You are quoting sec. 229.12(b)(2) -- it's helpful to know the context of such quotes -- which allows you to delay availability of non-qualified next-day checks until the 2nd business day. Such would be the case if the Treasury check is deposited by someone who is not a payee on the check.
Whether or not you can hold funds from such a check until the 7th BD will depend on whether you have circumstances allowing you to place an exception hold on the check. Assuming you have a Treasury check deposited by other than a payee, and the account is a new account, it won't be subject to the requirement that the first $5000 be available the next business day (it's not a next-day check), and could be held for whatever period your new account disclosures say.
The redeposited check hold would clearly not apply, but in addition to the new account exception, you could use the repeating overdraft, large deposit, and, in some situations, reasonable doubt exception reasons to impose an exception hold and delay availability until the 7th BD.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8