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Can a bank freeze a new account? |
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Yes. If the opening deposit is a check, they will probably not let you withdraw very much of it until the check has been accepted by the issuing bank. That could be overnight or a few days if the other bank is in the US, or several days if it is drawn on a foreign bank. If the deposit is a sight draft or other collection item, your account will not even be credited with the deposit until it has been collected. If you open the account with a cash deposit, the funds should be available immediately.
First answer by RoyR. Last edit by RoyR. Contributor trust: 3232 [recommend contributor]. Question popularity: 1 [recommend question]
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