There is a time delay of 12 hours between creating characters. This goes into effect on 2/28/2017.
You can create one (1) account every 12 hours, per account.
If you try to create an account before the timer expires, it will RESET the time for another 12 hours.
There is a well known exploit where people create characters, take the cash, and then delete the character. If they do this multiple times, you can acquire quite a bit of starting cash.
This is against the policy and you risk your entire account(s) being banned.
The 12 hour cool-down duration is effective in dissuading this behavior.
Please also read this article on the character and account creation policy: