Last Updated: September 13, 2022

For the purposes of this disclosure, the terms “we,” “our,” and “us” mean Piermont Bank. The terms “you” and “your” mean each account owner. The term “account” includes any demand deposit, negotiable order of withdrawal (NOW), savings deposit, money market, or any other non-time deposit account. The term “Business Day” means every day except Saturday, Sunday and Federal Holidays.

Determining Availability of Your Deposit

The length of the delay varies depending on the type of deposit and is explain below. When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds in cash, and we will not use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

When we delay your ability to withdraw funds, the length of the delay is counted in Business Days from the day of deposit.

Same-Day Availability:

Funds from the following deposits that are made in person to one of our employees are available on the same day of the deposit:

• Cash

Funds from the following electronic funds transfer are available on the business day we receive the deposit:

• Electronic Deposits
• Wire Transfers

Next-Day Availability:

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

• First $225 of any check deposit
• Checks drawn on Piermont Bank

Funds from the following types of check deposits are available on the first business day after the day of deposit if the check is made payable to you. In addition, you must make the deposit in person to one of our employees and use a special deposit slip available from our tellers:

• U.S. Treasury checks
• Cashier’s, Certified, Teller’s and Traveler’s checks
• Federal Reserve Bank and Federal Home Loan Bank checks
• U.S. Postal Money Orders
• State or local government checks

Checks:

The first $225 from a deposit of checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day of your deposit. For example, if you deposit $700 of checks on Monday, $225 of the deposit is available on Tuesday and the remaining $475 is available on Wednesday.

Holds on Other Funds in Another Account

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 to you if you had deposited it. The funds in your account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of checks that you deposited.

Longer Delays May Apply

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

• We believe a check you deposited will not be paid;
• You deposit checks totaling more than $5,525 on any one day;
• You redeposit a check that has been returned unpaid;
• You have overdrawn your account repeatedly in the last six months;
• There is an emergency, such as a failure of computer or communication equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons and will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

Special Rules for New Accounts

If you are a new customer, we reserve the right to follow a special rule during the first 30 days your account is open, which will not exceed the following:

1. Funds from electronic direct deposit to your account will be available on the day we receive the deposit.
2. Funds from deposits of cash, wire transfers, and the first $5,525 of the day’s total of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks will be available on the first business day after the day of your deposit, if the items are payable to you. The excess of $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than US Treasury checks) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.
3. Funds from all other check deposits will be available no later than the ninth business day after the day of your deposit.

Mobile Deposits

When you deposit a check via our Mobile Deposit service, the first $225 will be available no later than the first Business Day after the day of deposit. All remaining funds will be made available by the second Business Day after deposit, unless we deem a longer delay is necessary.

Checks deposited and accepted through Mobile Deposit prior to 4:00 p.m. Eastern Standard Time (EST) on any business day will be deemed to have been received by the Bank on that business day; checks successfully deposited and accepted after 4:00 p.m. EST on any business day or on any day that is not a business day are deemed to have been received by the Bank on the next business day.

Foreign Checks

Checks drawn on a financial institution outside the United States (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds from deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institution upon which they are drawn.