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    Is ge money bank the same as synchrony bank


    is ge money bank the same as synchrony bank

    Synchrony Bank PO Box 960061. Orlando, FL 32896. Overnight mail: Synchrony Bank ACH bank transfer: Send your payment via ACH Transfer with your bank. 2014 Settlement of plaintiff claims arising from the 2010 BP Oil spill in the Gulf of Mexico $1.1 billion GE Capital (Synchrony Bank as of June 2014. Synchrony Bank boasts savings, money market, and CD accounts, It came into existence in mid-2014 when it changed its name from GE Capital Retail Bank.
    is ge money bank the same as synchrony bank

    Synchrony is a bank that provides its customers with a variety of high-yield savings options. These include certificates of deposit (CDs), a savings account, a money market account and individual retirement accounts (IRAs).

    Across each of its banking products, Synchrony boasts some of the strongest interest rates on the market. In fact, the Synchrony High Yield Savings Account comes with a 0.50% APY, which is well above the 0.06% average savings rate, as determined by the FDIC (Nov. 2021).

    As an online- and mobile-only bank, Synchrony's services and accounts are only accessible through the bank's online banking website and mobile banking apps. While this means you'll be able to view and manage your accounts at any time and from anywhere, it does mean that physical branch access is completely unavailable. Even still, Synchrony has created one of best online/mobile banking experiences on the market today, as its Apple and Android app store ratings both come in at 4.7 stars out of 5.

    A savings account should be an important part of any financial plan, regardless of whether you're planning for retirement, your children's college or a family vacation. While financial advisors typically work within the world of investing, they can also help you maximize your savings. To get paired with up to three financial advisors in your area, visit SmartAsset's free tool.

    Products Offered

    Products Key Features
    High Yield Savings Account
    • Competitive online savings account rates
    • No minimum balance or monthly service fee
    • No transaction fees
    • Easy withdrawals online, mobile or ATM card
    Certificates of Deposit (CDs)
    • Terms starting from three months and up to five years
    • 10-day CD rate guarantee
    • No transaction fees
    Money Market Account (MMA)
    • No minimum balance or monthly service fee
    • Easy withdrawals online, mobile or ATM card
    IRA CD
    • Choose a Roth or traditional IRA account
    • Additional contributions: during grace period and at CD maturity date
    IRA MMA
    • Choose from Roth or Traditional IRA account
    • Additional deposits can be made at any time

    Synchrony Bank Overview

    Synchrony Bank is a subsidiary of Synchrony Financial, which is headquartered in Stamford, Connecticut. The company has roots tracing back to 1932 when it was General Electric (GE) Contracts Corporation. After years of growth, the bank separated from GE Capital and went public in 2014. It’s traded under the stock symbol SYF. Synchrony Financial has over 15,000 employees and more than $51 billion in deposits across its savings products including CDs, savings and money market accounts.

    One of the ways Synchrony distinguishes itself is as the largest private label credit card company in the U.S. based on purchase volume and receivables. Starting with GE credit cards in the early ‘70s, then moving on to Lowe’s credit cards in the late ‘70s, credit card partnerships have increased over the last 40 years. Private label partners include Amazon and Sam’s Club, among many more companies.

    While that’s what the company’s best known for, it also serves millions of customers with its savings offerings. Synchrony Bank offers high yield savings accounts, money market accounts and certificates of deposit at competitive interest rates. 

    Save more with these rates that beat the National Average

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    Synchrony High Yield Savings Account

    FeaturesDetails
    Minimum DepositNo minimum opening deposit or minimum balance to earn APY
    Access to Your SavingsOnline, mobile, ATM card, via phone or electronic transfer
    SecurityFDIC insurance up to the maximum amount allowed by law
    FeesNo monthly fees
    Current Terms and Rates0.50% APY

    If you’d like to put aside money while still having easy access to it, a savings account is one of your most obvious options. This popular method of saving can help you build future wealth while still keeping your assets liquid in case of an emergency or other need. Synchrony Bank offers a high yield savings account with a strong 0.50% APY. While you won’t make a fortune with savings interest, it can grant you some additional funds - at the very least more than a checking account which typically earns no interest.

    You can open an account with any amount of money at Synchrony Bank. If you want to make the most of the interest rates, you will want to keep a decent chunk of change in the account, but there is no minimum account balance. That means if you need to withdraw almost all your savings, you can, and the account will still stay open for your future use.

    To deposit funds in your account, Synchrony has a mobile app for mobile check deposits, direct deposit authorization and internal transfers. You can also send a personal or cashier’s check, or wire funds from a separate sending bank. And for those who still use snail mail, you can send a check through the mail for deposit as well.

    Similar to deposits, you can withdraw or transfer funds by the same means: checks, wire transfers, internal transfers or request a check. Outgoing wire transfers do incur a $25 fee, so if you want to save money, you can transfer online or through the phone.  In addition to those methods, you can withdraw your money using an ATM card. You’ll need to keep in mind that you’re only allowed to withdraw or transfer six times per billing cycle as per Federal regulation. If you go over six transactions, Synchrony won’t charge a penalty fee, but the bank reserves the right to close your account.

    Compare Synchrony to Other Competitive Offers

    Synchrony Certificates of Deposit (CDs)

    FeaturesDetails 
    Minimum Deposit$100 minimum opening deposit
    Access to Your CDOnline, mobile or phone automated access
    SecurityFDIC insurance up to the maximum amount allowed by law
    FeesNo monthly fees, but there are penalties if you choose to withdraw from a CD prior to its maturity date
    Current Terms and Rates
    • 3-Month: 0.15%
    • 6-Month: 0.25%
    • 9-Month: 0.35%
    • 1-Year: 0.55%
    • 13-Month: 0.55%
    • 14-Month: 0.70%
    • 15-Month: 0.55%
    • 18-Month: 0.70%
    • 2-Year: 0.65%
    • 3-Year: 0.75%
    • 4-Year: 0.75%
    • 5-Year: 1.00%

    Liquidity is the main difference between a CD and a savings or money market account. This is because CDs lock your money up for a certain amount of time, though they usually come with the benefit of a higher interest rate. You can make the most of a CD by depositing a larger amount of money for a longer period of time as that will garner you the highest interest rates.

    There are several strategies for maximizing CDs, with one of the most popular options being CD ladders. The idea behind this strategy is to not lock up your money for too long of a period, so you buy several CDs of varying term lengths. Whatever method you choose, know that if you do need access to your funds prior to the end of the term, you’ll be charged penalty fees.

