About Synchrony Financial
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We have had this Synchrony Account since June 2017. Most of this time things went smooth, however when trying to resolve an Auto Pay double dip into our bank account for our payment, the procedure to get a human on the phone was insanely disrespectful, inconsiderate and absolutely nerve racking. The Corporate leaders of this company have no consideration for the time, effort and energy it takes in the world we live in to stay on an automated twisted conundrum of a phone call just to accomplish 1 goal. Then to have a human finally answer the other end of the line just to read off a script and only give robotic answers as if they have no authority whatsoever to make any decisions. Quite controlling, don't you think?
Corporate America at it's best... control one's thoughts, actions & outcomes for the "Almighty Bottom Line Profit!" Next, just to tell a customer who has good credit, and long standing account records with no missed payments, no late payments that they have the option to close their account and do nothing to resolve the issue at hand. The robot that we spoke to on the phone claimed that it was a recorded call, I hope this is true, because that is what subpoenas are for, right? End Result: We closed our account. Waiting for a "Check" to be issued for the double dip payment they took out of our account. We stopped payment on the ACH/Autopay, now they can wait on our "Check" to come in the mail. It never pays to fleece your source of income. It will backfire on you. Shame on Synchrony & other banks like them. Treat your customer right & they will be loyal to your honesty, kindness & fairness.
After so many years with Synchrony Bank and having 5 credit cards with them without missing any payment, Synchrony Bank decided to close all my accounts without a valid reason, they only say that I am high risk, I do not understand why if I have good credit And I have never failed any payment, I just started using my credit card because I recently bought a house and I need things for my new home, what is the point of having a credit card if you cannot use it, This is totally absurd.
The worst thing is that they do not notify you to take precautions and take care of your accounts and prevent them from being closed. I used to believe that Synchrony Bank was a responsible bank but it proved not to be, it is a bank that simply does not take care of its clients and after so many years paying interest and taking care of my accounts they decide to close it without good reason. I am not the only one who is presenting this problem, many people are suffering from all this situation, only God knows how all this will affect my credit score, which I have taken care of all my life.
Never a late payment, plenty of credit availability, some cards with zero balance. They automatically closed 5 of my credit cards, ones I have had for years, stating "high risk of failure to pay". One of the cards was about to be used for recently installed carpet. Why do this? I called the evil empire called Synchrony, they said they ran a risk analysis and due to recent credit usage (getting home ready to sell) they closed the accounts. That is a far cry from "high risk of failure to pay", from someone who has never missed a payment. I asked for them to provide to me the detailed risk analysis report they performed. I was told it would have to be subpoena by an attorney.. What? When I open new cards after I sell our home, I will make sure they are not governed by Synchrony.
Where can I find a Zero star or negative Star button. No wonder there are so many 1 star reviews on this bank. I just came back from Ashley Furniture store where we applied for a finance through Synchrony. I have 800+ credit, they approved my application on the phone, but told the store guy that I cannot use it immediately and have to wait for the physical card. When asked for the reason, their team, including their managers I escalated the call to just have to say "Sir, it's for security".
After probing with an argumentative tone, they told it because their system couldn't authenticate a text message. Instead of a text message, I got a call and gave them the One time code over the phone, but for some reason they couldn't take that info. I asked them to cancel the account right there and they are like, "You have to wait for the card to cancel it." I feel cheated for doing my credit check and insulted for not allowing to use the card for the purchase, even after offering them to ask any security questions they want. They are robots working with dumb rules. Never buy stuff from stores, who work with this bank.
I don't know about their savings or banking account, but be very wary when purchasing from other companies that finance through Synchrony. I bought a mattress from Mattress Firm last year and instead of charging to my own credit card that I pay off every month, they just "had" to charge it to a separate Synchrony account. Before I go any further, I am well aware that this is partially my fault, but I haven't been out of my own for very long as I had just graduated from college and have little to no experience in making my own large purchases.
