Consumer complaint received 2022-12-15
Company: SYNCHRONY FINANCIAL
State: IL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement
Sub-issue: Credit card company isn't resolving a dispute about a purchase on your statement

Complaint:
SYNCHRONY Bank corporation has completed a consumer credit transaction with myself and refuses to comply with the laws that are in place for consumers. I have attempted to resolve this matter respectfully and in good faith with an end result denied my rights as a consumer. It is also brought to my attention there has been a credit balance on my account yet has not been given to me within the 6 months time frame since the beginning of my account. This has been deemed security fraud based on the security exchange act of 1934. There also is a CURRENT credit balance however SYNCHRONY BANK is asking for payments using debt notes. 


15 U.S. Code 1666d - Treatment of credit balances Whenever a credit balance in excess of {$1.00} is created in connection with a consumer credit transaction through ( 1 ) transmittal of funds to a creditor in excess of the total balance due on an account, ( 2 ) rebates of unearned finance charges or insurance premiums, or ( 3 ) amounts otherwise owed to or held for the benefit of an obligor, the creditor shall ( A ) credit the amount of the credit balance to the consumers account ; ( B ) refund any part of the amount of the remaining credit balance, upon request of the consumer ; and ( C ) make a good faith effort to refund to the consumer by cash, check, or money order any part of the amount of the credit balance remaining in the account for more than six months, except that no further action is required in any case in which the consumers current location is not known by the creditor and can not be traced through the consumers last known address or telephone number. 

a ) In general Payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligors account as specified in regulations of the Bureau. Such regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligors payment in readily identifiable form, by XXXX XXXX on the date on which such payment is due, in the amount, manner, and location indicated by the creditor to avoid the imposition thereof. 

15 U.S. Code 1666c - Prompt and fair crediting of payments ( ( Pub. L. 90321, title I, 164 ) Term : finance charge Information required by this subchapter shall be disclosed clearly and conspicuously, in accordance with regulations of the Bureau. The terms annual percentage rate and finance charge shall be disclosed more conspicuously than other terms, data, or information provided in connection with a transaction, except information relating to the identify of the creditor. Except as provided in subsection ( c ), regulations of the Bureau need not require that disclosures pursuant to this subchapter be made in the order set forth in this subchapter and, except as otherwise provided, may permit the use of terminology different from that employed in this subchapter if it conveys substantially the same meaning. 

a ) In general Payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligors account as specified in regulations of the Bureau. Such regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligors payment in readily identifiable form, by XXXX XXXX. on the date on which such payment is due, in the amount, manner, and location indicated by the creditor to avoid the imposition thereof. 


( b ) Application of payments ( 1 ) In general Upon receipt of a payment from a cardholder, the card issuer shall apply amounts in excess of the minimum payment amount first to the card balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted.

15 U.S. Code 1666i - Assertion by cardholder against card issuer of claims and defenses arising out of credit card transaction ; prerequisites ; limitation on amount of claims or defenses a ) Claims and defenses assertible Subject to the limitation contained in subsection ( b ), a card issuer who has issued a credit card to a cardholder pursuant to an open end consumer credit plan shall be subject to all claims ( other than tort claims ) and defenses arising out of any transaction in which the credit card is used as a method of payment or extension of credit if ( 1 ) the obligor has made a good faith attempt to obtain satisfactory resolution of a disagreement or problem relative to the transaction from the person honoring the credit card ; ( 2 ) the amount of the initial transaction exceeds {$50.00} ; and ( 3 ) the place where the initial transaction occurred was in the same State as the mailing address previously provided by the cardholder or was within 100 miles from such address, except that the limitations set forth in clauses ( 2 ) and ( 3 ) with respect to an obligors right to assert claims and defenses against a card issuer shall not be applicable to any transaction in which the person honoring the credit card ( A ) is the same person as the card issuer, ( B ) is controlled by the card issuer, ( C ) is under direct or indirect common control with the card issuer, ( D ) is a franchised dealer in the card issuers products or services, or ( E ) has obtained the order for such transaction through a mail solicitation made by or participated in by the card issuer in which the cardholder is solicited to enter into such transaction by using the credit card issued by the card issuer.

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