    With Synchrony Bank, the lowest amount you can invest in a CD is $100. You’ll have 10 days from the open of the account to fund it either through transferring funds, sending a check or wire transfer. After 10 days, you can’t add money to the CD. You can always open another CD, but not add to an existing one. Synchrony Bank offers terms as short as three months, which offer the lowest interest rates, but allow you access to your money after only a short period of time.

    Synchrony Bank guarantees CD rates for 15 calendar days after the opening of the account. This means if the rate decreases after you opened the account, you’ll still get the higher interest rate. And if the rate increases, Synchrony will give you the higher rate.

    Once your account is funded (you made the initial deposit), you’ll start accruing interest each month. You’re allowed to withdraw the interest penalty-free at any time. You can keep it in the CD or transfer to another Synchrony account, an external bank account or you can request a check.

    Synchrony Money Market Account (MMA)

    FeaturesDetails 
    Minimum DepositNo minimum deposit
    Access to Your Money Market AccountOnline or mobile, ATM or check
    SecurityFDIC insurance up to the maximum amount allowed by law
    FeesNo monthly fees 
    Current Terms and Rates0.35% APY

    A money market account is very similar to a savings account. The biggest differences between the two are actually behind the scenes on the bank’s end. Banks can market and use money market funds differently than savings account funds. But on the consumer side, a money market account is almost completely the same as a savings account. You can deposit as much money as you’d like into the account and with Synchrony Bank your funds are insured by the FDIC up to $250,000. As with a savings account, you’re limited to six transactions per monthly statement. Those transactions include withdrawals and transfers.

    The old rule of thumb was that you could earn a bit higher interest with a money market account versus a savings account. However, that’s not applicable in today’s market where is ge money bank the same as synchrony bank can find many savings accounts that offer more interest than a money market. So you be wondering, what’s the point of a money market account? Think of it as another savings account option. If you keep an eye on interest rates, you can choose whichever savings product is the most advantageous to you.

    Synchrony IRA MMA

    Features Details 
    Minimum DepositNo minimum opening deposit
    Access to Your AccountOnline or mobile, ATM or check
    SecurityFDIC insurance up to the maximum amount allowed by law
    FeesNo monthly fees
    Current Terms and Rates0.35% APY

    If you’d like to use a money market account in a retirement savings capacity, you can open a traditional or Roth IRA money market account at Synchrony. You’re allowed to make additional deposits at any time (up to the maximum allowed by law per year for the type of retirement account you choose). The interest is much lower than what you’d potentially earn with a stock portfolio or other investment, but your savings are protected by the FDIC. You can transfer funds or a retirement account from another financial institution, or roll over an employer account if you’d like.

    Synchrony IRA CDs

    FeaturesDetails 
    Minimum Deposit$100 minimum opening deposit
    Access to Your IRA CDOnline, mobile or phone automated access
    SecurityFDIC insurance up to the maximum amount allowed by law
    FeesNo monthly fees, but there are penalties if you choose to withdraw from a CD prior to its maturity date
    Current Terms and Rates
    • 3-Month: 0.15%
    • 6-Month: 0.25%
    • 9-Month: 0.35%
    • 1-Year: 0.55%
    • 18-Month: 0.70%
    • 2-Year: 0.65%
    • 3-Year: 0.75%
    • 4-Year: 0.75%
    • 5-Year: 1.00%

    At Synchrony Bank, you can choose to open a traditional or Roth IRA CD. If you already have an employer or self-directed IRA, you can roll it over to Synchrony if you choose. While a purely CD-driven retirement portfolio won’t earn you much interest, it is protected by FDIC insurance. Is ge money bank the same as synchrony bank differs from stocks and other investment accounts that don’t have protection. The rates and terms offered for IRA CDs at Synchrony are the same as its regular (non-retirement) CDs. You can make additional contributions to your IRA CD during the grace period after the CD reaches its maturity date.

    Where Can I Find Synchrony?

    Synchrony operates almost exclusively online. It does have one branch location that is in Bridgewater, New Jersey. However, you can reach representatives by phone Monday through Friday from 8 a.m. to 10 p.m. and Saturday from 8 a.m. to 5 p.m. Eastern Time. Automated telephone service is available 24 hours a day, seven days a week. And you can log into your account online at any time.

    What Can You Do Online With Synchrony?

    Synchrony has invested in the online experience for its customers. You can access, monitor and execute transactions online at any time of the day. You can also use the mobile site, which offers the convenience of mobile check deposits. That feature saves you from mailing in checks, or adding in the step of depositing in another account to transfer to your savings account.

    If you want to explore your savings choices, Synchrony’s educational content is enough to give you a foundational understanding. The frequently asked questions (FAQ) section is pretty extensive and will address many of the questions you may come up with.

    You can also compare interest rates and products across the site. Synchrony also ranks its interest rates compared to competitors — but beware, it’s not the full picture. You’ll notice that Synchrony always comes out on top for best interest rates on the site, but not all banks are included in the comparison.

    And once you’re ready to open an account, you can complete the process from start to finish online. All you need is the necessary information to get going.

    How Do I Access My Money?

    Money market and savings accounts are allowed six transactions per month. This includes withdrawals or transfers. This limit is a requirement by the Federal Reserve, not the bank itself. If you find yourself needing access to the money more often than that, you’ll need to change the account over to a checking account at a separate bank, or risk having your account closed over misuse.

    With Synchrony, you can access your account online or through mobile and transfer funds to an account you’ve added at any time of the day or night. The automated phone system is another way to access your money if you don’t have access to the internet. And you always have the option for a wire transfer, although it’s accompanied by a fee. If you want to speak to a bank representative, you’ll need to call the number listed on the contact page of Synchrony Bank. Additionally, Synchrony offers ATM cards which comes with a $5 reimbursement per statement cycle for withdrawal fees at unaffiliated ATMs. You can withdraw up to $1,000 per day out of your Synchrony Bank account.

    As for CDs, you can monitor your maturity date and overall accounts online or on your mobile device. You can always call, as well. Since CDs operate in term lengths, you won’t be able to withdraw principal (your deposit) until the term is up without incurring fees. However, the interest you accrue can be accessed at any time without penalty. Similar to savings accounts and money market accounts, you can transfer your interest money to an external or internal account, or send a check to the address on file.

    How Can I Save More Money With a Synchrony Bank Account?

