Synchrony Financial Bank Account Or Service Complaint

Synchrony Financial Bank account or service department,

Other bank product/service Making/receiving payments, sending money Illinois

My mother, the owner of an IRA at Synchrony Bank passed away on - -, -. As the executor of the estate of my mother, I contacted Synchrony Bank on - -, - and informed the representative of her passing. The representative indicated that a copy of the death certificate would be required to cancel the Required Minimum Distribution ( " RMD '' ). I explained that the death certificate had not been finalized and stressed that a RMD should not legally be made to a deceased person. The representative checked with their supervisor and confirmed that they would be able to put a stop on all future RMDs without having a copy of the death certificate. On - -, -, I mailed via certified mail an original death certificate, a copy of the will and a copy of my driver 's license. Synchrony Bank received this package on - -, - pursuant to the tracking information received from the United States Post Office.


This check was issued in error. It must be voided and the funds returned to the IRA account of my deceased mother. Failure to do so will cause this amount to be classified as an IRA distribution for me. This will result in a taxable event and financial harm to me as beneficiary of the IRA. Dealing with Synchrony Bank during this difficult time has been - of the most horrible experiences of my life. The incompetence at this institution and their inability to update their system properly to avoid mishaps is staggering. Since - -, -, I have contacted Synchrony Bank by phone 10 times to resolve several issues. I have sent in multiple documents only to be told on several occasions that they did not receive them. Synchrony Bank has refused to work with me directly to manage the creation of the inherited IRA accounts for my siblings, even though I am the executor of the estate. I have had to micro-manage their staff to ensure that they follow through on the promises they have made over the phone. All of this communication has taken place yet my mother 's accounts are still not resolved and errors continue to be made by Synchrony Bank. The amount of time required to resolve these issues has been unacceptable and extremely stressful. I can only assume that they have no interest in resolving matters quickly since it will mean the loss of a significant amount of money from their institution. Purposeful delay to retain account balances under the guise of incompetence is still unethical.