Consumer complaint received 2025-01-18 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: SYNCHRONY FINANCIAL
State: FL

Complaint narrative:
On on XX/XX/XXXX, Synchrony mailed a check for {$54000.00} from my IRA Money Mkt acct at Synchrony Bank to a requesting institution, i.e., XXXX, that I had authorized for transfer to a rollover IRA at that secondary institution. A day later, Synchrony closed my accnt. That check was made out incorrectly ( this was finally admitted in a taped conversation with a senior person at Synchrony 's back office escalation yesterday, I was on the call XX/XX/XXXX, as was a representative from XXXX on a recorded line. Therefore, I have lost the use of the funds, including investment opportunity loss, interest and have no confidence that the funds will not be lost again. since their excuse is " it's in the mail '' .. .Your review of the recorded conversations with Synchrony 's IRA back office, prove the extent of the incorrect and perhaps intentionally misleading information I received from them on numerous occasions during this period. During at least XXXX recorded conversations with their IRA back office, escalation and finally a senior person from Synchrony 's back office, they admitted their mistake yesterday, XX/XX/XXXX. This entire time, since XX/XX/XXXX, Synchrony had use of the funds for their own purposes. Since XX/XX/XXXX, my {$54000.00} has not appeared on a single statement or communication from Synchrony even though the check was eventually returned to them in early XXXX, I believe. In the interim, I believe that Synchrony has use of my funds, and based on back office practice, earned interest on my funds as well as overreported their reserves to the Fed. Yet they continuously gave me mis-information and even though they agreed to wire the funds when the returned check was finally located at Synchrony and even though they opened a new IRA money mkt account in my name on XX/XX/XXXX XXXX so they had an account to receive the funds into. Without my knowledge, some time last week, they stopped the original check, ignored very specific wire instructions and mailed a new check to XXXX and now it is lost somewhere between Synchrony and XXXX for the second time. During this entire time, Synchrony has not updated my records regarding the funds anywhere in any of my statements, so as far as I can ascertain, the funds are again in limbo, having been mailed and I have only the recorded conversations to prove Synchrony 's misinformation, mistakes and carelessness in handing my IRA funds. I believe in their mis-handling of my inquiries and complaints, as been to some degree intentional, and perhaps their own business practices, since they have ignored by requests, refused to expedite the transfer of my funds to my IRA acct XXXX XXXX even though their mistakes have delayed this transfer for more than a month. I also believe they intentionally refused to register the return of my funds at Synchrony so no audit trail was recorded to enable them to obscure their mistakes.

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