Question About Synchrony Online Bank

happyharold4 | Jan 25, 2023 | 388 posts since 2022

Has anyone seen anything negative about Synchrony in any of the major financial news outlets? Any kind of internal problems. This site shows them still in high rating. The reason is that I am having an awful time with them. 21 days just to cut an RMD check and another 7-8 days to receive it. Also had $ sent to them 12/27 and didn't process it until 1/23. Currently have a request to close a no penalty account and put funds in an already open account that was given them 12/29 and as of today 1/24 it still is not processed. All of these mentioned have been followed up with multiple phone calls. I have moved out a large sum of cash, but I still have 2 IRA's and 3 CD's. At present I want to get away from them in the event they are going south. Thanks

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Answers

Confused1 | Jan 25, 2023 | 87 posts since 2018

I don't think they have an financial issues but they have a ton of 1 star reviews for the same issue you are having and I also had back in 2019. Check all the horror stories of them holding onto funds, it's common practice with them.
https://www.depositaccounts.com/banks/reviews/synchrony-bank.html

JeffinEasternFL | Jan 25, 2023 | 744 posts since 2020

Once upon a time they were ok, like many others but, over time outsourcing and lack of employees with a triple digit IQ has hampered many large banks. I'd look elsewhere...

Rickny | Jan 25, 2023 | 1,296 posts since 2017

Have a Lowe's charge card that is issued by Synchrony bank. Customer service is poor. The card isn't even Chip enabled, you have to swipe the card.

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