Popular Posts

GE Capital Retail Bank Changing Name to Synchrony Bank


Update: The name change took effect on June 2, 2014.

GE Capital Retail Bank (GECRB) has been informing customers that it will soon be changing its name to Synchrony Bank. The only change of significance for customers will be new ATM cards and new checks with the bank’s new name. Most everything will remain the same including account features, FDIC charter, routing numbers and the myoptimizerplus.com website.

GECRB is the bank that used to be MetLife Bank. The transition of MetLife Bank deposit products and accounts to GECRB was completed in January 2013. At that time, the name "GE Capital Retail Bank" seemed to be reasonable. It was a little long, but that wasn’t much of an issue. An issue did arise in May 2013 when GE Capital Bank came online as another internet bank. We then had two "GE Capital" Banks which made things very confusing. They are two separate banks with separate FDIC charters. However, both are currently part of the General Electric Company. That will soon change.

GECRB’s parent which is part of GE Capital will soon be spun off from GE as a public company called Synchrony Financial. This was announced publicly when GE filed form S-1 with the SEC in March. As part of the IPO, GECRB will be renamed Synchrony Bank. In addition to the details of the IPO and the name change, the S-1 indicated something very interesting about the bank. Here’s an excerpt:

A key part of our liquidity plan and funding strategy is to expand our direct deposits base as a source of stable and diversified low cost funding.

Our direct deposits include a range of FDIC-insured deposit products, including certificates of deposit, IRAs, money market accounts and savings accounts, which we offer under our Optimizer+Plus brand. In January 2013, we acquired the deposit business of MetLife, which is a direct banking platform that had $6.4 billion in deposits at the time of the acquisition.

Brokered deposits are primarily from retail customers of large brokerage firms. We have relationships with eight brokers that offer our deposits through their network.

Following this offering, over the next several years we are seeking to increase our direct deposits. The growth of direct deposits will be supported by a significant investment in marketing and brand awareness.

This explains the competitive rates we have been seeing at GECRB this year, and it should increase the chance that the rates will remain competitive. Interest rates on its savings account, short-term CDs and long-term CDs have all been near the top over the last few months. Below is a table of some of its competitive rates:

4.75%--Synchrony BankHigh Yield Savings
4.00%--Synchrony Bank60 Month CD
Rates as of May 29, 2024.

In April I reviewed GECRB’s long-term CDs and IRA CDs and in March I reviewed GECRB’s short-term CD specials. These long-term and short-term CDs are rate leaders.

In late February GECRB increased the rate of its High Yield Savings account from 0.90% to 0.95%. As I described in my GECRB savings account review, this rate applies to all balances. It has a $5 monthly service fee, but it only requires a minimum balance of $50 to avoid the fee. This savings account became competitive back in November when the bank raised the rate from 0.15% to 0.90%.

GECRB remains financially healthy. It has an overall health grade at DepositAccounts.com of an A with a Texas ratio of 8.05% which is excellent (based on December 2013 data). The bank is still registered with the FDIC as GE Capital Retail Bank (FDIC Certificate # 27314). It has been a FDIC member since 1988. For more details, please refer to our financial overview of GE Capital Retail Bank (soon to be Synchrony Bank).

