Consumer complaint received 2023-08-11
Company: SYNCHRONY FINANCIAL
State: ID
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Problem accessing account

Complaint:
I had a prior issue with Synchrony Bank ( SB ) wherein a representative disclosed to me by telephone, for my High Yield Savings ( HYS ) account, the annual percentage yield ( APY ) and the interest rate ( APR ), but that then a different and lower interest rate was paid on my savings account. This event was verified subsequently by SB though a ( telephone ) call review, and SB paid a concession credit to my account. 
In part to receive documentation of the current rate, I requested an account disclosure for the High Yield Savings account from SB on XX/XX/XXXX. I received instead a single-page letter, which would more properly be called an account statement for my own account, only giving the account ownership, account number, account type, date of account opening, current account balance, and the annual percentage yield, noting that the information was accurate as of the date of the letter. See the included copy of the letter. 
SB did not send to me what I recognize as an account disclosure, which would include both the annual percentage yield and the interest rate, using those terms ( Reg. DD ( XX/XX/XXXX ), XXXX. XXXX ), that the interest rate is variable and may change, the compounding frequency for interest, the balance computation method, a statement regarding when interest begins to accrue on noncash deposits, and any other pertinent disclosures as required by federal Regulation DD. I specifically requested a paper copy of the disclosure, asked for a full account disclosure for this account, and did specifically ask if both the APY and APR would be included. The representative replied, Yes, to that question. Not only was the interest rate not stated in the letter, neither were all of the other parameters, as required by Reg. DD. 
SB has changed the interest rate on its HYS account recently at least three times by such a small amount that the APY changes by only 0.01 % or even not at all ( as disclosed and rounded to two decimal places ), and has also published two different figures for the APY for the HYS accountsimultaneouslythat differ by 0.01 %, and has done this on at least two separate occasions. So knowing the actual interest rate gains importance, and their disclosure of the APY seems unreliable. Screenshots are included showing an APY of 4.50 % and 4.51 % ; note the time and date stamps. 
I asked again for an account disclosure on XX/XX/XXXX, and received a similar letter, which again did not disclose the required information, except for the APY. I spoke on XX/XX/XXXX with an account supervisor at length, and she did not even know what document SB had available that would satisfy the requirements of Reg. DD, except for possibly their Synchrony Bank Consumer Deposit Account Agreement, which describes most or all of their deposit accounts, and which does NOT include the APY or the APR. I did receive that document when I opened the account, but on XX/XX/XXXX, and on XX/XX/XXXX, I made specific requests for the current account disclosure, including the APY and the XXXX. 
Please assist, to encourage Synchrony Bank to recognize and follow standard and required banking procedures more consistently. My request particularly is that Synchrony Bank create, if they do not have one, and promptly provide an account disclosure when one is requested, and to calculate the APY by the prescribed formula to a single, unique figure.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation