Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #6620314
Complaint Overview
Complaint ID: 6620314
Company: Synchrony Financial
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Other transaction problem
State: Maryland
ZIP Code: 21227
Date Received: 2023-02-26T12:00:00-05:00
Date Sent to Company: 2023-02-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
BEWARE OF SYNCHRONY BANK On XX/XX/XXXX, I invested {$100000.00} at 4.6 % interest with Synchrony. This transaction was verified with my bank. The agent told me the transaction was complete. Weeks later I received a letter dated XXXX XXXX that indicated I had to complete the process. On XXXX XXXX, I spoke with XXXX. She told me that Synchrony was in error since the transaction had been verified. She asked if I still wanted the investment. I told her yes, if it would be backdated to XX/XX/XXXX. I told her I would also increase the amount to {$200000.00}. She said she would call me personally within three days to confirm. She did not. Instead, I received an email stating that the money had been withdrawn from my bank and invested in Synchrony. On XX/XX/XXXX I spent about 70 minutes either speaking with an agent that could or would do nothing, and then on hold for a so-called supervisor. Finally, an agent told me that XXXX had to return my call in 3 days. I told her it had been 7 days, She used all kinds of excuses explaining how 7 days does not equal three business days. She said XXXX was still waiting for an answer before calling me. Of course, I never heard from her or anyone else from Synchrony again. Then she tells me that the investment was denied. What kind of a company makes a mistake on an investment, and instead of correcting their errors and apologizing, they just cancel the entire transaction? I have never received an email or letter indicating my {$200000.00} had been transferred or cancelled from my bank.
Frequently Asked Questions
What is Complaint #6620314 about?
Complaint #6620314 was filed against Synchrony Financial regarding Money transfer, virtual currency, or money service specifically about Other transaction problem. It was received by the CFPB on 2023-02-26T12:00:00-05:00.
How did Synchrony Financial respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Synchrony Financial?
Yes, visit the Synchrony Financial company profile at readthecomplaint.com/company/synchrony-financial to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.