Funds Availability Policy For All Checking, Savings And Money Market Accounts

This disclosure sets forth the availability of funds deposited to your checking, savings and money market accounts at Peapack-Gladstone Bank.  It provides information to allow you to determine when funds you deposit or receive for credit to any account you may maintain with us are available for the payment of checks to others or for cash withdrawal (as these functions apply to the specific types of accounts).

Our policy is to make most deposits available to you within 2  business days after the day we receive your deposit.  The factors that determine how quickly your funds become available are the composition of your deposit and how the deposit is received.

Funds from your deposits will be available in accordance with the rules set forth below.  For purposes of this policy, every day is a business day except Saturdays, Sundays, and federal holidays.

Determining the Day of Deposit

If you make a deposit before 3:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit.  However, if you make a deposit after 3:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.  We will consider deposits made by mail, lock box, or night depository to have been made on the business day on which we verify the amount of the deposit.

Same Day Availability

Funds from the following deposits are available on the business day we receive the deposit:

• Wire transfers into your account.
• Electronic deposits or credits (ACH) to your account, such as Social Security benefits and direct deposit of your wages.
• Transfers of funds between accounts by telephone request, at an ATM using the transfer feature, or through our internet banking service.

Next Day Availability

Funds from the following deposits are available on the first business day after the day of your deposit:

• Cash.
• Checks drawn on any Peapack-Gladstone Bank account that are payable to you.
• U.S. Treasury checks, U.S. Postal Money Orders, Federal Reserve Bank checks, and Federal Home Loan Bank checks that are payable to you.

The Bank will make the first $10,000 from a deposit of local and nonlocal checks available on the first business day after the day of deposit. The remaining funds from  local and nonlocal checks will be available on the second business day after the day of deposit. 

With a special deposit slip obtained from your local branch, the funds from the following deposits, if made in person at one of our staffed teller stations, will be available on the first business day after the day of your deposit:

• Local and state government checks, payable to you, when the check is deposited in a branch in the same state where the issuer is located.
• Certified, teller and cashier's checks that are payable to you.

If a special deposit slip is not used, normal availability schedules apply.

Longer Delays May Apply

In some cases, we will not make all of the funds that you deposit by check available at the times shown above.  Depending on the type of check you deposit, funds may not be available until the ninth business day after the day of your deposit.  However, the first $100 of your deposits may be available on the day after your deposit.

Funds you deposit by check may be delayed for a longer period under the following circumstances.

• We believe a check you deposit will not be paid.
• You have overdrawn your account repeatedly in the last six months.
• There is an emergency, such as failure of communications or computer equipment.
• A check that has been returned unpaid is re-deposited.
• You deposit checks totaling more than $5,000 on any one day.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. If the decision to delay availability is not made at the time you make the deposit, we will mail you a notice by the first business day after we receive your deposit.  The notice will tell you when the funds will be available. They will generally be available no later than the ninth business day after the day of your deposit. 

Ask a Customer Service Representative if you need to be sure about when the funds from a deposit will be available.

Foreign Items

Funds from the deposit of a check or other item drawn on a bank located outside the United States, U.S. Virgin Islands, or Puerto Rico, or payable in foreign currency, are available when the funds have been collected.

New Account Rules

Special rules apply during the first 30 days after an account is opened. Funds from wire transfers and electronic direct deposits will be available on the day of deposit. Cash deposits and the first $5,000 of a day's total deposits will be available on the first business day after the day of deposit if checks are payable to the depositor. The excess over $5,000 will be available on the fifth business day after the day of deposit.

Hold on Other Funds

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account.  Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available immediately, but delay your ability to withdraw a corresponding amount of funds that you have on deposit in another account with us.  The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

Deposits at Automated Teller Machines

Funds from any deposits (cash or checks) made at Automated Teller Machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit.  This rule does not apply at ATMs that we own or operate.

All ATMs that we own or operate are identified as our machines.