Frequently asked questions about your account

Yes, beginning February 18th, you’ll be able to bank at any one of Valley’s convenient branches located throughout New Jersey, New York, Florida, and Alabama. To find a branch/ATM nearest you, please visit Valley.com, or tap locations from our Mobile. App.

In addition to our robust line of personal banking products and services, you’ll also benefit from a wide array of financial planning, investment management, trust and estate services, insurance services and much more. Plus, you’ll continue to receive exceptional service from the Oritani Bank management team and staff members that you already know and trust.

Valley’s business clients will now have access to a wider selection of services such as title services, treasury solutions products, insurance premium financing, automotive floor plan financing, wealth management and much more. And with a diverse set of lending options, including commercial mortgages, lines of credit and equipment financing, our experienced commercial banking professionals can create a package that’s right for businesses of any size. Valley’s SBA (Small Business Association) Department is also recognized as a top SBA lender, recently being awarded the SBA “Preferred Lender” designation which allows us to expedite funding solutions.

Yes. Unless advised otherwise, your account number(s) and ABA routing number will remain the same. There will be no interruption in your check writing privileges. Please continue using your existing supply of Oritani Bank checks. New check orders will include Valley’s routing number, name and address.

Yes. If you are currently receiving a direct deposit or having ACH credits and debits made to your Oritani Bank account, they will continue uninterrupted unless we advise you otherwise.

Fees for your deposit accounts may change. Please refer to Valley’s Schedule of Fees included in this package.

Although Oritani Bank is calculating interest on a 366-day basis for leap year, Valley Bank calculates interest based upon a 365-day basis.

Valley’s policy is outlined below for your convenience:
 

We will notify you if we delay your ability to withdraw due to exceptions to Regulation CC (funds availability) and we 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.

We place certain limitations on withdrawals in cash or by similar means (i.e. Cashier Checks, Wire Transfers, etc.). In general, cash withdrawal availability may be extended by one business day from the normal availability schedule. The first $200 of a deposit is available for withdrawal in cash on the first business day after the day of deposit. The remainder of a deposit is normally available for withdrawal in cash on the second business day after deposit. The time of availability for cash withdrawals will be after 5 PM ET on the day of availability. (Note: All funds that make up a deposit would be available for withdrawal on the second business day after the day of deposit, provided the account is not on extended hold).

Your CD will automatically renew upon maturity at the then current rate available for that specific CD term. You’re invited to stop by any branch within 10 days of your renewal date to reinvest the funds in another account or CD product of your choice.

The following early withdrawal penalties will apply for all new accounts opened after close of business on February 14th, and for maturing accounts that rollover after close of business on February 14th.

• Less than 1 year — 90 days loss of interest on the amount withdrawn

• 1 year but less than 2½ years — 180 days loss of interest on the amount withdrawn

• 5 years and greater — 540 days loss of interest on amount withdrawn

Existing Oritani Bank CD accounts will maintain their existing penalty structure until maturity. Early withdrawal penalties will result in a reduction of earnings and/or principal. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce withdrawal penalties.

If you close your interest-bearing account prior to the statement cycle closing date, interest will not be paid.

The interest on IOLTA accounts will post to the attorney account at the end of the month. The interest will be debited/withdrawn the next business day and sent to the New Jersey State Bar Association and will bear the applicable State Tax Identification Number.

Your final Oritani Bank checking and/or statement savings account statement will be generated on February 14th and it will include your transaction history since your previous statement. You’ll receive your first abbreviated Valley account statement soon thereafter. Personal and business account statements will be processed either monthly or quarterly, following the same schedule as your current Oritani Bank account.

A final Oritani Bank CD or IRA account statement will be generated on February 14th and will include your transaction history.

All residential first mortgage loan customers will receive monthly statements as you do today, approximately 15 days prior to their due date.

All home equity term loan customers will continue to receive a monthly billing statement approximately two weeks prior to the due date.

All home equity lines of credit customers will receive monthly statements, and payment information will be included on the statement. Your home equity line of credit cycle date will change to the 24th of every month, starting February 24th. This means you’ll have five additional days of interest due with your first payment to Valley Bank.

All commercial loan, commercial line of credit and commercial mortgage customers will receive a monthly statement that includes the transaction history, payment amount and payment due date information.

If you’re currently receiving your personal deposit account and consumer loan statements electronically, you’ll need to re-enroll by accepting Valley’s Paperless Statements disclosure after logging into Online or Mobile Banking. We recommend that you download your account history, account statements and print any needed check images prior to February 14, 2020 for your records.

Beginning February 18th, your Oritani Bank account history, check images and electronic account statements will no longer be available online, but may be obtained with a request through your local branch or by calling Customer Care.

