New joint account opened, but only one of the owners has another established account. Can a new account exception hold be placed on the funds deposited in the new account?

Yes.

....Assuming you make the appropriate new account holds disclosure in the Funds Availability Policy disclosure for the new account.

John, could you clarify that?

I don't want to put words in John's mouth, but I believe he's talking about the fact that you specifically have to reserve the right to apply exception holds (including those for new accounts and the maximum days you may hold) in your Funds Availability Policy (FAP). If you have a FAP that does not mention such holds, then you can't apply them.

Doug, I could not have chosen better words, so you will hear no objection from Cape Cod.

I will add an example. If your bank uses only the disclosure model form C-1 language, you don't allow for new account holds. Therefore you cannot use them. But it you use wording from a different model form (C-2, for example), you're set.