    First of all, if you keep a large balance in your checking account or have a large pile of money in an account that yields a fraction of a percent of interest, you have room to improve your savings. While savings accounts, CDs and money markets are low interest ways to grow your savings, it still beats the 0% interest you earn with a checking account. The same with a stockpile of cash. If you happen to be hoarding money, you can always deposit those funds into a savings account or money market and have liquid funds that will earn you more than dust over time.

    As for how much overall you can save, it all depends on how much you deposit and for how long. You stand to earn the most with CDs, but that comes at the cost of losing easy access to your funds. You’ll also earn more interest the more money you put into an interest bearing savings account. It all depends on how much money you need on hand, and how much of your paycheck you’re stashing away for retirement, but to set yourself up for future financial success, you can’t neglect to open a savings account.

    What’s the Process for Opening an Account With Synchrony?

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    You can open an account from the comfort of your home by registering for a customer login ID. The start of the online process, shown here, requires you to simply choose the type of account you would like to open. If you don’t want to apply online, you also have the option to call and apply over the phone. For those who like paper and pen, you can request a paper application be sent to you. If you’d like to print an application yourself, you can find the PDF form and print and mail it in yourself. The quickest process is generally online.

    To get started, you’ll need your Social Security number as well as a driver’s license, state identification number or military ID. You’ll need to provide your physical address, occupation and employer and the source of funds you’re planning on using to open the account. If you’re planning on transferring funds from a current bank account at a different bank, you’ll need the routing and account number.

    What’s the Catch? 

    Savings accounts really don’t have an obvious catch other than relatively low interest. It’s a safe way to make a little extra on any money laying around, without locking up your funds in a different type of account. And while the rates are not bad at the moment, they’re subject to change at any time. Savings and money market accounts don’t include a rate lock. You’re subject to market fluctuations over time, which is the tradeoff for easily accessible funds and no fees.

    CDs, on the other hand, are better to earn interest with, but you sacrifice cash on hand. And with Synchrony, the lowest amount you can invest is $100. The good news is that three-month terms are offered, which are some of the shortest available. You won’t earn much interest in that short of a time span, but it’s good news for anyone concerned with liquidity.

    While Synchrony is mobile-friendly and has an easy-to-use website, it does lack in-person locations. If you still prefer speaking to someone in person, you may want to look at banks with retail locations. But if that’s not a big concern of yours, you should be fine with Synchrony’s wide availability of communication. You can access your funds in at least two or three different ways at all hours of the day, which is very convenient. The bank also offers mobile deposit, which isn’t offered by every bank.

    Bottom Line

    Synchrony Bank’s foray into savings accounts can be beneficial to consumers willing to take advantage of competitive rates. The company offers some of the highest competitive rates for savings accounts and CDs. While some consumers may prefer to keep all retail banking at one institution, Synchrony does make it easy to open and maintain an account. Mobile friendliness and mobile deposits are two big headaches the company smooths out with its system. Accessibility is also addressed with account access at any time of day or night.

    As with any savings account, you’re not going to make a huge amount of money — the interest rates just aren’t that high, and you can make more with other investment vehicles. But if you want a safe and easily accessible place to save for a future purchase or emergency fund, you won’t go wrong with a savings account. FDIC insurance backs the accounts, so you’ll always get your money back. And with Synchrony offering ATM cards (something a Goldman Sachs account lacks), you can grab cash on the go if needed.

    Источник: https://smartasset.com/checking-account/synchrony-banking-review

    Do you have any retail store credit cards? Have you ever used a promotional financing plan to buy furniture, or expensive electronics? If so, you might be a Synchrony Bank customer without even realizing it.

    How Do I Contact Synchrony Bank?

    You can get in touch with Synchrony at the phone number below, or by visiting the bank’s contact page.

    Want to find your own Synchrony card account? See our full list of Synchrony credit cards.

    About Synchrony Bank Credit Cards

    Synchrony Bank, as part of Synchrony Financial, is is ge money bank the same as synchrony bank of the major issuers of store credit cards in the U.S., along with Comenity Bank.

    When people talk about credit card issuers you usually hear names like American Express, Chase, Capital One, and Citi — but Synchrony is actually quite big. It’s the largest provider of private label credit cards in the country, according to a 2017 Nilson Report.

    Synchrony is partnered with some of the leading companies in the U.S., including Amazon, Chevron, and Lowe’s, along with dozens of smaller retailers. It provides credit cards as well as other credit products, like special financing and installment loans, along with some other services.

    Learn More

    Is Synchrony a real bank?

    You won't find any brick-and-mortar Synchrony Bank locations, but Synchrony is indeed a real bank.

    Aside from issuing credit cards, Synchrony provides a plethora of financial products (including high-yield savings accounts, certificates of deposit (CDs), and more), plus special financing offers with select retailers.

    Despite all the different card offers, you can use the basic Synchrony Bank login page at MySynchrony.com to access any Synchrony card account. Or you can download the MySynchrony app for your smartphone. You’ll be able to check your card details and pay bills with either method.

    Synchrony cardholders can also access one of their FICO credit scores, based on their TransUnion credit reports. This is a good feature for anyone trying to establish or rebuild credit.

    However, store cards also have some downsides (learn more in our 2020 retail store card survey). They typically come with low credit limits, like $500 or $1,000, and very high interest rates. You should always pay your statement balance in full and never carry a balance on a store card, because the interest you accrue will negate any rewards or benefits you got from the card (this is good advice for every card unless you have a promotional 0% interest rate). Store cards also tend what time does pickup close at walmart come with below-average customer support, as discussed in the section below.

    Insider tip

    The shopping cart trick is rumored to be a way to get approved for certain credit cards without hard inquiries on your credit reports, although it may not actually work. People usually try it with store cards issued by Comenity Bank, but some report that it works with certain Synchrony Bank credit cards as well, like the QVC card. We can’t confirm this, however.

    Where Can I Use My Synchrony Credit Card?

    The majority of Synchrony Bank credit cards are closed-loop, also known as private label, meaning they can only be used at their co-branded stores. The Amazon.com Store Card (Review), which can only be used at Amazon, is a good example of that. There are also some Synchrony cards that can be used at a selection of different stores within certain categories.

    Some cards are open-loop, meaning they’re affiliated with a credit card network like Visa or Mastercard, and can be used anywhere those card types are accepted. Look for the Visa or Mastercard logo in the bottom-right of the card — if you see it, you’ll know that card is open-loop. Synchrony refers to open-loop cards as “Dual Card credit cards.”

    Private label credit cards have rewards and benefits that are solely focused on the co-branded store, which makes sense because that’s the only place they can be used. Open-loop cards usually have additional bonus categories, allowing you to earn rewards for other purchases outside of that store.

