Consumer complaint received 2023-11-13 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Problem accessing account
Company: SYNCHRONY FINANCIAL
State: FL

Complaint narrative:
I opened my Synchrony accounts on XX/XX/XXXX of 2023 after I spoke with an agent both online and over the phone to review their account management regulations. I informed the agent that I would like to deposit {$50000.00} over the next month, and will require close to {$10000.00} in the first month to pay for an upcoming business expense. The agent said this shouldn't be an issue, and claimed that I am allowed to make both withdrawals and deposits in any amount up to {$250000.00} without any problems. However, ACH transfers could take XXXX business days, while wire transfers would take up to XXXX business days. I was told how they were known for their seamless transactions, and I should open an account right away to take advantage of their high APY rates they had at the time for their High Yield Savings account. 

On XX/XX/2023 - XXXX attempted to pay {$9000.00} from the total balance of approximately {$45000.00} from my account to my XXXX XXXX credit card, in order to pay for a business expense, as I notified Synchrony Bank in XXXX. 

After making the attempt to pay XXXX XXXX on XX/XX/2023, my account was frozen within the next few hours, and I was given restricted online access to my account to view the account activity, but was blocked from moving or accessing any funds whatsoever. 

I contacted Synchrony Bank immediately and spoke to an agent for XXXX minutes, to request that account restrictions be lifted, and to ask the reason for the account being frozen. They told me that they could not provide any information to me as only the back office had control over account accessibility, but that the account restriction will be lifted within XXXX business days, as that was standard procedure. I was told there is no way for the customer service agents, management or consumer ( me ) to be able to contact the back office as they have no phones. The agent informed me that a request to remove account restriction would be entered, and I should await the processing of the request. 

On XX/XX/2023 - I was told by all my linked institutions ( accounts linked from other banks to my Synchrony Bank account ) that Synchrony Bank removed all linked accounts and denied the transfer of {$9000.00} that was previously approved. This ensured that money can not be moved out of Synchrony, and any future payments I had set up on auto pay would be denied. I spoke with Synchrony customer service during a XXXX minute call, in which I was told that the account restriction would be lifted the next day. I was once again told that the agent has no idea why my account was frozen. I informed the agent that I lost a business deal due to their cancellation of my transfer request to XXXX XXXX, and so I would like to close my account, when it would be accessible the next day. The agent suggested that should be no problem to do so, but to move my funds all into one account, and transfer the money out via wire transfer if I am in urgent need of the funds ( as compared to an ACH transfer ), prior to closing the account. I was also told that I need to call customer service in order to request a wire transfer and closing of the account the next day. 

on XX/XX/XXXX morning, the account restriction was removed. I called Synchrony customer service at XXXX for a total of XXXX minutes, and requested the wire transfer of all my funds to my personal checking account with XXXXXXXX XXXX ( {$45000.00} ) and requested the closure of my account, as recommended by the customer service agent the previous evening. The agent on the phone informed me that the wire transfer had been completed and that my account would be closed, as per my request. He told me I could call back in ten minutes to double check that the account was closed. I called back at XXXX and over a XXXX minute call, was informed that the account closure was still in process, but that the wire transfer had been completed. I again called at XXXX XXXX for a period of XXXX minutes during which time I was informed that I should try back in a few hours, as the account closure request was still processing. In the late afternoon, I tried to log into Synchrony banking online to check the status of my accounts, and received a notification that my accounts were frozen, and my wire transfer was canceled by Synchrony Bank. Additionally, I now had XXXXero online access to my accounts, and was unable to get past the login screen ( where a number had been provided for me to call ). I called the given phone number at XXXX XXXX, for a total call duration of 46 minutes and spoke to two representatives. The first one told me she has had no idea why my account was frozen, and didn't understand why my wire transfer had been canceled, but that again, only the back office would know, and no one is able to contact them within the company. She told me the account restriction would be lifted in three days. I was transferred to another lady who told me that that she didn't know why my account was frozen, and connected me to the on call supervisor. The on call supervisor told me that her manager would be the only one who could contact the back office to try to find out why my account was restricted, but her manager was not available for the day. She said no one outside of her is available to speak to me, and that she had no ability to contact the back office. She also informed me that even though I have been told that the account restriction could be lifted again in 3 days, they reserve the right to freeze my account at their discretion for up to 60 days. She offered to have her manager call me back the next day ( on Friday XX/XX/XXXX ), and told me she sent an email to her manager to inform her of my situation and guaranteed I would receive a call back the next morning. 

