Consumer complaint received 2025-07-18 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Problem with renewal
Company: SYNCHRONY FINANCIAL
State: CA

Complaint narrative:
Formal Complaint Misrepresented CD Renewal Rate, Lack of Disclosure, and Mishandling by Synchrony Bank Management To whom it may concern, I am filing a formal complaint against Synchrony Bank regarding : The misrepresentation of interest rates during the automatic renewal of two Certificates of Deposit ( CDs ), The banks failure to provide material disclosures during the decision process, The lack of follow-through on promised escalation, and Unprofessional treatment from two levels of management.

My complaint concerns CD accounts amount of {$9900.00} and {$5100.00} 1. Misrepresented APY at Renewal and Critical Disclosure Failures Prior to maturity, I accessed the Synchrony Bank mobile app and proactively selected the 13-month renewal option for both CDs. At the time of this renewal selection, the app clearly displayed a rate of 4.25 % APY, and I confirmed based on that number. 

When the CDs matured and renewed on XX/XX/2025, the applied interest rate was only 3.90 % APY for 13 months terma materially lower rate I never would have accepted had it been accurately disclosed. 

At no point during the renewal processeither on the mobile interface or through the automated telephone systemwas I informed that the APY I selected might change on the actual renewal date. Synchronys systems did not contain any disclaimer stating that the APY was indicative, subject to change, or to be confirmed at maturity. In fact, the confirmation flow implied that the selected rate was fixed and final.

This constitutes a critical omission of material terms. Consumers are entitled to clear, accurate, and non-misleading disclosures before making financial decisions. Presenting an APY at the point of renewal and then unilaterally applying a different rate without clear warning or opt-out notice constitutes, in my view, a deceptive and unfair practice under the CFPBs UDAAP standards.

To make matters worse, I never received any email or written notice informing me that the 4.25 % rate had changed. Synchronys customer service claimed such a notice was sent, yet after a thorough review of all folders ( inbox, spam, junk ), no such email exists. If Synchrony maintains otherwise, I request that it provide : The exact timestamp of the alleged communication, The method of delivery, and The exact message content ( especially any part that explicitly disclosed the APY had changed after my in-app selection ). 

XXXX. Mishandling by Management : XXXX and XXXX When I called customer service to dispute the discrepancy on XX/XX/2025, I was escalated to a senior manager named XXXX, whose attitude was overtly disrespectful and evasive. He mumbled through the call, avoided giving clear answers, and repeatedly responded with, What else can I help you with? without addressing the actual issue. His tone was dismissive and unprofessional. I asked for a further escalation. XXXX informed me that his supervisor, XXXX, would return my call within 48 to 72 hours. That callback never came. 

After 4 business days, on XX/XX/2025, I contacted Synchrony again. When I mentioned that I would file a complaint with the Consumer Financial Protection Bureau, the representative suddenly tried to contact XXXX live. After a hold period, I was told XXXX was not available. 

The pattern here is clear : Synchrony Banks internal complaint escalation process is broken and only activates in response to external regulatory pressure. The lack of follow-through, accountability, and professionalism from their leadership team is unacceptable. 

XXXX. Requested Resolution I respectfully request that CFPB investigate this matter and require Synchrony Bank to : Either : Honor the 4.25 % APY for both CDs, as shown and confirmed at the time of renewal ; Or : Allow penalty-free early withdrawal of both accounts due to misrepresentation and procedural failures. 

XXXX. Regulatory Concern : Potential UDAAP Violation In summary, Synchrony Bank has engaged in what I believe to be deceptive practices, including : Displaying rates at point-of-renewal that were later not honored, Omitting material disclosures regarding potential rate change at maturity, Failing to deliver timely and verifiable notifications, Mishandling internal escalation, and Treating customer concerns with disrespect and evasion.

These practices fall squarely under the CFPBs definition of Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ). 

I am requesting that CFPB hold Synchrony Bank accountable and investigate whether their CD renewal and escalation procedures violate consumer protection standards. Thank you very much! 

Sincerely, 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