    Store credit cards are known for being relatively easy to get compared to other types of cards, making them popular among people with bad credit or limited credit. They usually don’t have annual fees and they’re often advertised in store checkout lanes, trying to tempt you into applying with the promise of a quick (but relatively small) discount. If you can’t get approved for a general-use rewards card, which would earn rewards for any purchase, anywhere, you might want to start with a store card to help build up your credit.

    How Do I Pay My Synchrony Credit Card?

    Trying to pay the bill for your Synchrony credit card?

    Start by visiting Synchrony’s credit card support site. Search for the store your card is co-branded with, or for your credit card type. You’ll be given a link to access your account online, along with a phone number to call if you need it.

    How Is Synchrony’s Customer Service and Payment Processing?

    If you’re trying to get in touch with Synchrony you may find a mess of contact details and phone numbers. Start with the main Contact Page for credit cards.

    From there you’ll find the general Synchrony Bank phone number for credit card services: 1-866-419-4096.

    However, if you’re trying to get support for a specific credit card you might end up struggling through a phone menu. Instead of calling that number, you can find your card’s store from the menus on the left of that contact page. After selecting the store you’ll see a specific customer support number to call for your card.

    Unfortunately, we’ve received many complaints from users of Synchrony Bank credit cards. Most of the complaints are about poor customer service, concerning agents who seem to either give wrong information or don’t deliver on what they promise, like waiving a fee. Other complaints are about administrative errors, trouble logging in and redeeming rewards, or difficulty making payments. This last issue — trouble making payments — is a serious one because not only can it lead to late fees, it can also have long-lasting negative effects on your credit scores.

    If you use a Synchrony credit card, we strongly recommend setting up autopay for the full statement balance. Set the payment to be made as soon as possible after receiving your monthly billing statement — don’t wait until the last minute. You should also consider setting a reminder to check to make sure the payment is actually received after that. Although many people won’t experience any problems at all, and this might seem like overkill to some, you may want to take these steps to help safeguard your finances and your credit.

    These warnings also apply to the other major issuer of store cassidy pornstar cards, Comenity Bank. While every card issuer gets its share of bad reviews, Synchrony and Comenity seem to be leading the pack when it comes to unsatisfied customers.

    Synchrony Bank Retail Store Credit Cards

    Here’s a full list of Synchrony credit cards, starting with retail stores in this section and covering other types of companies in the later sections. Take note that some of these cards have been discontinued for new applicants, although current cardholders can still log in using the links below.

    In some cases the cards may be discontinued for current members as well, meaning your card would have been closed. If that happened you should have received a notice, and you can follow your card’s link to learn more. In still other cases, the account may have been taken over by a different card issuer; if this happened you should have received a notice. Contact Synchrony’s customer support according to the instructions above if you have any questions about your account.

    Synchrony Bank Travel Credit Cards

    Synchrony Multi-Store Category Cards

    Some of Synchrony’s partner merchants are grouped under a few specific card account types. There are several card types, which cover a variety of stores and services:

    Read moreReview: Synchrony HOME Credit Card – Best for Home Goods & Furniture?

    Rather than being limited to individual stores, the four Synchrony cards above can be used at many different retailers within their categories. So, for example, the Car Care Credit Card can be used at many different auto shops; the HOME Credit Card can be used at many different home furnishings stores; etc.

    If you apply for what seem like two different credit cards at certain auto shops, you may actually be applying for the same Car Care Credit Card. If that’s the case, the only difference will be the name on the card, which will be the name of the specific store at which you applied. The same holds true for the HOME and Sport credit cards.

    You may have seen the CareCredit® credit card advertised at your doctor’s office. This card can be used with many different healthcare providers (for humans and for pets) and offers deferred financing plans to help you pay for medical services over time. Be aware that if you fail to pay back the entire balance by the due date or miss a monthly payment you’ll be charged interest for the entire length of the term, going back to the purchase date. This is true for all deferred financing plans, which are offered by many Synchrony credit cards.

    Synchrony Bank Gas & Auto Credit Cards

    Synchrony Bank Medical Credit Cards

    Synchrony Bank Miscellaneous Credit Cards

    Insider tip

    Looking for a new card for shopping, travel, or paying off debt? See our picks for the Best Credit Cards in a variety of categories.

    At a glance

    Synchrony Bank is a major issuer of retail and co-branded credit cards, including big names like Amazon, PayPal, and Lowe’s. It also issues specific credit cards to be used across a variety of healthcare services, auto shops, and home furnishing stores.

    Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines. Terms Apply.

    Источник: https://www.creditcardinsider.com/credit-cards/synchrony-bank/

    Is GE Capital and synchrony bank the same?

    GE Capital Retail Bank (GECRB) has been informing customers that it will soon be changing its name to Synchrony Bank. They are two separate banks with separate FDIC charters. However, both are currently part of the General Electric Company.

    Click to see full answer.

    Similarly, you may ask, is synchrony bank still owned by GE?

    For most of its existence, Synchrony Financial operated as a wholly-owned subsidiary of General Electric (GE). This brings us to Synchrony Financial's current business model. Synchrony Financial is a retail finance company with expertise in issuing private-label credit cards for retailers and other finance partners.

    Beside above, are Comenity Bank and Synchrony bank the same? Comenity is part of Alliance Data Systems Corporation, Synchrony was GE Capital before it had its IPO.

    Just so, is ge money bank the same as synchrony bank synchrony bank part of GE Capital?

    GE Capital Retail Bank operated as a subsidiary of General Electric Capital Corporation. GE Capital Retail Bank acquired MetLife Bank from MetLife in 2011. As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony Bank.

    Is synchrony bank owned by Amazon?

    About Synchrony FinancialThey also provide private label credit cards (they're one of the biggest), so they are the backbone behind some popular retailer credit cards like Amazon, Lowes, Walmart, and Gap. Synchrony Financial is the parent company, Synchrony Is ge money bank the same as synchrony bank is the institution that provides those products.

    Источник: https://askinglot.com/is-ge-capital-and-synchrony-bank-the-same

    Synchrony Financial

    American financial services company

    Synchrony Financial is a consumer financial services company headquartered in Stamford, Connecticut, United States.[2] The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and FDIC-insured consumer savings products through Synchrony Bank, its wholly owned online bank subsidiary.[4][7]

    History[edit]

    Synchrony traces its roots to 1932.[8] GE Capital Retail Bank was started during the Great Depression, providing customers a line of credit to purchase GE appliances. The lending arm remained GE Capital Retail Bank until being spun off from its parent company in June 2014.[9][10] GE filed with the Securities and Exchange Commission on March 13, 2014 announcing its intention to spin-off the portion of its GE Capital business dedicated to retail credit cards. GE's SEC filing indicated that the new company would be called Synchrony Financial.[9] sphero star wars bb 8 with trainer app enabled droid On July 31, 2014 Synchrony Financial raised $2.88 billion in its initial public offering.[10]

    Recent corporate history[edit]

    In 2017, Synchrony acquired GP Shopper.[11][12]

    In 2018, Synchrony acquired Loop Commerce, which provides a patented digital gifting platform called GiftNow.[13][14] In 2018, Synchrony's largest program was the acquisition of PayPal's $7.6 billion credit receivables portfolio.[4][15] PayPal also chose Synchrony Bank to be its exclusive issuer for the PayPal Credit point of sale financing program in the United States through 2028. Additionally, PayPal agreed to extend its existing co-brand credit card relationship with Synchrony through the same 10-year term. These transactions (collectively, the "PayPal transaction") officially closed in July 2018.[16]

    In 2019, Synchrony announced the acquisition of Pets Best, which offers pet insurance and wellness plans for dogs and cats. Pets Best will operate under Synchrony's CareCredit platform.[citation needed]

    GIC Private Limited, the sovereign wealth fund of Singapore, owns 7.72% of Synchrony's stock.[17]

    Products and technology[edit]

    Synchrony is the largest provider of private label credit cards in the U.S.[18] is ge money bank the same as synchrony bank Brands partnered with Synchrony include Amazon,[19]Lowe's,[20]Guitar Center,[21]Gap.,[22]Cathay Pacific, Rakuten, Verizon, and Sam's Club.[23]

    In 2019, Synchrony expanded its auto and home acceptance locations and value propositions.[citation needed] Synchrony partnered with Discover Financial, and launched the Synchrony HOME Credit Card, which can be used by consumers to finance their home needs at more than a million retail locations nationwide.[citation needed] Synchrony also increased its Car Care acceptance network to more than 500,000 locations across 25 categories including gas, auto parts and service, car washes, parking, and ride sharing.[24]

    Synchrony has four "Innovation Stations," which are located in Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio;[25] and Hyderabad, India.[26]

    Synchrony's corporate ventures arm, Synchrony Ventures, invests in early-stage companies that provide emerging technology and products.[citation needed]

    In 2016, Synchrony Financial launched Digital Apply, a credit application site, and SyPI (Synchrony plug-in), a feature for retailers' mobile apps, through which customers can access their credit card information.[27] As of 2019, more than 20 retailers had adopted SyPI and nearly $2 billion in credit card payments had been made through the technology.[28]

    In 2018, Synchrony created the Alexa Store Card skill for customers to manage their Amazon Store Cards via voice technology.[29][30]

    A majority of Synchrony's retail partners have deployed Synchrony's AI-enabled virtual assistant Sydney for cardholders.[citation needed]

    Public-private partnerships[edit]

    In 2016, the University of Connecticut's School of Engineering announced the launch of Synchrony's Center of Excellence in Cybersecurity.[31]

    In 2018, Synchrony opened an emerging tech center at the University of Illinois.[32]

    In 2019, Synchrony opened the Synchrony Digital Technology Center at the University of Connecticut's Stamford campus.[33] During the dedication of the Center, the company announced a $1 million donation to the "Connecticut Commitment" – an initiative aimed at helping lower-income Connecticut students attend the University, tuition-free.[33]

    Settlements[edit]

    In June 2014, shortly before Synchrony's New York Stock Exchange amazon music unlimited, the U.S. Consumer Financial Protection Bureau and the Department of Justice reached a $225 million settlement with the company after it entered into a consent decree with the Consumer Financial Protection Bureau. The settlement stated is ge money bank the same as synchrony bank while operating as GE Capital Bank, the company had engaged in deceptive and discriminatory credit card practices.[34] According to USA Today, "The bank said it discontinued such sales practices in 2012 and has already refunded more than $11 million in fees as a result of its own review."[35]

    References[edit]