Thinking I had paid it off via my own credit card (which had a few thousand dollars at the time from getting an apartment and buying appliances and other necessities for it), I had forgotten that the saleswomen at the Mattress Firm mentioned they needed to go through Synchrony to finance the purchase, even though she took my credit card anyways. Thinking it was paid off later that month due to my own misunderstanding, I thought it was paid off later that month on my personal credit card account.
It wasn't until I applied for a new place and was almost REJECTED for "severe level of charge-offs". I couldn't find out why until I got my detailed screening report back and saw that I owed over $1,000 to Synchrony. I tried logging on to the Synchrony website as well as Mattress Firm, but I could not find the purchase anywhere. Keep in mind, I was not given a card or account # at the store, just a brief mention of this "Synchrony bank", so no real easy way to pay off the purchase. After that, I never received an email, call or text about any overdue payments, or warning that it was about to be for that matter.
I have a high paying job now and consider myself fairly financially responsible. No other payments have been overdue except for a few minor credit card balances that were a couple days late. I always thought this is why my credit score wasn't higher than I expected, along with the fact that my account is still fairly new. This experience however, has screwed me over. I now owe my new apartment complex a "conditional credit payment" of $655 because I had not known the mattress I bought a year ago was overdue, nor did I have easy access to pay it off until I called their customer service and had to pay extra for late fees. I'll be lucky to get a VA loan in the near future as well from this lousy company. Make sure you do your due diligence whenever you hear "Synchrony bank" come out of a salesman's mouth and try to pay in cash when you can. That's just my 2 cents.
Synchrony Bank has caused me problems that I never had before by making mistakes in payment deductions on 2 of my credit or revolving accounts. They claimed that my bank refused payments on auto payment accounts that had no problems for the previous 3 years of monthly deductions. After bringing proof of the error to their attention they did nothing. They also allowed LifeLock to continue deducting $22 per month for the last 1-1/2 years after I terminated the LifeLock account, even after providing proof of the termination. As a result I’m terminating any account that uses Synchrony Bank. There are better operations I can work with instead of Synchrony.
The worst bank in the world... I will no longer be a Synchrony Bank customer. After being a loyal customer for years, they have closed all my accounts. I don't want to get more cards from synchrony...
I have had about three different credit account with them via:
-Best buy SYF
Pro: Attractive Offering(0% finance, 10% off etc.)
Con: Just not reputable, honest, and reliable credit card company IMO.
-Delayed shipment/ or missing credit card. no acc# info until your payment is late.
-Confusing/Extra steps to sign up in order to track/pay your bill.
-Long wait on calls to customer services.
-Separated account and info from the product/service, e.g: you maintain two accounts for each (one for account/orders, one for credit card)
- Hidden/confusing info like if you have chosen 0% interest financing plan, they also offer like 3% cashback if you use the card for something else, at the end of 18month you think you paid off the loan, but payment actually has been going to something else, (so they charge both interest and late fee).
Overall, If you're careful enough, catch the problem on time. You are able to avoid paying fees/additional interest. but not worth the time and effort!
Consistently reducing my credit limit, without ever missing a payment, and damaging my credit report. No explanation given, and never notified. This company damages people's credit history, unnecessarily.
I agree with previous posts. WE CONSUMERS NEED TO ORGANIZE AND BOYCOTT ANY CREDIT CARDS THIS COMPANY/BANK OFFERS! They have ruined people's lives and credit with their predatory practices! They close credit card accounts that are in good standing now and that have been for many years for non reason .. Or for non usage. Or they lower the credit limit on established/existing cards - again in good standing - from $4,000- $5,000 to ridiculously low amounts like $100 or $200 out of the blue and with no advance notice. Many of these accounts have very small or not balances and have been paid on time for many years with no issues! And there are THOUSANDS of these same complaints/reviews all over the internet going back many years! But they keep getting away with it. CONSUMER AFFAIRS! WE NEED HELP!!! THESE PREDATORS NEED TO BE STOPPED AND PUT OUT OF BUSINESS!
Synchrony Financial Company Information
- Company Name:
- Synchrony Financial (formerly GE CareCredit)
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