Last week I deposited a large sum with Rabobank in a two year CD and opened a required checking account with $1000. Yesterday I received notice by mail that most of my deposit in the CD was being held for thirteen days and all of my checking was being held for fifteen days. They did not disclose this at the time of my deposit. Their reason for this was that the accounts had not been open for thirty days. Is this legal?
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Yes, they are essentially waiting for the checks you deposited to clear for your balances earning interest, that will still accrue. Many institutions don't assess the account at the time it is opened or that the deposit was made, and do this after the fact. They can notify you the next day about this hold. Be aware that future deposits are subject to similar rules. That is, a large deposit can be held. The time of the hold depends on where you are in relation to from where the check is paid, and the types of checks you deposit.
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Yes, they are essentially waiting for the 