Do banks put restrictions on newly opened bank accounts such as not allowing wire transfers right away.?

Answer 1

It depends..if you opened the account with cash, there would be no restriction, unless it was a huge amount you wanted to wire transfer (money laundering)

If you opened an account with a cheque, or bank draft, or money order, or bank transfer, they definitely would have it held back until everything cleared through the system.

Answer 2

When you open the account,make sure you read the fine print on the contract BEFORE you sign. Also,the reason for the restriction is to watch for money laundering .