I just moved to a new state and went to open a checking account. After ten days, the depositedcheck had not been credited to the account. When I questioned them, I was told that as a new person, they put the account on hold for fourteen days. I was not told this at the time. Is this legal?
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The disclosures given to you when you opened the account should have included information on the duration of holds that the bank can impose while your account is considered new (that status continues for thirty days following your first deposit). If the disclosure did not indicate that the bank could hold checks for an extended period, the bank's normal hold policies should apply to the deposit, or the bank should have given you a notice of delayed availability at the time you made the deposit.
If the bank's normal hold policy was in effect, fourteen days (ten business days) is more than the banking regulations permit for a hold.
Review the information you received with your new account package to see if there is a section in the bank's Funds Availability Policy disclosure that addresses New Accounts. If you don't see it, or if the duration of the hold detailed in that section is for less than ten business days, ask the bank how it can justify the current hold on your account based on its disclosures.
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The disclosures given to you when you opened the account should have included information on the duration of holds that the bank can impose while your account is considered new (that status continues for thirty days following your first deposit). If the disclosure did not indicate that the bank could hold checks for an extended period, the bank's normal hold policies should apply to the deposit, or the bank should have given you a notice of delayed availability at the time you made the deposit.
If the bank's normal hold policy was in effect, fourteen days (ten business days) is more than the banking regulations permit for a hold.