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PENFED - No credit file/activity

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I joined PENFED a week or so ago and today I got a letter form them saying they were putting restrictions on my account due to:

 

No credit file/activity.

 

I searched for that term but I came up empty. They used EQ and my current EQ FICO 8 score is 601. My scores are creeping up slowly.

 

5 day hold for all deposits

5 day hold of Share Certificates or IRAs

ACH transfers not permitted, only direct deposit

 

I joined PENFED just to get my feet wet. What does No credit file/activity mean?

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16 hours ago, Shane said:

5 day hold for all deposits

5 day hold of Share Certificates or IRAs

ACH transfers not permitted, only direct deposit

The first one sounds standard for the first few weeks after opening a new bank account.

 

The second one makes no sense.  What are they holding? 

 

The third one sounds like something only a credit union would do.

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