Regulation CC - Funds Availability Policy
Your Ability to Withdraw Funds
The Bank's policy is to make funds from your cash and check deposits available to you as quickly as possible according to the schedule described below. This is based on the type of deposit made and where it is made. This policy only applies to cash and check deposits made to your personal and business checking accounts.
You may not withdraw the funds in cash and the Bank may choose not to use the funds to pay checks you have written or other withdrawals or transfers you have authorized, until the funds are available according to the schedule.
Determining the Day of Deposit
For determining the availability of a deposit, every day is a business day except Saturdays, Sundays, and federal holidays.
Teller deposits after 6:00 p.m. and Peapack-Gladstone Bank ATM deposits after 3:00 p.m. will be credited on the next business day. Funds mailed to the Bank are considered deposited on the day they are received by the Bank. Funds deposited to a night depository, lock box, or similar facility are considered deposited on the day on which the deposit is removed from such facility and is available for processing by the Bank.
Funds from the following deposits are available on the business day of deposit:
- Wire transfers;
- Electronic deposits or credits, such as direct deposits; and
- Transfers of funds between accounts by telephone request, at an ATM using the transfer feature, or through the Bank’s internet banking service.
Funds from government checks (US Treasury, local and state) are available on the first business day after the day of deposit.
If the deposit is made in person to one of the Bank's tellers, funds from the following items are also available on the first business day after the day of deposit:
- Cashier's checks, certified checks, and teller checks that are made payable to the account holder;
- Checks drawn on the Bank payable to the depositor; and
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and U.S. postal money orders that are payable to the depositor.
If the deposit is not made in person to one of the Bank's tellers (for example, if the deposit is made through the mail or at a night depository), funds from these deposits will be available on the second business day after the day of deposit.
The Bank will make the first $10,000 from a deposit of other checks available on the first business day after the day of the deposit. The remaining funds will be available on the second business day after the day of the deposit.
Availability may be delayed for longer periods under the following circumstances:
- The Bank believes a check will not be paid.
- Returned unpaid checks are re-deposited.
- An account has been overdrawn six times or more in the last six months.
- Emergencies, such as failure of communications or computer equipment.
Notice of Longer Delays
The Bank will notify affected clients if the Bank delays their ability to withdraw funds for any of these reasons. The Bank will tell affected clients when the funds will be available. They will generally be available no later than the seventh business day after the day of deposit.
The Bank will make the 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 available when the funds have been collected.
New Account Rules
Special rules apply during the first 30 days after an account is opened. An account is not considered a new account if each customer on the account has had, within 30 calendar days before the account is established, another transaction account at the Bank for at least 30 calendar days. If the customer has had authorization only to sign on a corporate account and then opens a new consumer account, it is considered a new account for purposes of Regulation CC.
Funds from wire transfers and electronic direct deposits will be available on the day of deposit. Funds from 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. If the deposit of these checks is not made in person to one of the Bank's tellers, the first $5,000 will not be available until the second business day after the day of deposit.
Holds on Other Funds
If the Bank cashes a check or accepts for deposit a check drawn on another bank, the Bank may make funds immediately available but delay the availability to withdraw a corresponding amount of funds on deposit in any account the depositor has with the Bank. Held funds will be available according to the Bank's funds availability policy.