Synchrony Bank Complaints and Financial Services

Synchrony Bank has a wide range of financial services, including credit cards, personal loans, and home loans. Their credit cards are popular due to their rewards programs and low interest rates.

Many customers have reported being satisfied with Synchrony Bank's customer service, with some even praising their online banking platform as user-friendly. However, some customers have experienced issues with their accounts being frozen or having trouble getting help from customer service.

Synchrony Bank is one of the largest issuers of credit cards in the US, with over 70 million active cards in circulation.

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If you've been contacted by Synchrony Financial or Synchrony Bank, you need to know your rights before responding. Synchrony Bank offers consumer credit through retailers and banks, but their in-house collections and billing departments have received consumer complaints alleging financial crimes.

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The Fair Debt Collections Practices Act (FDCPA) regulates collection agencies, prohibiting actions like using abusive or threatening language, harassment, or false information to collect a debt. This law provides individuals with a means to seek monetary damages in court.

You can recover damages of up to $1,000, plus attorney fees and court costs, if you've been violated by a collection agency under the FDCPA.

Synchrony Bank has faced a significant number of complaints over the years. The Consumer Financial Protection Bureau (CFPB) has logged over 3,100 complaints against Synchrony Financial since March 2015.

Most complaints were about billing and collection issues, but also included complaints about advertising and customer service. The Better Business Bureau (BBB) lists 4,819 complaints closed in the past three years, with 1,397 closed in the past 12 months.

A staggering 815 out of 865 customer reviews are negative. Justia lists at least 35 cases of civil litigation that name Synchrony Financial as a defendant.

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Synchrony Bank has been sued in court for alleged violations of the Fair Credit Reporting Act (FCRA). In one case, a plaintiff claimed that Synchrony's financial activities constituted defamation of character.

The plaintiff alleged that Synchrony had improperly opened a line of credit in their name and reported negative information about account repayment to credit reporting agencies. Synchrony argued that the FCRA protected them from defamation claims.

Synchrony Bank's payment systems allow for real-time transactions, enabling customers to make payments online or through the mobile app.

Synchrony Bank's online platform is designed to provide a seamless experience, with features like automatic payment reminders to help customers stay on top of their payments.

Synchrony Bank's customer service team is available to assist with any issues or concerns, offering support through phone, email, or online chat.

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Synchrony Bank is an online-only bank that offers a range of features to its customers.

One of the notable features of Synchrony Bank is its account types, which have a minimum deposit requirement of $0. This means you can open an account with no initial deposit.

Synchrony Bank also offers fee-free ATM access at ATMs with Plus or Accel logos. However, you'll incur a $5 per statement cycle fee for out-of-network ATM usage.

You can deposit checks remotely using the mobile app, but cash deposits are not available. Customer service is available via phone at 1-866-226-5638, with hours of operation from Monday to Friday 8 AM to 10 PM (ET) and Saturday to Sunday 8 AM to 5 PM (ET).

Synchrony Bank's mobile app is available for both iOS and Android devices. You can also access your account online through the web/desktop interface.

The bank is FDIC-insured, with certificate number 27314, which provides protection for your deposits up to $250,000.

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Fees can be a major concern when it comes to banking, but Synchrony Bank has got you covered. There are no fees to open any Synchrony Bank account and no monthly fees.

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If you initiate a wire transfer, you'll be charged $25. Receiving wire transfers, however, is free. ATM use is also free for high-yield savings and money market accounts at ATMs displaying the Plus or Accel logos.

Synchrony Bank will even refund out-of-network ATM fees up to $5 per statement cycle. This can be a huge help if you need to withdraw cash from an ATM that's not part of their network.

There are penalties for early principal withdrawals from CDs, however. The penalties vary depending on the term of your CD. Here's a breakdown of the penalties:

Earned interest can be withdrawn without penalty, which is a nice perk. Just keep in mind that early withdrawals may still incur penalties.

Reviews of Synchrony Bank have been mixed, with some customers expressing frustration with their experiences.

Many reviewers have reported difficulty in resolving issues with Synchrony Bank's customer service.

Some customers have complained about the bank's strict policies and lack of flexibility when it comes to account management.

Others have praised the bank's mobile app for its ease of use and convenience.

Reviews on the Better Business Bureau (BBB) website have also highlighted issues with customer service, with many reviewers expressing disappointment with the bank's responsiveness to complaints.

One reviewer on the BBB website noted that it took several weeks to resolve a simple issue with their account.

Some reviewers have also complained about the bank's fees, which they feel are excessive.

On the other hand, some customers have reported positive experiences with Synchrony Bank's customer service team.

One reviewer praised the bank's customer service team for going above and beyond to resolve a complex issue.

Reviews on the Consumer Financial Protection Bureau (CFPB) website have also highlighted issues with Synchrony Bank's customer service, including long wait times and unhelpful representatives.

Some reviewers have also noted that Synchrony Bank's website and mobile app can be difficult to navigate, especially for those who are not tech-savvy.

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Synchrony Bank complaints often involve debt collection practices that can be abusive or harassing. You have rights under federal laws like the Fair Debt Collections Practices Act (FDCPA).

The FDCPA prohibits actions like using abusive or threatening language, harassment, or false information to collect a debt. If you've been violated, you can recover damages of up to $1,000, plus attorney fees and court costs.

To enforce your rights, you'll need to sue, but be aware that you have a right to seek monetary damages in court.

You can file a claim against a creditor for violations of the Fair Debt Collection Practices Act, which includes harassment, false statements, and unfair practices.

The statute of limitations for filing a claim varies by state, but most states have a three-year time limit.

To file a claim, you'll need to gather evidence of the creditor's wrongdoing, such as letters, emails, or phone records.

The court will review your claim and may order the creditor to pay damages or stop collection activities.

Some common claims include suing for emotional distress, punitive damages, or actual damages from the creditor's actions.

The court may also order the creditor to pay your attorney's fees if you win the case.

If you're unsure about the process or need help gathering evidence, consider consulting a consumer protection attorney or a non-profit credit counseling agency.

Debt collection rights are protected by federal laws, including the Fair Debt Collections Practices Act (FDCPA), which prohibits abusive or threatening language, harassment, and false information.

The FDCPA allows consumers to recover damages of up to $1,000, plus attorney fees and court costs, for violations.

Synchrony Bank's savings and CD interest rates are highly competitive. However, its money market account (MMA) APY is just so-so.

If you're looking for a place to reap the rewards of a high yield savings product, Synchrony Bank is a worthwhile choice. It's not always the highest rate, but it's typically pretty close.

But if you want to handle all of your banking needs in one place, then Synchrony Bank won’t be a good fit. It doesn't offer any checking account products and has no branch locations.

Here are the key differences to consider:

Synchrony Bank's savings and CD interest rates are highly competitive.

Its money market account APY is just average, not standing out from the crowd.

Synchrony Bank doesn't offer any checking account products, so you'll need to look elsewhere for a one-stop-shop for all your banking needs.

Synchrony Bank's savings and CD interest rates are highly competitive, making it a great option for those looking to grow their savings or earn a high return on their investments.

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Synchrony Bank is a solid option for those looking to store their savings in a separate place with high-yield opportunities. It's not always the highest rate, but it's typically pretty close.

The lack of a full-service option can be a major drawback for some. If you want to handle all of your banking needs in one place, then Synchrony Bank won't be a good fit.

Here are some key limitations to consider:

Ultimately, Synchrony Bank is a worthwhile choice if you're willing to sacrifice some convenience for high-yield savings.

Synchrony Bank customers can deposit checks on the go by simply uploading them via the Synchrony Bank mobile app.

Unfortunately, Synchrony Bank customers can only make withdrawals at ATMs, and cash deposits may be possible through a third party, but this isn't explicitly mentioned on the bank's site.

No cash bonuses are currently being offered by Synchrony Bank for new accounts.

Synchrony Bank acquired PayPal's consumer credit receivables portfolio in 2018, which totaled $6.9 billion, and became the exclusive issuer of PayPal Credit in the U.S. through 2028.