I never heard back from anyone on XXXX XXXX XXXX. 

I called customer service again on XX/XX/XXXX, and over a ten minute call, I was told that they have no record of me requesting a manager to call me. Additionally, that the account restriction will be lifted by XX/XX/XXXX, as the agent put in a request to have the account restriction removed. 

The restriction was not removed. 

I called customer service on XX/XX/XXXX ( XXXX min call ), and explained the urgency of my situation and the lack of information being provided to me. The agent informed me that someone accessed my account from the back office on XX/XX/XXXX, and assured me that someone was working on my account. I was advised that three business days would be required to remove the account restriction, and to check again on XX/XX/XXXX. 

The restriction was not removed. 

On XX/XX/XXXX, I received an email that my account is active again. I attempted to log into my online banking, and was blocked once again. I called customer service and over a XXXX minute call, I was informed that the account restriction was not removed. She told me that the email was sent to me in error. However, she said she would speak to her manager and the back office to get me answers. I confirmed with her that the back office is able to be contacted by the manager, and requested that they tell me why my account has been frozen and what information do I need to provide to speed up the process of removing the account restriction. She informed me that someone from the back office was in my account working on it, and to call back the next day. 

The restriction was not removed. 

On XX/XX/XXXX, I called customer service to tell them that nothing had changed, I still had no access to my account in any way, and was not even being provided statements. They told me they couldn't provide any information, but that they would put in another request for account restriction to be removed, which I could check on the next day up to three business days later. 

On the same day, I received a letter in the mail that was dated XX/XX/XXXX, stating that they are conducting a review to verify recent activity on my accounts, and they have placed a temporary restriction on the Savings account until they can confirm the details for the activity. 

The restriction was not removed. 

On XX/XX/XXXX, I spoke to customer service for XXXX mins and explained that I received the letter, and would be willing to provide any information they wanted, to prove the activity on the account was legitimate. They told me they noted that I have been calling, and the account is being worked on by the back office and that I am not allowed to provide any information at that time, but that they were hoping it would be done by XX/XX/XXXX. 

The restriction was not removed. 

On XX/XX/XXXX, I called customer service for a total of XXXX mins, in which they said that the restriction would not be removed by the XXXX. However, they would enter a new request to have the restriction removed. Additionally, I was told that with XXXX XXXX weekend coming up, I would have to wait for three business days post XXXX XXXX, in order for the request to be processed. 

By XX/XX/XXXX, the restriction was not removed. 

I called on XX/XX/XXXX for XXXX minutes, to request a status check to see if anyone was still working on my account. They said no one was currently working on the account, but they could put in a request to remove the account restriction, so the back office will look at the request and continue working on it. I was told to check back in 3 days. 

The restriction was not removed. 

On XX/XX/XXXX, I spoke to customer service for a total of XXXX minutes. I was told by the representative that even though Ive been told XXXX business days multiple times, it is up to the discretion of Synchrony bank to freeze my account. I told them once again, I would provide any information necessary to prove my activity on the account was legitimate. I was told that no information was required from me, and that every time I call, they will reset the timeline, so that it the account can be frozen from XXXX to 60 days. Additionally, that Synchrony bank does not have to release my funds even after 60 days because it is written in their account terms that they can withhold access for any amount of time. I asked to clarify what that meant, and if it also meant that Synchrony Bank could withhold my funds from me indefinitely. The agent said I should wait 60 days, but that yes, potentially Synchrony Bank has the ability to withhold funds for 120 days, years or indefinitely. 

It has now been 90 days since my account was first restricted from any access. As it is an online bank, my funds can not be accessed, I have no one to speak to as the back office can not be contacted even by management at Synchrony customer service. I also am not allowed to receive statements for my accounts with them. Prior to requesting account closure, I took a screenshot of my balances and currently have {$45000.00} between my two accounts.

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