Yes, Valley will continue to service your current Passbook Savings and Passbook CD accounts after conversion. However, if your passbook has not been updated through February 14th, you’ll need to refer to the passbook statement(s) we will send to you for your transaction history as the passbooks serviced after February 14th will not reflect activity prior to our conversion. All IRA Passbook accounts will be converted to an IRA Statement Accounts.

The FDIC will provide separate insurance, in addition to FDIC Insurance of your current Valley deposits, for at least a six-month period on all former Oritani Bank deposits that have been assumed by Valley. The FDIC provides separate insurance for the assumed deposits for a six-month period beginning December 1, 2019. In the case of Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs), the FDIC provides separate insurance up to the earliest maturity date after the six-month period.

For CDs and IRAs, which mature during the six-month period following December 1, 2019 and are renewed at the same dollar amount for the same term as the original deposits, the separate FDIC insurance is applicable to the renewed deposits until the first maturity date after the six-month period. CDs and IRAs, which mature during the six-month period following December 1, 2019 and are not renewed or are renewed on any other basis, are separately insured by the FDIC only until the end of the six-month period.

After the term of the separate insurance has concluded, all former Oritani Bank and current Valley deposits in the same ownership capacity will be combined when determining your total FDIC insurance coverage. Our Customer Care representatives will be available to work with you to help explain how you can allocate the ownership capacity of your accounts to maximize your FDIC insurance coverage. For your convenience, we encourage you to visit the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at https:// www.fdic.gov/edie/ to help you know how the insurance rules and limits apply to your specific group of deposit accounts.

We’ll be replacing or upgrading Oritani ATMs beginning in mid to late January. As we migrate to the new ATM machines, there may be periods where you’ll only have access to make cash withdrawal transactions. More detailed notifications will be available in the branch for your convenience. After our system conversion on February 18th, all ATM machines in the network will have full functionality including deposit capabilities of cash and check without the use of an envelope.

A letter with your new Valley Visa^® Debit Card or Valley Visa^® Business Debit Card will be mailed to you the week of January 20th with instructions for its use. You may begin using your new card on February 18th. You can activate your new card as soon as you receive it. Any automatic payments set up using your Oritani Bank Debit Card will need to be updated and added to reflect your new Valley card information.

One great feature of Valley debit cards is you can connect them to your smartphone’s Mobile Wallet, letting you make quick and secure payments anywhere Apple Pay^®, Google PayTM and Samsung Pay^® is accepted. All you have to do is add your card(s) to the app and make payments at participating merchants using facial recognition and fingerprint technology to activate and confirm your payment.

You may continue to use your Oritani ATM and Debit Card, without interruption, until 6 AM ET on Tuesday, February 18th. Transactions between the 14th and 18th will be delayed and will be posted to your account on or about Friday, February 21st. To avoid an overdraft on your account please ensure you have available funds. After 6 AM ET on February 18th, please use your new Valley ATM and Debit Card.

You may continue to use your Oritani Bank Visa and/or American Express Credit Cards without interruption. You’ll receive a replacement Valley Bank Visa and American Express Credit Card with the same account number(s) on or about February 20th with instructions for activation. Once you receive and activate your card, you may begin using it immediately.

In addition to the over 130 Valley ATMs across New Jersey, you may continue to use your Oritani Bank ATM or debit card at an Allpoint ATM until February 14th and your new Valley ATM or debit card after February 18th. While the network will remain surcharge free, we encourage you to take advantage of Valley’s network of ATMs in New Jersey to avoid a $2 service charge.

If you’re currently using online banking, you’ll need to accept Valley’s terms and conditions in order to gain online access to your accounts. You’ll be able to access your accounts using Valley’s Personal Online and Mobile Banking, which includes bill payment, mobile deposit, text message banking and debit card management. This service connects you to your accounts from anywhere, anytime using a computer, tablet or smartphone. Beginning February 18th, you’ll be able to access your accounts by visiting Valley.com, hovering over “Sign In,” and selecting “Personal/Small Business” which will launch a login page that also features other digital banking solutions.

Note: If you are an existing Valley customer, your Oritani accounts will be linked to your Valley accounts and you can continue to use your Valley User Name and Password.

Your current Oritani Bank User Name will be your User Name for Personal Online Banking. Your Temporary Password will be mailed to you separately on or about February 3rd and will expire on March 23, 2020. If you’re using your Social Security Number as your User Name, you’ll be required to change it for security reasons. For enhanced security, you’ll also be required to enter a phone number to receive a verification code either by a telephone call or text message. Once you receive the code, you’ll be required to enter it online in the field provided. If you’re logging in from a trusted computer, you can register your computer as “private” and will only be required to enter the code once to verify your identity. If you don’t register your computer as “private” or login from an unrecognized computer or device, you’ll be required to obtain a verification code each time.

No, we recommend that you download your account history, account statements and print any needed check images prior to February 14, 2020, for your records. Beginning February 18th, your prior Oritani Bank account history, check images and electronic account statements will no longer be available online, but may be obtained with a request through your local branch or by calling Customer Care.

Effective 6:00 PM ET on Friday, February 7th you’ll be unable to access Bill Pay through your current Online Banking to edit, add new payments or view existing payments.

Your payees and twenty-four (24) months of payment history will be automatically converted and may not be available for viewing until on or about February 18th.

After the system conversion takes place, the way your bill payment transactions are processed will change. Please make sure you verify that the correct checking account is selected as your primary default funding account for bill payments. Your payments will process on the date you request them to be sent, but your account will be debited via an automatic debit (ACH) 1-2 business days after the scheduled payment date. Once a processing date is selected, a “Deliver by” date will also be displayed. Please be sure to maintain adequate funds in your account until the payment is deducted in order to avoid any overdrafts. When the transaction is processed, the description will appear on your account as “Payee’s Name Bill Paymt.” You may not initiate a single bill payment transaction greater than or equal to $10,000 nor can the daily aggregate amount for bill payment transactions exceed $19,999.99 per business day.

Yes. You’ll be able to transfer funds between your Valley checking, statement savings and money market accounts and have the capability to schedule recurring or future dated transfers. You may also make payments to your Valley residential mortgage, home equity loan or line of credit, auto loan and personal loans by making a transfer. You can also schedule recurring or future dated transfers. Customers that have a home equity line of credit may also be able to draw from it by transferring funds to their deposit account.

After February 18th, you’ll need to re-enter all recurring internal transfers and payment reminders that were scheduled prior to the online banking system conversion.

You can enroll in Personal Online Banking by visiting Valley.com after February 18th, by hovering over “Sign In,” select “Personal/Small Business”, then select “Register for online access” and follow the prompts. You can register and enroll in Online Banking and Bill Payment simultaneously. For quicker access after February 18th, you can enroll at any of our branch locations with proper identification. Once you have completed enrollment, you’ll receive a confirmation email. You can also enroll in Personal Online Banking from our Mobile Banking App.

If you are interested in using bill payment at a later time, you may enroll for free by clicking on the “Bill Pay” tab once you’ve logged into online banking. Bill payment is only available for use from a checking account.

Online and Mobile Banking, including mobile deposit and text message banking, are complimentary to all customers.

Valley’s Mobile Banking including mobile deposit can be activated by downloading Valley’s app from your favorite App Store.

Valley’s Mobile App gives you 24/7 access to your account and helps you manage your debit card easily on the go. It allows you to change your Valley debit card PIN, request a replacement card, temporarily freeze your card, and even set travel notifications, in addition to accessing your account history, paying bills, depositing checks and more.

Once you’re enrolled in Personal Online Banking, follow these steps to activate SMS Text:

• Log into Online Banking from your computer

• Click the “Additional Services” tab followed by the “Mobile Banking & Alerts” link and accept the terms and conditions

• Click “Activate” to enroll in text banking and follow the prompts

If you’re currently using Oritani’s Personal Online and Mobile Banking, you’ll automatically be enrolled in Valley’s.

Mobile Deposit offers the convenience of depositing checks using your mobile device by taking a picture of the front and back of a check for deposit into your personal account. The availability of funds is consistent with Valley’s standard Funds Availability Policy. Deposits made using the Mobile App will be credited up until 6 PM ET on the same business day excluding Saturdays, Sundays and Federal Reserve Holidays. Please refer to the Mobile Deposit Services Agreement for additional terms and conditions regarding Mobile Remote Deposit.

If you receive eBills, (an electronic version of a paper bill that you can view and pay online) you’ll need to re-enroll them through Valley’s Personal Online Banking after February 18th. If you don’t re-enroll, please ensure that you make other payment arrangements.

Commercial customers may access their accounts by using Valley’s Business Online Banking. This service connects you to your accounts from anywhere, anytime, using a computer, tablet or smartphone. Beginning February 18th, you’ll be able to access your accounts by following the instructions below:
 

To further safeguard transactions involving the movement of funds electronically, we employ industry-leading technology to help prevent online financial fraud. IBM Trusteer Pinpoint Detect is built into our online banking platform. In addition to the Trusteer software, Valley requires the use of a token to process wires and/or ACH money transfers. This Token will be provided to you at no charge. You’ll receive further communication regarding Token instructions prior to the conversion date.

Effective 6:00 PM ET on Friday, February 7th you’ll be unable to access the Business Bill Pay Service through your current Online Banking to edit, add new payments or view existing payments. As of Tuesday, February 18th, you’ll be able to access Business Bill Pay utilizing the User ID and the temporary password which were sent to you separately for security reasons. After logging in, we recommend you change your temporary password.

