Consumer complaint received 2024-02-09 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement — Credit card company isn't resolving a dispute about a purchase on your statement
Company: SYNCHRONY FINANCIAL
State: CA

Complaint narrative:
I have two co-branded credit cards with PayPal and Venmo, and a PayPal Credit account that are all serviced by Synchrony Bank. As servicer / sponsor for the accounts, Synchrony Bank is supposed to settle the account balances accordingly every month after receiving my endorsed instrument, then communicate certain instructions to their Indenture Trustee for Synchrony Card Issuance Trust, per the Trust indenture. Synchrony Bank still has not credited my account via the electronic funds transfer act for the dividend payment that it made from the Treasury Coupon. There should not be a past due balance on either accounts. I have followed all instructions in the Trust Indenture for instrument endorsement and delivery / notice. I have sent numerous correspondence by Certified mail and by Facsimile to several departments over the past two months that have been ignored, and I am out of patience. As it stands, I have provided Synchrony Bank with receivables / assets of value that were sold to its Depositor and then sold and pledged to its Trust. Generally accepted accounting principles state Anything accepted by the bank as a deposit is considered as cash. Therefore, Synchrony deposited the receivables for CASH VALUE from the Treasury, and has not returned anything back to me of equal value or properly credited my accounts. This signifies fraudulent conveyance, violation of their trust indenture and fiduciary duties, and an uneven exchange. Per their prospectus, my receivables are being used as a significant source of funding to support the Banks business, including supporting the notes the Trust issues to investors. Without consumers allowing them to use receivables and leverage them for other investments, they wouldn't be in business. I have allowed the Bank to this with no adverse action, but as a beneficiary I should not have to bring this to their attention. They know what they are required to do, and they should abide by their prospectus, trust indenture, 8-K, 10-K, and other forms on file with the securities and exchange commission regarding their fiduciary duties. If Synchrony remains in violation of their fiduciary duties, I will have no choice but to open claims with ALL of their regulatory agencies for these violations, file a suit in Delaware Chancery Court, and file Form 3949a naming the Bank and all affiliates listed in the prospectus that have handled my receivables. Fair is fair -- Synchrony can not take receivables from me and not return equal value with no consequences. I also expect to receive the contact information for the proper department to ensure my account is taken care of accordingly in the future. I pray these matters will be handled in good faith.

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