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We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

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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?


A bank or credit union is permitted to place a longer hold on deposits for new accounts. 

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.

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The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.