    1. ^"Synchrony Financial on the Forbes Global 2000 List". Forbes. Retrieved 2016-10-04.
    2. ^ abSYNCHRONY FINANCIAL 2016 Form 10-K Annual Report
    3. ^Bishop, Sue. "Synchrony Promotes Brian Doubles To President". PR Newswire. Synchrony. Retrieved 21 May 2019.
    4. ^ abcdefg"SYNCHRONY 2018 Form 10K Annual Report". www.sec.gov. Retrieved 16 April 2019.
    5. ^Synchrony Financial Fact Sheet
    6. ^"Working at Synchrony Explore out Products, People and Principles". Synchrony.
    7. ^"Factsheet". Sychrony. Retrieved 16 April 2019.
    8. ^Shah, Aman (13 March 2014). "GE files to spin off credit card unit". Reuters. Retrieved 17 June 2019.
    9. ^ abDe La Merced, Michael (March 13, 2014). "G.E. Files to Spin Off Retail Finance Unit". New York Times.
    10. ^ ab"GE credit card unit Synchrony Financial prices IPO at $23 per share". Reuters. July 30, 2014.
    11. ^"BRIEF-Synchrony Financial to buy GPShopper". Reuters. March 20, 2017.
    12. ^Rogers, Bruce. "Maya Mikhailov's Journey From Russia To Co-Founder Of GPShopper". Forbes. Retrieved 2020-03-23.
    13. ^"Synchrony To Acquire Loop Commerce". PARTNERSHIPS / ACQUISITIONS. PYMNTS. 10 May 2018. Retrieved 17 June 2019.
    14. ^Zacks, Contributor Zacks Equity Research. "Synchrony Financial Braces Portfolio With Loop Commerce Buy". www.nasdaq.com. Retrieved 2020-03-23.
    15. ^PayPal (July 3, 2018). "PayPal and Synchrony Complete Consumer Credit Receivables Sale". PayPal.
    16. ^Perez, Sarah (July 3, 2018). "PayPal sells its consumer credit portfolio to Synchrony for $7 billion". the mcgraw hill companies answer key social studies proxy statement
    17. ^"Synchrony Financial SEC Registration". sec.report. Retrieved 2020-04-24.
    18. ^GuruFocus. "Warren Buffett And Seth Klarman Agree On One Stock – Synchrony Financial". Forbes. Retrieved 2020-04-24.
    19. ^Johnson, Andrew (March 13, 2014). "GE Plans Credit-Card IPO as Plastic Gets Popular; New Company to Be Called Synchrony Financial". The Wall Street Journal. Dow Jones & Company Inc. Retrieved June 3, 2015.
    20. ^Passeri, James (April 17, 2015). "GE Spinoff Synchrony Financial Is Still Trying to Stand on Its Own". The Street. TheStreet, Inc. Retrieved June 3, 2015.
    21. ^Nash, Kim (May 14, 2015). "GE Spin-Off Synchrony Financial Builds Tech to Support Growth Plans". The Wall Street Journal. NewsCorp. Retrieved June 3, 2015.
    22. ^https://verizonvisacard.syf.com/login/
    23. ^Zacks, Publisher. "Synchrony Financial's Credit Card Expands Acceptance Network". www.nasdaq.com. Retrieved 2020-04-24.
    24. ^"Innovation". Synchrony.com.
    25. ^"synchrony-financial-to-invest-12-m-in-hyderabad-facility". The Hindu. 29 April 2016.
    26. ^"Synchrony Financial Plug-in Easily Integrates Credit into Retailers' Mobile Apps". Business Wire. 24 October 2016. Retrieved 20 May 2019.
    27. ^"Synchrony Financial Q4 2018 Results – Earnings Call Transcript". Seeking Alpha. 23 January 2019. p. 8. Retrieved 20 May 2019.
    28. ^Ward, Nicole (2 May 2018). "Synchrony Teams with Amazon to Introduce New Alexa Skill for Amazon Store Card". Business Wire. Retrieved 20 May 2019.
    29. ^LaMagna, Maria; Marketwatch (2018-05-03). "Alexa can now help you choose a credit card". New York Post. Retrieved 2020-04-24.
    30. ^Mahoney, Sara (12 Oct 2016). "UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity". UConn Today. Retrieved 20 May 2019.
    31. ^Bliell, Laura (12 April 2018). "Synchrony Opens Emerging Tech Center at the University of Illinois to Develop Artificial Intelligence Solutions". Synchrony Financial. Retrieved 20 May 2019.
    32. ^ ab"Synchrony Digital Technology Center Dedicated; Gift to Connecticut Commitment Announced". UConn Today. 2019-12-16. Retrieved 2020-05-19.
    33. ^"CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices" (Press release). Consumer Financial Protection Bureau. June 19, 2014.
    34. ^Schneier, Cogan (14 June 2019). "GE Capital arm to is ge money bank the same as synchrony bank record credit card settlement". USA Today.

    External links[edit]

    Источник: https://en.wikipedia.org/wiki/Synchrony_Financial

    GE Capital to refund $225 million to settle credit card allegations

    Reporting from Washington — 

    GE Capital agreed to pay $225 million to about 750,000 customers to settle federal allegations of deceptive and discriminatory credit card practices, federal officials said.

    The claims included an accusation that the financial firm barred Latino customers from participating in two company debt-repayment programs, the officials said.

    The company’s retail banking unit will provide about $169 million in refunds or credits to about 108,000 customers who were not told about the repayment programs because they indicated they preferred to receive communications in Spanish or had a mailing address in Puerto Rico, the Consumer Financial Protection Bureau and Justice Department said Thursday.

    “The blatant discrimination that occurred here is unlawful and will not be tolerated,” said Jocelyn Samuels, the acting assistant attorney general for the Civil Rights Division.

    The settlement was the largest in a credit-card discrimination case in the department’s history, she said. The practices, which took place from January 2009 to March 2012, violated the Equal Credit Opportunity Act.

    Samuels said the bank, now called Synchrony Bank, discovered the discriminatory practices and alerted the consumer bureau, which regulates credit card issuers.

    So far, the bank, which did not admit or deny the allegations, has provided $131.8 million of the settlement money to its customers.

    Dori Abel, a spokeswoman for GE Capital’s retail banking unit said company employees worked cooperatively with federal officials after the problem was discovered.

    “Our priority is treating our customers fairly,” she said.

    GE Capital, a unit of General Electric Co., also agreed to refund $56 million to 638,000 credit card customers who were subjected to deceptive marketing for debt-related products.
    Federal officials said the company’s telemarketers misrepresented the costs and terms of those add-on products, such as Account Security and Debt Security.

    For example, customers were misled into believing the programs were free or they were incorrectly told they would not be charged for the service if they paid their credit card balance each month, federal officials said.

    “This kind of conduct has no place in the consumer financial marketplace,” said Richard Cordray, the consumer bureau’s director. “People deserve to be given clear information and they deserve to be treated fairly.”

    In addition to the refunds, the bank will pay a $3.5-million civil penalty, Cordray said.

    The bureau, created by the 2009 financial reform law, has been cracking down on banks for deceptive marketing of credit card add-on products. Since 2012, the bureau has obtained about $1.5 billion in refunds and $85 billion in fines for such cases.

    Follow @JimPuzzanghera on Twitter

    Источник: https://www.latimes.com/business/la-fi-synchrony-bank-ge-capital-credit-card-consumer-financial-protection-bureau-justice-20140619-story.html

    Is ge money bank the same as synchrony bank -

    Synchrony Financial

    American financial services company

    Synchrony Financial is a consumer financial services company headquartered in Stamford, Connecticut, United States.[2] The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and FDIC-insured consumer savings products through Synchrony Bank, its wholly owned online bank subsidiary.[4][7]

    History[edit]

    Synchrony traces its roots to 1932.[8] GE Capital Retail Bank was started during the Great Depression, providing customers a line of credit to purchase GE appliances. The lending arm remained GE Capital Retail Bank until being spun off from its parent company in June 2014.[9][10] GE filed with the Securities and Exchange Commission on March 13, 2014 announcing its intention to spin-off the portion of its GE Capital business dedicated to retail credit cards. GE's SEC filing indicated that the new company would be called Synchrony Financial.[9] On July 31, 2014 Synchrony Financial raised $2.88 billion in its initial public offering.[10]

    Recent corporate history[edit]

    In 2017, Synchrony acquired GP Shopper.[11][12]

    In 2018, Synchrony acquired Loop Commerce, which provides a patented digital gifting platform called GiftNow.[13][14] In 2018, Synchrony's largest program was the acquisition of PayPal's $7.6 billion credit receivables portfolio.[4][15] PayPal also chose Synchrony Bank to be its exclusive issuer for the PayPal Credit point of sale financing program in the United States through 2028. Additionally, PayPal agreed to extend its existing co-brand credit card relationship with Synchrony through the same 10-year term. These transactions (collectively, the "PayPal transaction") officially closed in July 2018.[16]

