Yes, there is a 1 hour reserve, but be very careful in deciding to do that... Never having problems in the past, I tried to switch a character name over to my primary account about a month ago, and when I went to recreate it after waiting 1 hour, it gave me an error message saying the name or part of it was not allowed in GW (like it was a bad word, which it wasn't). It seems I can no longer use any name with "rmt" in it, or something like that. GW support amounted to nothing. So I lost the name.
