Consumer complaint received 2022-07-12
Company: SYNCHRONY FINANCIAL
State: TX
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
On XX/XX/XXXX I talked with XXXX, XXXX. at Synchrony Bank XXXX  XXXX. re : their requirements to close a $ XXXX XXXX  XXXX ( before maturity with {$910.00} penalty for early withdrawal ). XXXX explained that they could easily " WIRE '' the $ $ to XXXX XXXX with " NO WIRE FEE '' because of our XXXX status, upon receipt of faxed IRA transfer docs from XXXX. She then provided her fax #. I also confirmed all the above info. with XXXX on XX/XX/XXXX ... .so this was confirmed " twice '' with Synchrony! 

On XX/XX/XXXX I uploaded & sent all " XXXX XXXX. '' transfer docs. to XXXX, provided Synchrony 's fax # and instructions to request XXXX. to " wire '' funds back to XXXX. 

On XX/XX/XXXX XXXX faxed prev. signed transfer docs. ( ALONG WITH XXXX XXXX XXXX WIRING INSTRUCTIONS ) to Sync. with " SEPARATE WRITTEN INSTRUCTIONS TO WIRE THE $ BACK TO XXXX UPON CLOSING OF THE CD. This has been verified. On XX/XX/XXXX Synchrony closed my CD for {$260000.00} ( after penalty ) AND " MAILED THE CHECK!! '' Over ( XXXX ) weekends and a holiday the check was finally received by XXXX on XX/XX/XXXX. 

Now the reason I requested docs be sent via fax to XXXX. and $ $ wired back to XXXX was because I was increasing my rate of return from XXXX. 's .70 % to XXXX 's 2.95 % on over $ XXXX. I was obviously trying to minimize the " float time '' this $ $ would be in transit not earning any interest. 

XXXX 's policy on " received funds '' is I get " instant credit '' to invest when funds are wired ... ... but if a check is sent they will put a " hold '' on the funds for up to ( XXXX ) days! Do the math and the ( XXXX ) day hold XXXX the ( XXXX ) day mail time is ( XXXX ) days that the $ XXXX was not earning interest! My math tells me that this equates to appx. {$400.00} in lost interest earnings. 

On XX/XX/XXXX, after learning that Synchrony " DROPPED THE BALL '' AND MAILED THE CHECK INSTEAD OF WIRING IT '' I phoned XXXX at XXXX. in the IRA Dept. to ask for a stop payment be issued on the ck. they had mailed on XX/XX/XXXX and for the $ $ to be wired as prev. requested by XXXX. XXXX said a stop pmt. would require a ( XXXX ) day hold AND he saw no note from XXXX requesting the $ $ be wirred in the first place. After further discussion he DID confirm XXXX 's instructions " requesting a wire '' and said ... ..SORRY, I DON'T MAKE THE RULES. 

XXXX then sent a detailed email to XXXX and then transferred me to XXXX, his XXXX. in the IRA Dept. XXXX told me ( XXXX ) different times in the conversation he did not see where XXXX had requested a wire be sent. When I told him XXXX had just confirmed seeing it ... ... he immediately went into apololgy mode and said he didn't even read XXXX 's email NOR had he even thoroughly read the transfer docs. HE ALSO CONFIRMED HE SAW FIDELITIES INSTRUCTIONS TO WIRE THE $ $! He then put me on hold and went to his Mgr. XXXX XXXX for guidance. XXXX came back on the line about ( XXXX ) min. later and said XXXX XXXX said " TOUGH ''. Nothing she can do about it. I then asked to speak to XXXX XXXX Personally. 

She came on line and, without any back ground or not having thoroughly reviewed the XXXX docs told me she did not see XXXX instructions to wire the XXXX I told her ( XXXX ) of her employees had just confirmed these instructions and asked her for a {$400.00} concession for their error. She said she would run this issue up the flag pole and call back in a few days. 

XXXX XXXX called me back today to tell me there is nothing they are willing to do to compensate for their error. Further, she continued to deny seeing XXXX wiring instructions were on the transfer docs. Then, she finally admitted she saw XXXX note to wire $ but there is nothing they are going to do to remedy their error which cost me {$400.00}. 

I and my husband have been loyal customers for YEARS! This is sloppy customer service that has cost me several XXXX XXXX in lost interest revenue. 

XXXX IS QUICK TO HIT ME WITH THE EARLY WITHDRAWAL PENALTY BUT UNWILLING TO BEND TO CORRECT THEIR ERROR.

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 monetary relief