I opened a new checking account and my bank/credit union won’t let me withdraw my funds. Can the bank/credit union do this?

An account is considered new for the first 30 days after it was opened. The account would not be considered new if the account holder had another established account with the same institution.

Even if your account is not new, the bank or credit union can place a longer hold on deposits over $5,000. The first $5,000 of checks deposited in one day will generally be available no later than the second business day following a deposit. Everything above $5,000 must be available no later than the ninth business day following the banking day on which funds were deposited.

If you make a deposit after the cut-off time identified by your bank or credit union then it can treat the deposit as if it was made on the next business day.