Synchrony Financial Bank Account Or Service Complaint

Synchrony Financial Bank account or service department,

Other bank product/service Account opening, closing, or management Michigan

On - -, I opened an account with Synchrony Bank with the intention of purchasing several CDs. I gave the information for the transfer from my checking account at my local bank of $50000.00. On - -, Synchrony made an automatic withdrawal not once, but twice, for a total of $100000.00, obviously causing my local checking account to be overdrawn. Synchrony returned $50000.00 on - -, but then quickly withdrew another $50000.00 the next day! After dozens of phone calls and speaking with Supervisor - -, nothing was done in spite of - , - assuring me every day that $50000.00 would be wired to my local account each day to correct their error. In the meantime, my local checking account was overdrawn and accruing overdraft fees.


and that my Synchrony account be closed. The Synchrony agent, -, informed me that the account could not be closed because they had a policy that no funds could be withdrawn from new accounts for 45 days! I let her know I was recording the conversation and would add that information in my complaint to CFPB. That threat seemed to have some effect. At -, a - from Synchrony called to say the $50000.00 over withdrawal error would be wired that evening to my bank. I also said I wanted to close the account due to the bank 's ineptness. I let her know I was recording the conversation. When questioned about the " policy '' of money from new accounts being on hold for 45 days, there was a long pause before - - stated that was not correct and my origainal $50000.00 would be returned in three to five business days. It was. This complaint was resolved, however I think it is important that CFPB be aware of such unorthodox behavior on the part of Synchrony bank. I have documentation as well as taped phone conversations if you need it. I am sure it was resolved ONLY because of the mention of CFPB, so thank you very much for that. Sincerely, -