Consumer complaint received 2022-08-15
Company: SYNCHRONY FINANCIAL
State: CA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
On XX/XX/XXXX I contact Synchrony via phone to request that my CD be closed and acknowledged that an early withdrawal penalty would be assessed. On XX/XX/XXXX, the account was closed and transferred to a new account as requested. 

I accessed my account online to document the amount of interest paid and the penalty amount for my financial and tax records. I noticed that this information was missing from the account history and that the running history balance goes from {$70000.00} to {$69000.00} without any transaction in between. The difference of {$220.00} is probably the interest paid and penalty assessed but without these being detailed in the transaction history, Im unable to determine and have no written record of it. 

I contacted Synchrony Bank at their XXXX number several times and could not obtain a response. The customer service representative made some manual calculations and provided an amount of {$10.00} interest and {$210.00} penalty but this info doesnt appear to be correct to me as the penalty amount of 6 months would seem to be higher. I asked that this issue be escalated on XX/XX/XXXX and a case # was provided to me ( XXXX # XXXX ). I was told I would receive a response in XXXX business days. I did not receive a response and proceeded to follow-up with several calls after that in which I kept being told that the issue was resolved although the account history was still missing the transactions. 

On XX/XX/XXXX I contacted the bank using the Contact Us form online and explained again what the issue was. On XX/XX/XXXX, I received a reply asking me to contact them via phone, which I did on XXXX/XXXX, only to have the customer service representative repeat that the issue was resolved. I asked to speak with a supervisor and was transferred to a person named Ever. I asked Ever to provide me with a written response via email or otherwise indicating the amount of interest paid and the amount of the penalty assessed but she said they couldnt do that either. I told them I would escalate this issue to their regulator and then she said to give her a couple of days to talk to her manager who would return the next day. 

Today, XX/XX/XXXX I received a voice mail from Ever asking me to call Customer Service. She was not available but I spoke to XXXX, a manager who said the bank would pass the recommendation that the history be corrected to the proper channels. When I asked for the information regarding interest and penalty amounts, I was told I would not receive anything in writing until a 1099-INT is issued for the account in XXXX. 

Synchrony Bank has been unable and unwilling to provide important account information that is missing from the system of record that I as a consumer rely on for accurate information regarding my account. This is unacceptable for a bank that I trust with my savings and undermine the trust that I placed on an FDIC insured bank. There is no reason why the bank cant send me a message or a letter detailing these amounts.

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