While all Payees will be migrated, transaction history will not be converted. Please be sure to download any relevant information prior to February 7th. Additionally, if any payments are scheduled as listed below, they will need to be rescheduled as indicated.
 

You will continue to utilize your existing Remote Deposit application and credentials. However, there will be an interruption in service during conversion weekend and the system will be unavailable from 6 PM ET on Friday, February 14th through 6:00 AM ET on Tuesday, February 18th.

Beginning on February 18th, ACH deposits and payments will be batched and posted to your account throughout the day rather than processed that evening. This means that deposits will be made available in your account sooner than before, and payments will be withdrawn from your account earlier. Please make any necessary adjustments to ensure that funds needed to cover these incoming payments are on deposit in the morning to avoid a potential overdraft and return of your payment.

While we will continue to recognize Oritani’s routing code or ABA Number for incoming ACH transfers (221270541), we highly recommend that you use Valley’s ABA Number 021201383 for any future ACH processing and that you take the initiative to update previously scheduled transfers with Valley’s ABA number as soon as possible.

The cutoff time for receiving ACH files will be 5:30 PM ET.

You may send a domestic wire transfer by visiting a local branch. If you have a fax agreement on file with the Bank, you may fax wire transfer requests.

The daily cutoff time for domestic wire transfers is 5 PM ET, Monday through Friday.

Although you can still receive incoming wires using the 221270541 code, we recommend using Valley’s ABA number 021201383 for any future wires.

Wire transfer funds from the remitter’s bank need to be directed to the Federal Reserve Bank (FED) for further credit along with the following information:

• Valley Bank ABA 021201383

• Your account number

• Your full name and address

• The name(s) and address(es) of the remitter

• The remitting financial institution

No. You’ll only receive a call back if your wire amount exceeds $10,000 and was not performed through Business Online Banking or in a branch.

You may send an international wire transfer on or after February 18th by visiting a local branch or by using Business Online Banking if you have a wire agreement on file. Fax requests are also available for business customers if a fax agreement is on file with the Bank.

The daily cutoff time for international wire transfers is 3:45 PM ET, Monday through Friday.

If you prefer to make your payment electronically, visit Valley.com, hover over “Sign In,” and select “Business Banking” which will bring you to a landing page. Under Payments select “Loan Payments” from the available options listed, enter your loan account number and follow the prompts to make an electronic loan payment.

You can also send a payment by check made payable to Valley National Bank, mail it to the address below or bring it to any one of our convenient branch locations.

You can make payments by transferring funds from your Valley checking account to your Valley loan using Personal Online or Mobile Banking.

If you prefer to make your payment electronically, visit Valley.com, hover over “Sign In,” and select ““Personal/Small Business Online Banking” which will bring you to a landing page. Under Payments select “Loan Payments” from the available options listed, enter your loan account number and follow the prompts to make an electronic loan payment.

You can also send a payment by check made payable to Valley National Bank, mail it to the address below or bring it to any one of our convenient branch locations.

Valley Bank
P.O. Box 954
Wayne, NJ 07474-0954

Valley Bank does not credit partial payments to your mortgage account but holds those funds in an Unapplied Account tied to your mortgage loan. Once a full payment is received, the system will automatically make your monthly payment. If a full payment is received after the late date, a late charge will be assessed.

Upon receiving your monthly billing statement approximately two weeks prior to the due date, you can make payments by transferring funds from your Valley checking account to your Valley loan using Personal Online or Mobile Banking.

If you prefer to make your payment electronically, visit Valley.com, hover over “Sign In,” and select “Personal/Small Business Online Banking” which will bring you to a landing page. Under Payments select “Loan Payments” from the available options listed, enter your loan account number and follow the prompts to make an electronic loan payment.

You can also send a payment by check made payable to Valley National Bank, mail it to the address below or bring it to any one of our convenient branch locations.

Valley Bank
PO Box 953
Wayne, NJ 07474-0953

Upon receiving your monthly billing statement, you can make payments by transferring funds from your Valley checking account to your Valley loan using Personal Online or Mobile Banking.

If you prefer to make your payment electronically, visit Valley.com, hover over “Sign In,” and select “Personal/Small Business Online Banking” which will bring you to a landing page. Under Payments select “Loan Payments” from the available options listed, enter your loan account number and follow the prompts to make an electronic loan payment.

You can also send a payment by check made payable to Valley National Bank, mail it to the address below or bring it to any one of our convenient branch locations.

Valley Bank
PO Box 953
Wayne, NJ 07474-0953

If you’re already able to advance money on your home equity line of credit using Personal Online Banking, you will continue to do so uninterrupted.