Synchrony Invaded Customers' Privacy With Software, Lawsuit Claims | The Recorder (2024)

FAQs

What is the class action lawsuit against Synchrony Bank? ›

The Action alleges that Synchrony falsely represented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors, but that, in truth, Synchrony relaxed its underwriting standards and increasingly offered private-label credit cards to riskier ...

“Synchrony issues some of the most problematic cards in the marketplace, with deferred interest traps that wallop struggling consumers with large amounts of retroactive interest and high-cost CareCredit cards pushed in healthcare settings,” said April Kuehnhoff, senior attorney at the National Consumer Law Center.

Synchrony Bank does sue for defaulted credit card debt. If it cannot collect payments from consumers that use Synchrony-branded or store credit cards, it may file debt collection lawsuits to try to get the money.

A settlement will result in a $2.6 million fund to fully settle and release claims of persons (1) to whom Synchrony placed, or caused to be placed (either by one of its own employees or by an agent or vendor), a call, (2) directed to a telephone number assigned to a cellular telephone service, (3) by using an ...

Fitch Ratings - New York - 05 Apr 2024: Fitch Ratings has affirmed all of Synchrony Financial's (SYF) and subsidiaries' ratings including its Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook is Positive. A full list of rating actions is below.

Check your account balance: First, you need to know the total amount of debt you owe to Synchrony. You can check your account balance online or by calling their customer service. Contact Synchrony: Call Synchrony's customer service and inform them that you want to settle your credit card debt.

All comments, concerns and complaints can be sent to the Board via post, email or phone as set forth below. Or contact us by email. Or contact us by phone at (800) 275-3301.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company. GE Capital Retail Bank took on the name Synchrony Bank in 2014.

Yes, Synchrony Bank is a reputable bank with a long history. It offers a competitive APY on its savings account, and its deposit accounts are FDIC-insured.

Fitch Ratings - New York - 21 Apr 2023: Fitch Ratings has affirmed all of the ratings for Synchrony Financial (SYF) and Synchrony Bank (SYB) including the Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook has been revised to Positive from Stable.

Is my money safe in Synchrony Bank? ›

Yes, Synchrony Bank is a member of the FDIC and deposits made into your Synchrony Bank account are insured up to $250,000 per depositor, per ownership category.

Synchrony FAQs

Synchrony is rated 4.4 out of 5, based on 994 reviews by employees on AmbitionBox. Synchrony is known for Company culture which is rated at the top and given a rating of 4.5. However, Career growth is rated the lowest at 3.8 and can be improved.

Synchrony Bank High Yield Savings and Money Market Accounts do not require a minimum balance and or incur any monthly fees. However, if the account has $0.00 balance for more than 60 days, it may be subject to closure.