Me and my financee set up an account at Austin Telco. We were told that our paychecks would not receive a hold because they came from Wal-Mart and that was a well known company. Our first deposit went fine, no holds, bills paid. We deposit our next paychecks and three weeks later rent is due.in order to pay our rent we have to write a check to the apartment. We wrote the check and gave to the front office. A week later we get a notice from the front office saying that our check didn't clear and was sent back along with a $179 fee because the rent is now dilinquent and because of the return check.
We get a letter in the mail saying that the check was denied because of a 10 day hold that was placed on our account, keep in mind that this check was deposited 3 weeks prior, and that the bank clearly stated we would received no hold for Wal-mart paychecks. We call the bank and talk to a staff member and they tell us that we are mistaken because every check is subject to a 10 day hold regardless of where it came from. We even tried to close the account, but they wouldn't let us because our money is still on hold!!! It is now almost a month since it has been deposited and it is now off hold. This is rediculous! Now because of this bank our credit with our apartments is bad and they refuse to even accept a check from us. We had to borrow the money from our parents in order to keep ourselves from being evicted. This is stupid! No bank should be allowed to do this. We work hard and pay our bills on time, and now our credibility is ruined. Thanks Austin Telco!
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