Checking or savings account -- Closing an account -- Complaint #7597861
Complaint Overview
Complaint ID: 7597861
Company: Synchrony Financial
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-Issue: Fees charged for closing account
State: California
ZIP Code: 94404
Date Received: 2023-09-24T12:00:00-05:00
Date Sent to Company: 2023-09-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Synchrony Bank has a shady practice of locking in customers in their CDs. When the CD is about to mature, they do not send any notifications but default renew the CD. When I ( user ) tried to cancel auto renewal of future CDs on their maturity date, I can not do so. The only way they allow this is to call them via phone 30 days before the day of maturity. Their online portal only allows to change the term of CD renewal ( duration and amount ) but does not provide the cancel renewal option. They auto renewed CD without notifying me and when I noticed and called them, they are saying I need to penalty to cancel the CD. Which I understand if I was canceling a CD that I created, however renewing my CD without notice, not giving me the option decide how my CD should mature ( renew or cancel ) ahead of time and then penalizing me for canceling my CD when I didn't intend is an unfair design practice and I would like Synchrony to honor my choices and limit when I can or can not withdraw my funds by making it very difficult to close the CD when they mature.
Frequently Asked Questions
What is Complaint #7597861 about?
Complaint #7597861 was filed against Synchrony Financial regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2023-09-24T12:00:00-05:00.
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 (Checking or savings account) 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.