Consumer complaint received 2025-06-06 00:00:00
Product: Credit card — Store credit card
Issue: Closing your account — Company closed your account
Company: SYNCHRONY FINANCIAL
State: MI

Complaint narrative:
I have been going back and forth with Synchrony Bank in relation to my Amazon Store Credit Card ending in XXXX for the past year or more in relation to the account, agreement, and balance they claim that I owe them and most recently they decided to close my account for unclear reasons. In the most recent letter that I sent them, I made it clear that BY LAW, I don't owe them any money that they claim that I do, and I am/have requested pertinent information from them to prove that I actually do owe them but they refuse/ignored all requests of this information. 

Being that Synchrony Bank is a member bank of the Federal Reserve System, they are active participants of the BIC ( Borrower-In-Custody ) program, and receive funding directly from the Federal Reserve Discount Window to fund borrower 's accounts for whatever related products customers are approved for ; whether that be for credit cards, loans, mortgages, etc. In my case, it is for the Amazon Store Card. I have been disputing the balance on my card non-stop because payment has already been made in full from jump pursuant to the Federal Reserve Act. In retaliation of this, Synchrony Bank decided to close my account.

Synchrony Bank has violated several Federal Laws, acted in bad-faith as well as conducted deceptive banking practices and constructive fraud. By not providing me with clear and conspicuous information regarding my account that I'm requesting such as the proof of funding/ full accounting, the paper trail that's connected with my credit application originally submitted at the beginning to open this account of all transactions that took place to know exactly how my credit worthiness was determined, any assignments, transfers, or monetizations of said credit application, and also showing proof that they loaned me MONEY, i.e. valuable consideration, and not Federal Reserve Credits, which all of this information I am entitled to know as the owner of this account which Synchrony Bank has an obligation to disclose such information pursuant to the TRUTH IN LENDING ACT, is evidence of fraud by concealment on their part for not disclosing this information. 

In Synchrony Bank 's Resolution Plan, it makes it clear that they receive their funding sources directly from customer 's deposits, as well as through securitization, fractional reserve banking, as well as the XXXX XXXX so they can't deny that they don't engage in these practices as they are a direct member of the Federal Reserve System.

I am requesting that my account immediately be reopened without any penalties, limitations, and/or restrictions moving forward. I'm also requesting that my balance gets XXXX  out indefinitely along with a {$25000.00} credit limit each month for their fraudulent business and banking practices.

The contract in relation to my Amazon Store Card by Synchrony Bank has been " XXXX XXXX XXXX ''. Once I submitted my Credit Application and it came back approved, I have already settled any and all obligations Synchrony is claiming that I could potentially owe them because my credit application represented the " collateral security '', aka payment tendered in FULL for this consumer credit transaction. Synchrony can't claim they have suffered any losses or damages because the revolving loan didn't come out of any of their direct assets ; it came directly from the Federal Reserve Discount Window as the application was the collateral to receive the credit for the account. 

I'm hoping this can be resolved through here, but if not, I will have no choice but to take further legal action, whether that be via arbitration or even through a court of law with proper jurisdiction.

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