Here at my bank, we are having a discussion on putting holds on cashier checks that are deposited to open a new account. My understanding of the reg is that you have to make available $5,000. by the next day. Anything over that can be held for 9 additonal days. Now, I am being told that since it is a new account, you can put a new account exception hold on the full amount based on it being local or non local check for either the 7 or 9 days. I don't think that is correct. Can someone clear this up. Thanks

229.13(a)(1)(ii) The first $5,000 is subject to next day availability - the remainder can be held for 9 days.