Consumer complaint received 2017-06-03
Company: SYNCHRONY FINANCIAL
State: MI
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem when making payments
Sub-issue: Problem during payment process

Complaint:
Previous Complaints ( s ) - # XXXX The response by the Bank from my last complaint did not change the situation. The date of clearance of the payment to Synchrony Bank, by XXXX occured on X/XX/17. The payment was made, in full, before the due date of X/X/17 for {$500.00}. The payment was made via the Synchrony payment site, and presented that evening to XXXX, which cleared the ACH Debit, that night. <P/>The Fed has changed the law in which the time a bank has to clear a monetary transaction between financial institutions to 48 hours. It will change by the end of the year to 24 hours. XXXX already follows the Fed rule, which will be applied later this year, so they cleared it by the next business day. This rule was enacted by the Fed, in part, to control a bank 's ability to use float as a way to have a reserve of dollars to fund other bank activities, such as making loans with float funds. <P/>I had to call Synchrony customer service on X/XX/17 to request the credit be restored. That is the first date in which, only by calling them, would they release the funds. <P/>Per the last response by the Bank for the complaint filed on X/X/17 by me, I followed their instructions to the tee. I left a message for XXXX XXXX on Thursday, X/XX/17, which was not requested, but as a safety gap. I faxed the materials requested by Synchrony on X/XX/17 as outlined in their response to my complaint. <P/>I did not receive a return call from XXXX XXXX until X/XX/17. The funds had been released earlier in the day before XXXX XXXX called due to the call I made to their customer service area a few hours before. <P/>From my understanding their response to my complaint was to credit my funds the day after they were paid by my financial institution, XXXX. <P/>I worked at the XXXX XXXX as part of the XXXX XXXX for some time, and the response as to why the payment does not result in making available the payment to my available credit is not correct. <P/>XXXX XXXX during our call on X/XX/17 stated that Synchrony was not prepared to change their float policy at this time. <P/>The reasons stated, a stop payment could be made, XXXX would not stop payment on a debit that has already cleared, their system would prevent that. If by chance they made a mistake, that would be their loss. Fraud was also mentioned. Fraud would have to be detected by XXXX before they paid Synchrony, again, if that is not accomplished by XXXX, it it the responsibility of XXXX 's fraud department to resolve the issue. If they do not/ can not resolve the issue, then they are responsible to charge THEIR fraud account, not Synchrony. <P/>Either Synchrony Bank does not understand Fed policy, or they choose not to. <P/>This is a float issue, plain and clear. <P/>If the CFPB can not resolve this issue with Synchrony Bank, which is to, after one business day, have my available credit reflect the payment I made, then at the very least CFPB should update their information resource database which consumers can view, to clearly state that Synchrony Bank does make the payment a consumer has made on their credit card account in a timely manner. All major banks credit a payment to a consumer 's credit card balance no later than 48 hours after receipt. With a large number reflecting the payment as it relates to available credit, within 24 hours. <P/>CFPB, if Synchrony Bank will not expedite the crediting of my payment as it relates to available credit in a timely manner, then forward to me the link, from your database that clearly spells out this policy to consumers so they can make an informed decision in deciding on which credit card to apply for. <P/>I look forward to a timely response due to the length of time this complaint was originally made and is still not resolved. <P/>Attached are screen shots of when the payment was made on the Synchrony payment site and a shot of my XXXX account as it relates to the day it was paid. Both documents are in the file attached. There is only one file with both statements in it. One from XXXX and One from Synchrony. <P/>Regards, XXXX XXXX XXXX XXXX

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