Consumer complaint received 2026-01-14 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Problem with renewal
Company: SYNCHRONY FINANCIAL
State: PA

Complaint narrative:
XX/XX/year> Subject : Formal Complaint Improper Renewal of IRA CD Without Consent Account ending in # XXXX  To : Consumer Financial Protection Bureau ( CFPB ) : Please note that I have made several attempts to resolve the following issues with Synchrony. 

I am writing to formally object the handling of my IRA XXXX XXXX XXXX and plead for immediate corrective action. In addition, my account has been compromised numerous times in XXXX My IRA CD reached maturity on XX/XX/year> ( official holiday, banks closed ). I was informed by Synchrony Bank that there is a 10-day grace period following maturity during which changes may be made without penalty. Based on that information, I contacted Synchrony Bank on Saturday, XX/XX/year>. I was informed that the IRA team is not available on Saturdays or weekends. Therefore, I contacted them Monday, XX/XX/year>. 
During my call, I was told that because I did not contact the bank before the end of the grace period, the CD had already been automatically renewed into a three-year term. This outcome is both unreasonable and unacceptable for the following reasons : I was never informed that IRA representatives were unavailable to assist customers on some days within that grace period. Therefore, I had no reasonable opportunity to act on XX/XX/XXXX or XX/XX/XXXX prior to contacting the bank.

I did not authorize or consent to a three-year renewal of my IRA CD. I specifically planned to move these funds into a one-year IRA CD at the current rate of approximately 3.80 %. Locking my retirement funds into a three-year CD without my consent is not aligned with the information provided to me by Synchrony.

I spent 45 minutes on the phone XX/XX/XXXX, only to be told that the IRA team doesnt work on Saturdays. Then Monday ( I assumes someone would be available to help me. I waited more than two hours on the phone attempting to resolve this matter with customer service, including requests to speak with a supervisor- hence the prolonged period of time waiting. The first supervisor was unavailable and the second supervisor ( I requested ) was too busy to take my call. While I appreciate the professionalism of XXXX the representative who assisted me, the lack of escalation support was deeply frustrating. She assured me that a supervisor would return my call next business day. They did not. I waited all day and no one called. So that evening I called again and no supervisor was available to help me. On XX/XX/XXXX, I called again and spoke with supervisor XXXX from IRA department. She said she was unable to help me as well. Finally, I wrote a letter to the Synchrony Financial Board of Directors c/o Corporate Secretary via email stating what is written here. I have not received a response.

I do not know where to turn, therefore I am asking for your help.

I am requesting that Synchrony Bank reverse their unauthorized three-year renewal and allow me to transfer these funds into a one-year IRA CD, or otherwise move the funds without penalty.

In addition, my account needs to be protected against questionable individuals both within Synchrony Bank and other. Their lack of security and protection goes beyond Synchrony because Ive had to add additional protective measures on accounts I have at other banks due to their negligence.

Please know I appreciate any help you can provide. I hope for a resolution. Thank you for assisting me with this matter. 
Sincerely, 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