Welcome to Valley

 

We’re excited to let you know that Oritani Bank merged with Valley National Bank (Valley) on December 1, 2019. While you’ll start to see some changes in the coming weeks, our full systems conversion won’t take place until the weekend of February 14th.

In anticipation of our conversion, this Frequently Asked Questions guide contains critical information as to what you can expect and actions to take to help ensure a smooth transition. We understand you may still have questions and we’re here to help. If the question or answer you’re looking for isn’t here, you can easily stop by a branch or give us a call and we’ll be happy to assist you.

You may continue to contact your local bank representative during regular business hours or call our Customer Care Team from 6 AM to 11 PM ET, 7 days a week, at 800-522-4100. For calls made from outside of the U.S. and Canada, call 973-305-8800.

  

General Questions:

   
  • What additional Personal Banking Services will be available after the system conversion?

    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.

  • What Commercial Banking Services will be available after the system conversion?

    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.

   
   

Deposit Accounts:

     
  • Will my Oritani Bank account number(s) remain the same?

    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.

  • Will this change be impacting my local branch?

    Valley’s policy is outlined below for your convenience:
     

    Description of deposit

    When funds can be withdrawn by check

    Direct Deposit

    Day of scheduled payment

    Wire Transfers
    Cash only deposits (made in person to a Valley employee)

    Same-Day Availability

    Cash, U.S. Government checks, checks drawn on Valley Bank,
    Federal Reserve Bank checks, Federal Home Loan bank
    checks, and postal money orders (if payable to the account
    holder)

    The first business day after the day of deposit (cash only
    deposits made in person to a Valley employee may be made
    available same-day)

    Local state and local government checks, cashier checks,
    certified checks and money orders (if payable to account
    holder)

    The first business day after the day of deposit if accompanied
    by a special deposit ticket (see a Valley employee for more
    information)

    All other checks

    The second business day after the day of deposit

     

    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.

  • Will there be cash withdrawal limitations?

    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).

  • What happens when my Certificate of Deposit (CD) matures?

    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.

  • What penalties will be assessed if I withdraw the funds from my CD early?

    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.

   
   

IOLTA Accounts: 

     
  • How will interest on IOLTA accounts be handled?

    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.

   
   

Statements:

     
  • When will I receive my personal or business account statement?

    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.

  • How will statements for my consumer and business loans be handled?

    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.

  • Will I continue to receive my statements electronically?

    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.

  • Passbooks: Will I be able to keep my consumer and/or business account passbooks?

    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.

   
   

FDIC Insurance Coverage:

     
  • Will I continue to receive my statements electronically?

    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.

   
   

ATM, Debit Card and Credit Cards:

     
  • Will my ATM access be impacted?

    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.

  • Will I be able to continue to use my Oritani Bank Personal or Business Debit Card?

    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.

  • Will I be able to continue to use my Oritani ATM and Debit Card during conversion

    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.

  • Will I continue to use my Oritani Bank Visa and American Express Credit Cards?

    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.

  • Will we still have access to the Allpoint ATM network?

    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.

   
   

Personal Online and Mobile Banking:

     
  • How will I access my accounts online?

    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.

  • What is my Personal Online Banking User Identification 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.

  • Will my transaction history from Oritani be available through online banking after

    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.

  • What I need to know about my bill payments?

    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.

  • Will I be able to continue to make transfers between my accounts using Personal

    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.

  • How can I enroll in Personal Online Banking and/or Bill Payment?

    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.

  • How can I access Valley’s Mobile Banking App and utilize SMS Text Message

    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.

  • How does Mobile Deposit work?

    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.

  • What will happen to my eBills?

    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.

   
   

Business Online Banking:

     
  • How will I access my accounts online?

    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:
     

    Accessing Business Online Banking

    Website

    1. Go to www.valley.com
    2. Hover over SIGN IN with your mouse
    3. Select Business Banking
    4. Click on Business Online Banking

    Login ID and Password

    Please utilize your current online banking Login ID and Password

    Resetting your Password

    1. Follow the instructions to obtain a Secure Access Code
    2. Create a New Password
    3. Follow instructions to update your user profile

    Bookmarks and Favorites

    With your new login for Business Online Banking, you’ll need to update or re-establish any bookmarks or favorites

     
    Important information for business online banking users

    System Available

    February 18, 2020

    Support

    For support, please call our Treasury Support Team at 866-245-4554,
    Monday-Friday, from 8:30 AM-5:30 PM ET

    History

    Please download any transaction history required prior to conversion as your transaction history will not be converted to the new system

    Templates

    All ACH and Wire templates will be converted to the new system

    Recurring Funds and ACH Transfers

    Recurring Funds Transfers will be converted to the new system

    Statements

    All statements will be available online on a go forward basis. To opt out of paper statements, please contact the Treasury Support Team.

    Mobile Application

    1. Go to your favorite App Store
    2. Search for Valley Business Mobile
    3. Open and login with your Login ID and Password

     

    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.

  • How do I access my Bill Pay account?

    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.
     

    PAYMENT TYPE SCHEDULED DATED NEED RESCHEDULE DATE
    Single Payment 2/11 - 2/13 Any date on or after 2/14
    Recurring Payment 2/11 - 2/17 Any date on or after 2/18
     
   
   

Remote Deposit:

     
  • How will Remote Deposit work?

    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.

   
   

Automated Clearing House (ACH) Processing:

     
  • How will Automated Clearing House (ACH) processing work?

    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.

  • What is Valley’s routing code or ABA Number for ACH processing?

    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.

   
   

Outgoing Domestic Wire Transfers:

     
   
   

Incoming Domestic Wire Transfers:

     
   
   

Outgoing International Wire Transfers:

     
   
   

Loan Payments and Advances:

     
  • How do I make my commercial loan or mortgage payment?

    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.

    Valley Bank
    Commercial Note Department
    PO Box 558
    Wayne, NJ 07474-0558

     

  • How do I make my residential mortgage loan payment?

    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.

  • How do I make my home equity loan payment?

    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

  • How do I make my home equity line of credit payment?

    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

     

    
   
    

We are here to answer your questions

For more information or if you have any other questions, please call Customer Care at 800-522-4100 from 6 AM – 11 PM ET, 7 days a week or speak with your Bank representative. For calls made from outside of the U.S. and Canada, please call 973-305-8800.


DISCLOSURE:
All fees are subject to change. All accounts are subject to Valley’s Rules and Regulations, a copy of which is available at each of our branch offices.