home in half the time of a conventional 30-Year mortgage. Although payments are higher with a 15-year mortgage, you'll save thousands of dollars in interest and build equity faster.
Q: What is "Amortization"?
A: Amortization is the repayment of principal from scheduled mortgage payments that exceed the amount of interest due. The scheduled monthly payment less the interest amount equals the amortization (repayment) amount. For example, a 30-year mortgage includes an amortization –monthly repayment of principal – that will pay off the loan in 30 years. Some borrowers choose to pay extra principal payments to pay off their mortgages before the end of the loan term. As the mortgage principal balance is paid down, each monthly payment will include smaller amounts of interest paid monthly and larger amounts of repayments towards the principal balance.
Q: What is "Negative Amortization"?
A: Negative Amortization is the payment of less than the monthly interest due on a mortgage loan. The interest amount that is not paid is added to the loan balance, increasing the loan amount and decreasing the equity in the property.
Q: What is the Annual Percentage Rate or APR?
A: The Annual Percentage Rate is provided on Lenders' rate sheets and in the Truth-In-Lending Disclosure. It is a comprehensive measure of credit cost to the borrower that takes into account the interest rate, points and other fees charged by the lender. It is a useful tool to use when shopping for a mortgage. You can compare a loan program with the same rate between different lenders to determine which lender has the overall lowest cost mortgage loan.
Q: What is an Escrow Account and how much will I need in my Escrow Account?
A: It is common for home mortgage transactions to include an escrow agreement where the borrower adds a specified amount for taxes and hazard insurance to the regular monthly mortgage payment. The money goes into an escrow account out of which the lender pays the taxes and insurance when they come due.
The escrow account is established with a deposit that the borrower provides at closing. Lenders generally keep enough money in the account to pay the taxes or insurance when they are due and a two-month cushion.
Q: What is Loan-to-value ratio or LTV?
A: LTV is the loan amount divided by the lesser of the selling price or the appraised value. The LTV and down payment are different ways of expressing the same set of facts. If you have a 30% down payment, then you have a 70% loan-to-value. Different loan programs have different maximum LTVs depending on the terms of the loan that you are requesting.
Q: What are points?
A: Points or discount points are an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "1 point" means a charge of 1% of the loan amount. It is common for most lenders to offer a wide range of rate/point combinations.
Q: What is Private Mortgage Insurance or PMI?
A: Private Mortgage Insurance is insurance required by a lender when more than 80% of a property value is financed. PMI protects the lender in case the borrower(s) stops making payments on the loan. If PMI is required, the lender will usually include an amount to cover the expense in your monthly mortgage payment. Lenders will allow borrower(s) to request the PMI to be cancelled if the loan amount reaches less than 80% of the property value based on the original appraisal, or a new appraisal if the property has appreciated in value. Lenders are required to cancel PMI once the loan balance reaches 78% of the original property value.
Q: Interest-Only Mortgage Payments – Are They For Me?
A: Traditional mortgages allow for amortization, or the repayment of some of the principal balance, on a monthly basis. Interest-only loans allow you to pay only the interest for a specified number of years. After that, your monthly payment increases to include repayment of both the principal and interest for the balance of the term of the loan. For example, if you take out an interest-only loan for 30 years, the interest-only period might be for 10 years, and then the loan payment will be re-calculated at a higher monthly payment amount to repay the loan for the remaining 20 years. The increase in the monthly payment when the loan starts to amortize can be substantial, especially if the loan is an adjustable rate mortgage. This type of loan works best for people who are able to make principal reduction payments during the interest-only period.
Q: Payment-Option ARMs – Are They For Me?
A: A payment-option ARM is an adjustable-rate mortgage that allows you to choose among several payment options each month. These options typically include: (1) a traditional payment of principal and interest, (2) an interest-only payment; or, (3) a minimum payment that may be less than the amount of interest due that month. If you choose this option, which is considered negative amortization, the amount of the interest you do not pay will be added to the principal of the loan, increasing the loan amount and hence increasing the amount of interest due on the loan. At the end of the payment option period, the lender will "recast" the loan and depending on the loan balance and the interest rate at the time, the monthly payment could increase significantly. This type of loan works best for people who may currently have modest income, but are reasonably certain that their income will go up in the future, so they will be able to handle the payment increases.
Q: How can I make sure my online banking sessions are secure?
A: We have several effective security features that we encourage you to implement when you use PGB NetAccess Internet Banking:
- Never reveal your password to anyone or leave your password anywhere that someone else can obtain and use it.
- Change your password on a regular basis.
- Use the Exit button to end each Internet Banking session.
- Do not use the Back button to exit the site.
- Balance your account on a regular basis.
For more information on how to protect yourself online and offline visit our website Security Center.
Q: What happens if I lose my Visa Check Card or ATM card?
A: If your Visa Check Card or ATM card is lost or stolen, you should immediately contact Peapack-Gladstone Bank at (908) 234-0700 or after hours call (866) 546-8273.