    In 2019, Synchrony announced the acquisition of Pets Best, which offers pet insurance and wellness plans for dogs and cats. Pets Best will operate under Synchrony's CareCredit platform.[citation needed]

    GIC Private Limited, the sovereign wealth fund of Singapore, owns 7.72% of Synchrony's stock.[17]

    Products and technology[edit]

    Synchrony is the largest provider of private label credit cards in the U.S.[18] Brands partnered with Synchrony include Amazon,[19]Lowe's,[20]Guitar Center,[21]Gap.,[22]Cathay Pacific, Rakuten, Verizon, and Sam's Club.[23]

    In 2019, Synchrony expanded its auto and home acceptance locations and value propositions.[citation needed] Synchrony partnered with Discover Financial, and launched the Synchrony HOME Credit Card, which can be used by consumers to finance their home needs at more than a million retail locations nationwide.[citation needed] Synchrony also increased its Car Care acceptance network to more than 500,000 locations across 25 categories including gas, auto parts and service, car washes, parking, and ride sharing.[24]

    Synchrony has four "Innovation Stations," which are located in Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio;[25] and Hyderabad, India.[26]

    Synchrony's corporate ventures arm, Synchrony Ventures, invests in early-stage companies that provide emerging technology and products.[citation needed]

    In 2016, Synchrony Financial launched Digital Apply, a credit application site, and SyPI (Synchrony plug-in), a feature for retailers' mobile apps, through which customers can access their credit card information.[27] As of 2019, more than 20 retailers had adopted SyPI and nearly $2 billion in credit card payments had been made through the technology.[28]

    In 2018, Synchrony created the Alexa Store Card skill for customers to manage their Amazon Store Cards via voice technology.[29][30]

    A majority of Synchrony's retail partners have deployed Synchrony's AI-enabled virtual assistant Sydney for cardholders.[citation needed]

    Public-private partnerships[edit]

    In 2016, the University of Connecticut's School of Engineering announced the launch of Synchrony's Center of Excellence in Cybersecurity.[31]

    In 2018, Synchrony opened an emerging tech center at the University of Illinois.[32]

    In 2019, Synchrony opened the Synchrony Digital Technology Center at the University of Connecticut's Stamford campus.[33] During the dedication of the Center, the company announced a $1 million donation to the "Connecticut Commitment" – an initiative aimed at helping lower-income Connecticut students attend the University, tuition-free.[33]

    Settlements[edit]

    In June 2014, shortly before Synchrony's New York Stock Exchange debut, the U.S. Consumer Financial Protection Bureau and the Department of Justice reached a $225 million settlement with the company after it entered into a consent decree with the Consumer Financial Protection Bureau. The settlement stated that while operating as GE Capital Bank, the company had engaged in deceptive and discriminatory credit card practices.[34] According to USA Today, "The bank said it discontinued such sales practices in 2012 and has already refunded more than $11 million in fees as a result of its own review."[35]

    References[edit]

    1. ^"Synchrony Financial on the Forbes Global 2000 List". Forbes. Retrieved 2016-10-04.
    2. ^ abSYNCHRONY FINANCIAL 2016 Form 10-K Annual Report
    3. ^Bishop, Sue. "Synchrony Promotes Brian Doubles To President". PR Newswire. Synchrony. Retrieved 21 May 2019.
    4. ^ abcdefg"SYNCHRONY 2018 Form 10K Annual Report". www.sec.gov. Retrieved 16 April 2019.
    5. ^Synchrony Financial Fact Sheet
    6. ^"Working at Synchrony Explore out Products, People and Principles". Synchrony.
    7. ^"Factsheet". Sychrony. Retrieved 16 April 2019.
    8. ^Shah, Aman (13 March 2014). "GE files to spin off credit card unit". Reuters. Retrieved 17 June 2019.
    9. ^ abDe La Merced, Michael (March 13, 2014). "G.E. Files to Spin Off Retail Finance Unit". New York Times.
    10. ^ ab"GE credit card unit Synchrony Financial prices IPO at $23 per share". Reuters. July 30, 2014.
    11. ^"BRIEF-Synchrony Financial to buy GPShopper". Reuters. March 20, 2017.
    12. ^Rogers, Bruce. "Maya Mikhailov's Journey From Russia To Co-Founder Of GPShopper". Forbes. Retrieved 2020-03-23.
    13. ^"Synchrony To Acquire Loop Commerce". PARTNERSHIPS / ACQUISITIONS. PYMNTS. 10 May 2018. Retrieved 17 June 2019.
    14. ^Zacks, Contributor Zacks Equity Research. "Synchrony Financial Braces Portfolio With Loop Commerce Buy". www.nasdaq.com. Retrieved 2020-03-23.
    15. ^PayPal (July 3, 2018). "PayPal and Synchrony Complete Consumer Credit Receivables Sale". PayPal.
    16. ^Perez, Sarah (July 3, 2018). "PayPal sells its consumer credit portfolio to Synchrony for $7 billion". TechCrunch.
    17. ^Synchrony proxy statement
    18. ^"Synchrony Financial SEC Registration". sec.report. Retrieved 2020-04-24.
    19. ^GuruFocus. "Warren Buffett And Seth Klarman Agree On One Stock – Synchrony Financial". Forbes. Retrieved 2020-04-24.
    20. ^Johnson, Andrew (March 13, 2014). "GE Plans Credit-Card IPO as Plastic Gets Popular; New Company to Be Called Synchrony Financial". The Wall Street Journal. Dow Jones & Company Inc. Retrieved June 3, 2015.
    21. ^Passeri, James (April 17, 2015). "GE Spinoff Synchrony Financial Is Still Trying to Stand on Its Own". The Street. TheStreet, Inc. Retrieved June 3, 2015.
    22. ^Nash, Kim (May 14, 2015). "GE Spin-Off Synchrony Financial Builds Tech to Support Growth Plans". The Wall Street Journal. NewsCorp. Retrieved June 3, 2015.
    23. ^https://verizonvisacard.syf.com/login/
    24. ^Zacks, Publisher. "Synchrony Financial's Credit Card Expands Acceptance Network". www.nasdaq.com. Retrieved 2020-04-24.
    25. ^"Innovation". Synchrony.com.
    26. ^"synchrony-financial-to-invest-12-m-in-hyderabad-facility". The Hindu. 29 April 2016.
    27. ^"Synchrony Financial Plug-in Easily Integrates Credit into Retailers' Mobile Apps". Business Wire. 24 October 2016. Retrieved 20 May 2019.
    28. ^"Synchrony Financial Q4 2018 Results – Earnings Call Transcript". Seeking Alpha. 23 January 2019. p. 8. Retrieved 20 May 2019.
    29. ^Ward, Nicole (2 May 2018). "Synchrony Teams with Amazon to Introduce New Alexa Skill for Amazon Store Card". Business Wire. Retrieved 20 May 2019.
    30. ^LaMagna, Maria; Marketwatch (2018-05-03). "Alexa can now help you choose a credit card". New York Post. Retrieved 2020-04-24.
    31. ^Mahoney, Sara (12 Oct 2016). "UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity". UConn Today. Retrieved 20 May 2019.
    32. ^Bliell, Laura (12 April 2018). "Synchrony Opens Emerging Tech Center at the University of Illinois to Develop Artificial Intelligence Solutions". Synchrony Financial. Retrieved 20 May 2019.
    33. ^ ab"Synchrony Digital Technology Center Dedicated; Gift to Connecticut Commitment Announced". UConn Today. 2019-12-16. Retrieved 2020-05-19.
    34. ^"CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices" (Press release). Consumer Financial Protection Bureau. June 19, 2014.
    35. ^Schneier, Cogan (14 June 2019). "GE Capital arm to pay record credit card settlement". USA Today.