Related Pages: Synchrony Bank

Related Posts

Previous Comments
Beautiful Rich Person
  |     |   Comment #1
"Sin" and "cronies" spring to mind. I could have brainstormed a better name in 5 minutes. They should call me next time.
  |     |   Comment #3
Maybe they are really our dear Chase bank hiding under a different name.  Probably not since I think they actually have a 5 year CD for more than .25%!  I am considering trying them when my CDs mature soon but waiting to see what others say about them in the DA reviews.  Nothing is supposed to change about them except the name but one never knows.
Just me
  |     |   Comment #18
"Sin" - "Cronies".....luv it. Perfect name change for a lousy bank. I need to pass this one on to my co-workers...the new name for the bank we use LOL
  |     |   Comment #76
lol a cd? its not 1999.
  |     |   Comment #65
Touché. I really don't get how they came up with THAT name of all the possibilities.
  |     |   Comment #74
What like "Beautiful Rich Person"??
  |     |   Comment #2
Ally Bank (formerly GMAC Bank) looks to be your friend (or ally) while Synchrony (formerly MetLife Bank) looks to be in harmony (in sync) with you.
  |     |   Comment #4
Synchrony Bank.  A name that is not appropriate for a bank.  Difficult to spell.  Difficult to remember.  Not a familiar sounding name for a bank.  What were they thinking?Add your comment
  |     |   Comment #5
You are correct. Terrible name for a bank. I wonder how much whomever ran the focus group for coming up with the name got paid.
  |     |   Comment #11
I'm the one who told Ken about this name change for this website.  I just opened an account with them and saw this name change notice soon thereafter.  My feelings about the name are similar.  Not only difficult to spell or remember, but also doesn't flow off one's tongue easily.  Their executive in charge of name change should have his/her head examined.
  |     |   Comment #20
When I decided to get the new Paypal MasterCard the name of the bank was GE Capital Retail Bank FDIC (in May 2014).  Next thing I knew the name changed a month later.  My first impression of the new name was ?!*&???!.  Not only that, the land of India will be in charge of  our money...Oh, first it goes to Florida.  Guess what!!  I'm canceling that mess.  They don't accept payment over the phone unless you pay an extra $10.00 for the privilege of paying conveniently AND charge a late fee because they are in a different TIME ZONE!!!  The late fee is DOUBLE the original charge!!!  My lips are taught, my head is ****ed, and my eyes are at a dead stare.
  |     |   Comment #21
You are closer to the truth than you write, since India does have a bank called Synchrony Bank.  Look it up.
  |     |   Comment #6
Remove the Syn from Synchrony Bank and becomes chrony, much better name for the present administration.
  |     |   Comment #14
How much has this administration really affected you? Did they take your guns? Do you need a shoulder to cry on? 
  |     |   Comment #67
They didn't take my guns; I don't have any.  Instead they promised, "If you like your health care plan, you can keep it.  Period."  Then they took it away.
  |     |   Comment #33
You got it. Its a syndicated chrony
  |     |   Comment #69
Why do t u just remove the 2 n, the r & the y at the end..sound better.?
  |     |   Comment #7
One of the very worst names for a bank that should ever come to anyones mind, at least for most reasonable people. With this kind of 'managemenr' decision, is it any wonder why we have been forced to bail  them and their ilk out? Horrible!
  |     |   Comment #8
Look on the bright side. With a strange name like that they might have to raise rates to attract deposits.
  |     |   Comment #9
When I first saw this bank's sign I almost drove off the road. mtb.com
  |     |   Comment #10
Ha!  I can see where your mind is....!  :-)
  |     |   Comment #12
Synchrony overdrive transmission failure, my mechanic said somthing similar like that few months ago.
  |     |   Comment #13
If indeed they have a marketing strategy, you would never be convinced by the name selection.  The name chosen for any business is perhaps the most important step of marketing your product. GE failed miserably!
  |     |   Comment #22
No wonder they changed the name!
"The Consumer Financial Protection Bureau and Department of Justice are ordering GE Capital's retail finance business to pay $225 million in relief to consumers harmed by discriminatory practices and deceptive marketing."-USA Today
  |     |   Comment #28
Saw this ....... and there is the real reason 
fresh on Board
  |     |   Comment #29
Great; keep following the fantastic Enterprise.  We got your back!  Come on!  Forward, March. 
  |     |   Comment #31
I have a special ire for a certain company in this country. I will not name the said company, but once I am finished those of you with a keen mind might be able guess. They pay no taxes, take in massive sums of money from the Washington, and above all are beloved by many a war hawk on both sides of the isle. This company is doing a name change for a subsidiary it owns. This is in no doubt to cover the stains on their hands. To show you, that they care, but they don’t. They take your tax money; sell arms to our enemies around this globe profiting billions from said transactions. They then use some of that money to create a bank. This bank in turn sells credit to most of the stores you visit every weekend. Those of you who have store credit cards will most likely never connect the two, and that is kind of the point. Let us posit this, you go cloths shopping. The credit used by the store is owed by this company. You’re getting hit twice at the register. You pay taxes. They don’t. They then lend this money to you so you can buy things made by people half a world away. The same people who one day might buy arms from this company, and win a chance prize of being bombed when the war hawks decide a distraction is needed. You’re late paying a bill? You are charged a fee, but the money they leant to you was your tax money to begin with. So they are charging you a fee on the money you leant them, via taxation. Get it? You’re being hosed, but you sure do look nice in those boots. “Wink!”
