Bob Smith- existing checking account customer
Sally Smith- no existing relationship with the bank

Bob and Sally come in to open a joint account. Can the new account hold be used?

(2) An account is considered a new account during the first 30 calendar days after the account is established. An account is not considered a new account if each customer on the account has had, within 30 calendar days before the account is established, another account at the depositary bank for at least 30 calendar days.

The way I'm reading, "each" customer (both Bob and Sally) would have to be existing customers for a new account hold to not be applicable. Am I reading that right?

vi. If two customers that each have an established individual account with the bank open a joint account, the joint account is not subject to the new account exception. If one of the customers on the account has no current or recent established account relationship with the bank, however, the joint account is subject to the new account exception, even if the other individual on the account has an established account relationship with the bank.

Thanks Randy, should have kept reading!

That is why we at BankersOnline have interwoven the Official Staff Commentary (or Official Interpretations) into applicable sections of regulations that we have on our site. It is a reminder that the OSCs or OIs are integral to an understanding of the part of the regulation you are working with, and it is easily at hand, rather than in a separate (huge) document applicable to the whole regulation.