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Can Bank Hold Treasury Check?
My bank has put a nine day hold on my U.S. Treasury check because my account is considered new (under 30 days). Can they do this? We are military, and the account is new because we just moved here!
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 Yes, the bank may place a 9-day new account hold on a U.S. Treasury check, but only on the amount over $5,000, assuming the check is deposited in person to an account of a payee. You should receive access to the first $5,000 of the amount deposited by the morning of the first business day following the day of deposit. If there were other checks in the deposit, you should get $5,000 next-day access on the total of the so-called near-cash checks (Treasury checks, cashier's checks, traveler's checks, etc.).
Published on BankingQuestions.com 9/08/08
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