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  4. Does A Bank Have A Fiduciary Duty To Transfer CD Funds In A Timely Manner?

Does A Bank Have A Fiduciary Duty To Transfer CD Funds In A Timely Manner?

Confused1
  |     |   87 posts since 2018

On April 17th, my new institution faxed over direct transfer instructions to Synchrony Bank for my IRA CD maturing the next day. I called on the 22nd since funds were still in the account. Funds were removed from account on 23rd, I called a week later, still not received at other institution. I've made multiple phone calls and I've been in terrible stress about the missing funds and been constantly assured that there was nothing they could do till ten WORKING days had passed which was yesterday. I was able to finally talk to a supervisor yesterday who agreed to reissue a check today if funds still not received, I also missed a call from another manager from the Kansas office promising the same outcome. Meantime the check finally showed up yesterday on the 10th working day, the postmark showed the mailing date as April 30th and the check date as April 23rd so they've been using my money and not paying me any interest since the 23rd. Do I have any options here, this must be illegal in some way? I have notified Synchrony that check now received but I still want to talk to the manager about this delay that has cost me a loss of 14 days interest. I've seen other similar comments online about Synchrony bank, seems this is a common scam, who can I report them to?

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Answers
Sylvia
  |     |   389 posts since 2012
Synchrony Bank is regulated by Office of the Comptroller of the Currency (OCC). You may be able to file a complaint with the OCC, https://www.helpwithmybank.gov/complaints/index-file-a-bank-complaint.html. Link also includes # for speaking with a CSR.
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Confused1
  |     |   87 posts since 2018
Thank you Sylvia, that"s what i was looking for. I will file a complaint, not that I'm expecting any compensation. I just refuse to sit back and let them pull these kind of shenanigans with peoples money without rattling their cage a little and documenting it with the banking authorities. I'm going to name names of the two supervisors that never called me back and I have the postmarked envelope which I got from Frontwave so they will have to explain the discrepancy.
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Sylvia
  |     |   389 posts since 2012
Good luck, Confused1. In case you missed explanation, this is how complaints generally play out, https://www.helpwithmybank.gov/complaints/what-to-expect/complaints-what-to-expect.html. Expect the OCC to share complaint with Synchrony, and for the process to take awhile.
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me1004
  |     |   1,379 posts since 2010
I don't know if there is a time limit for the transfer to be completed, but it is routine for it to take a while.
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Ally6770
  |     |   4,294 posts since 2010
I closed two Roth IRA's, last month and they were transferred and in the new credit union in less than a week. This month I closed my membership account and my Roth IRA savings account that had less that $10 in it from interest. I had my check in 3 days and the money from the Roth IRA savings was in my CD at Navy in less than a week.
It was transferred out of NASU credit union and they were very respectful, helpful and efficient.
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