  |     |   Comment #32
I know the company. First, the finance arm lost a lot of money and the carry forward credits reduced corporate taxes. Second, they pay local and state taxes. Third, every employee pays taxes through payroll. Fourth, every shareholder dividend is taxed. Fifth, they followed the LAW and, if I remember correctly, we are a nation of laws. Last, but not least, every corporation passes on their taxes to consumers and/or shareholders. Prices go up, dividends and stock valuations down. One way or another PEOPLE pay every tax known to man and the two reasons "corporations" are taxed is it makes people feel good and lawyers/accountants employed.
  |     |   Comment #81
#32 It is a question of ethics! What may be legal does not make it right...or is that your litmus, end of the day, test for "you?"
  |     |   Comment #82
LuvCD, where have you been? Unfortunately, ethics and morality in this country have been discarded and are things of the past. But that's another subject not fit for discussion on this forum.
  |     |   Comment #83
And no Code of Ethical Conduct at any former employer you were associated with. Got it!
  |     |   Comment #34
Two of my credit cards bills were changed from GE to Synchrony.  Not sure if I have to change my on line banking to the new name.  My card number is the same.  How confusing.  Maybe if they don't get their payments, they might realize this is a problem.  Customer service should explain this in their introductory message so we know what to do.  Sad.
  |     |   Comment #55
I also notice a new service fee on all my Synchrony accounts.  CHECK YOUR ACCOUNTS. 
  |     |   Comment #37
They just sent me a check for 12 cents that they owed me for 7 years. Can I charge them late fees and interest?
  |     |   Comment #38
You are probably lucky to get it...depending on the state, the bank should have sent it to the unclaimed asset dept within the state...before 7 years!
  |     |   Comment #43
Visit their reference at the Better Business Bureau website. Very few happy customers, a lot of extremely unhappy people dealing with Synchrony!!!!
  |     |   Comment #44
I am so furious with these changes. How do you know of these changes, they do not tell you and located in India.What happened to American banks?
Aunty M
  |     |   Comment #80
India ? Then why do they claim to be headquartered in florida and Connecticut?
  |     |   Comment #59
of all the time consuming, asinine, business practices  and no ethics  business endeavors  for such a large business concern ---Im thinking the name should be  (CATCH-22CHRONY)  man Im telling  you , this outfit really sucks .where is  ANONYMOUS  when you need them.
  |     |   Comment #63
They  have  just   about  stolen   an  extra  $25.00   from  me, claiming  my  payment  was  late.  They are  lairs.   I mailed  my  payment   4 days  before it was  due.   No  way  am  I  making  a  payment  on  line.  They are out of their  mine. So  we should  contact  the  Attorney   General  about this.
  |     |   Comment #64
Just  what  I thot,  a  foreign  company managing  our   accounts, no  wonder  they are  charging  me   a  late  fee  of  $25.00.   They  are out of  their  minds  if  they  think  I'm  going to   make  a  payment  online.  We  need  to   contact  the  Attorney  General  about  this  situation.  Plus  they   charge   me  26 %  interest.   Something  has to be done.  I  wrote my  check/m.o.  out on   01/02/15  mailed it on  01/08/15, it  takes  3  days  to Fla.
That's  why   they claim  I was  late  with my payment,  I  mail ist  about the  same  time every  month.  I'm  contacting   the  Attorney  General.
  |     |   Comment #66
Terrible bank. My accounts were transferred to them.  They claim they send bills, but they rarely do and then charge a late fee.  How can they prove they sent bills when the borrowers deny that and send payments on their own?  Hope to never have to deal with them again.
  |     |   Comment #68
I don't have a problem with their new name except that since we have CDs with both GE Retail and Synchrony, I have to keep tabs on the amounts for FDIC insurance.  If Synchrony fails the FDIC will put our GE Retail CDs in with theirs to come up with what they would owe us.  I would like it better if there were some way for them to change the name of all the CDs to Synchrony to end the confusion.  GE Retail for all purposes is really Synchrony the customer must keep tabs on this since the brokerages don't.
  |     |   Comment #72
They are calling me to collect a debt. Never had an account with them. But a relative does in another state.
  |     |   Comment #73
Requesting comments, caution, and criticism concerning their savings and money market accounts.  Thanks.
  |     |   Comment #78
This bank can not be trusted on credit reports on consumer.
  |     |   Comment #79
Why? From whom does it get the report(s) in question....expand...otherwise your comment is too conclusionary, "just the facts!"
Not so rich
  |     |   Comment #84
I’m paying GE Capital and GE money. Is,their a difference. Synchrony seems to be taking over a lot of companies. Does this fall under antitrust?
Bad credit lines
  |     |   Comment #85
If you elect to be sold a line of credit to your Sam's Club card, it will become a MasterCard administered by Synchrony Bank. Caveat Emptor!
  |     |   Comment #87
I settle account with them paid off under debt settlement Synchrony,now they are sending me letters under GE trying to collect on same debt thats paid off and they never advised me in the past as a customer of switching names..its paid off so FO

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.