Consumer complaint received 2025-05-29 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Other advances of future income
Issue: Confusing or missing disclosures — 
Company: Synovus Bank
State: SC

Complaint narrative:
As a follow-up to my complaint, I would like to provide a detailed timeline and further context regarding my loan with XXXX XXXX, a division of Synovus Bank . 

I borrowed funds from XXXX XXXX with the understanding that my life insurance policy would serve as collateral. Each year, on XX/XX/XXXX ( the policys anniversary date ), the bank funds the policy with {$100000.00}. I decided to surrender the policy and pay off the loan in full before the XX/XX/year> anniversary date, in order to avoid additional charges or funding. 

Unfortunately, the bank made this process unnecessarily difficult by failing to provide clear instructions for closing the account. I first contacted my account representative, XXXX XXXX, via email on XX/XX/year>, to request a payoff amount. He responded but did not provide the requested information, stating that he was unsure what I was asking. 

On XX/XX/XXXX, I placed XXXX phone calls to XXXX and clearly communicated my intent to close the account. Instead of providing instructions or a payoff amount, he emailed me a loan note amendment to signwithout explaining its relevance to closing the account. 

I followed up with another phone call on XX/XX/XXXX, again reiterating that I was surrendering the policy and closing the loan. Still lacking guidance, I emailed him again on XX/XX/XXXX to ask whether interest or fees would be added on the anniversary date. He responded vaguely, stating that the loan balance would increase, but he did not provide any figures or a breakdown of charges. 

On XX/XX/XXXX, still without clear direction, I took the initiative to email a signed surrender form for the policy directly to XXXX. Although he received this well before the XX/XX/XXXX deadline, he did not submit the form until XXXX XXXX the anniversary date had passed. 

As a result of this delay, I received a final loan statement that included additional interest and fees assessed as part of the anniversary terms. None of these charges had been disclosed to me beforehand. These costs could have been entirely avoided had XXXX responded promptly and provided clear instructions when I initially requested them. 

Furthermore, I have a recorded phone call with XXXX XXXX dated XX/XX/year>, during which I asked why he failed to disclose the fees associated with the loan payoff. In that call, he falsely claimed he was unaware that I intended to close the loandespite my multiple emails and phone calls making that intention explicitly clear beginning on XX/XX/XXXX. His statement on the call directly contradicts the documented record of our communications and appears to be an attempt to cover up his mishandling of the process. 

It is evident from both the communication timeline and the recorded conversation that XXXX was fully aware of my intent to close the account and failed to act in good faith. His actionsor lack thereofwere deceptive, caused avoidable financial harm, and led to charges that should not have been incurred. 

I respectfully request that the CFPB investigate this matter and assist in securing a refund of the interest and fees added after the XX/XX/XXXX anniversary date, which resulted directly from the banks delays and misrepresentations.

Company response to consumer: Closed with explanation