Important Information Effective July 1, 2025
All About Your Account(s) – Terms & Disclosures:
We are revising the All About Your Account(s) – Terms & Disclosures to include the changes outlined below, which will become part of the terms and conditions governing your account. For more information, or to receive a copy of the All About Your Account(s) – Terms & Disclosures, please visit our website or your local branch. If you would like a free copy mailed to you, call us at (718) 326-6300.
Regulation D (Reg D) Changes:
We are pleased to inform you of the following updates to your savings and money market accounts:
- The Savings Withdrawal Limit Fee is being removed.
- The six-transfer limit on savings and money market accounts will no longer be enforced.
Funds Availability Policy:
We are increasing the amount that we make available for withdrawal by checks not subject to next day availability from $225 to $275. In addition, the amount available for withdrawal on exception holds for large deposits and new accounts will increase from $5,525 to $6,725. The amount for determining a repeat overdraft will also increase from $5,525 to $6,725.
Consumer Overdraft Protection:
If you previously elected to receive Consumer Premium Overdraft Protection and your limit was below $500, your limit will be increased to $500, plus any Premium OD Fee(s). This change will be implemented gradually for all affected customers between July 1, 2025, and August 31, 2025. If you do not wish to continue receiving overdraft protection, please visit your local branch or contact us at (718) 326-6300 and we will discontinue the service. Please note that Consumer Premium Overdraft Protection does not apply to all transaction types. It is not a line of credit, but rather a discretionary service that we offer in order to pay an item when there are insufficient funds in your account to cover a transaction.
Fee Schedule:
We will be removing the Savings Withdrawal Limit Fee from our Business & Consumer Fee Schedules. Additionally, we are revising the Business Fee Schedule to reflect that the ATM Owner/Operator Cash Withdrawal Fee will now be assessed to ATM owners and operators on the first day of each month. For more information, or to receive a copy of the revised Fee Schedules, please visit our website or your local branch. If you would like a free copy mailed to you, call us at (718) 326-6300.
