Consumer complaint received 2015-07-06
Product: Bank account or service — (CD) Certificate of deposit
Issue: Account opening, closing, or management — 
Company: SYNCHRONY FINANCIAL (TX)

Synchrony Bank, with offices in New Jersey, held onto my matured CD for XXXX calendar days past the maturity ( XXXX/XXXX/15 ), even though I had notified them on XXXX/XXXX/15 that I wanted to cash out and have the funds sent by ACH transfer to my local bank, which they had on record. On the maturity date ( XXXX/XXXX/15 ), I again called to make sure that their " back office '' was paying attention to this order. I was told at that time that the " back office '' would not even begin to process the cash-out until the NEXT business day which was XXXX/XXXX/15. I called again on XXXX/XXXX/15 and was told that the request was " in process ''. I called again on XXXX/XXXX/15, as the funds had not been received AND my CD showed as renewed on their website. I asked to speak to a " supervisor '' on this call. After a few minutes on hold, the " supervisor '' came on the line and said that she had just spoken with the " back office '' about my case and that the funds would be ACH 'd out that day and in my bank " tomorrow '', XXXX/XXXX/15. I questioned her closely about the " tomorrow '' promise, as I had experience with their ACH process in the past and I would expect NOT " tomorrow '' but the next business day, XXXX/XXXX/15. The " supervisor '' doubled down on the " tomorrow '' promise. When I asked if that was her story, her answer was " that 's my story. '' Of course, she was WRONG, either lying or ignorant of their ACH process. I 've set up many ACH debits and credits in my business career. The batch date, transmission, date, and effective date are all in play, with the effective date as the date it 's hits the other bank account. This date can be set for the next day or even the next week. This is what these guys do to further delay the funds leaving their account. Also, if their transmission is too late in the day, then the actual effective date can not be the next day, simply because of the late transmission. The funds hit my account on XXXX/XXXX/15, as I had predicted while talking to the " supervisor ''. My CD still showed as renewed on their website until XXXX/XXXX/15, which was the ACTUAL DATE that they closed out the CD - XXXX days past its maturity. A brick-and-mortar bank must be prepared to cash out a matured CD on its maturity date. These guys do n't even think about it until the NEXT business day and they do n't actually do it for XXXX MORE days. If I had asked to cash-out XXXX days EARLY, they would have levied as substantial penalty on the pre-mature withdrawal. There are opportunity costs incurred by the customer ( me ) due to this bunch holding on to the funds after the maturity date, but they incur no penalty because they already have my money and will release it when they please. I suspect that all that I have described is part of their actual policy, not simply " bad luck '', since I was told about next business day processing and then repeatedly told that it was " in process '' when it was NOT. I have actual names given to me on each call to them and they supposedly record each call.