    External links[edit]

    Источник: https://en.wikipedia.org/wiki/Synchrony_Financial
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    Synchrony Bank Review – Online Savings, CDs & Money Market Accounts

    Synchrony Bank is one of the newer online banking options for U.S. consumers. It came into existence in mid-2014 when it changed its name from GE Capital Retail Bank.

    Synchrony Bank boasts FDIC-insured savings, money market, and CD accounts, all with attractive yields (competitive rates) and relatively few hoops to jump through.

    Its CDs and money markets can be structured as traditional and Roth IRAs, boosting the bank’s appeal to retirement savers. All accounts come with FDIC insurance on balances up to $250,000.

    Key Features

    Synchrony Bank has some other features worth noting, including a loyalty rewards program that provides high-deposit and longtime customers with travel discounts, priority customer service, special account rates, and other perks.

    Although it doesn’t make direct loans, its Synchrony Financial affiliate provides financing services and private-label credit cards for dozens of U.S. retailers and their customers. Synchrony itself offers three Mastercard credit cards with rewards programs and other perks.

    Synchrony Bank has one noteworthy drawback: It doesn’t offer a checking account. If you’re looking for juicy new checking account promotions and offers, you’ll want to look to one of Synchrony’s fine competitors.

    High-Yield Savings Account

    The Synchrony high-yield savings account yields 0.50% APY on all balances. That’s significantly higher than the national average for branch-based and online savings accounts, according to Synchrony Bank.

    There’s no minimum opening deposit or monthly maintenance fee. You can request a free ATM card at account opening, but it’s not essential. Virtually all U.S. ATMs are fair game for withdrawal, and Synchrony doesn’t charge its own ATM fees.

    However, ATM withdrawals are capped at $1,000 per day — a bit tight considering Synchrony doesn’t have any physical branches with withdrawal counters. Third-party ATM fees are refunded up to $5 per month.

    You’re limited to just six withdrawals from savings (and money market) accounts per month at Synchrony. Although Synchrony doesn’t charge a fee for excessive withdrawals, exceeding the limit is grounds to close your account for misuse.

    Money Market Account

    Synchrony’s money market account yields 0.35% APY on all balances and doesn’t have an opening deposit requirement or ongoing monthly fee.

    All accounts come with a free book of checks and a free, optional ATM card. The same withdrawal limits and ATM reimbursement rules apply here.

    Certificates of Deposit (CDs)

    Synchrony’s CD terms range from three to 60 months. There are nine options in all, making it easy to create multi-CD ladders here:

    • 3-month
    • 6-month
    • 9-month
    • 12-month
    • 18-month
    • 24-month
    • 36-month
    • 48-month
    • 60-month

    Synchrony CDs follow a tiered interest rate structure with steps at $25,000 and $100,000. Yields range from 0.15% APY for the three-month CD to 0.85% APY for the 60-month CD.

    All CDs come with a 15-day best rate guarantee that automatically entitles you to the highest available CD interest rate within the first 15 days of opening your account.

    There’s no minimum balance required to open a CD with Synchrony. For CDs with terms under 12 months, the early withdrawal penalty is equivalent to three months’ interest. For longer terms, the penalty is six months’ interest.

    Individual Retirement Account (IRA) Options

    For retirement savers who want to reduce the tax burden on their long-term savings, Synchrony Bank offers special money market and CD accounts that can be structured as traditional IRAs or Roth IRAs.

    Unless otherwise noted on Synchrony’s website, these IRA options’ term lengths, yields, yield tiers, opening deposit requirements, and early withdrawal penalties are identical to their non-IRA counterparts.

    Trust Accounts

    Any Synchrony account type can be designated as a revocable or irrevocable trust.

    Revocable trusts can be altered by the grantor, beneficiaries, and anyone with power of attorney. Trust funds are a common use case.

    Irrevocable trusts can only be altered by the beneficiary. For more information, check out Synchrony Bank’s forms page.

    Third-Party Financing Through Synchrony Financial

    Although Synchrony Bank doesn’t directly issue credit cards or loans, it does provide financing and credit services for a wide range of well-known businesses in the United States.

    The bank specializes in financing big-ticket purchases, such as new HVAC equipment and jewelry, and issuing private-label credit cards that can be used at specific retailers — although sadly no noteworthy rewards credit cards.

    You can find a list of businesses that offer Synchrony-backed financing at the website for Synchrony Financial, a Synchrony Bank affiliate.

    Synchrony Credit Cards

    Synchrony issues three Mastercard credit cards:

    • Synchrony Preferred Mastercard. This is a no-annual-fee credit card with Mastercard-backed perks like identity theft protection. It doesn’t have a rewards program, however.
    • Synchrony Plus Mastercard. This no-annual-fee card promises 1% unlimited cash back on every eligible purchase and a slew of Mastercard-backed benefits, including cellphone protection and credits with partner merchants like Lyft, Instacart, and Hello Fresh. The World Elite Mastercard benefits and offers page has more details.
    • Synchrony Premier Mastercard. This no-annual-fee card pays 2% cash back on all eligible purchases with no caps or restrictions and boasts the same great perks as Synchrony Plus. The catch: It’s reserved for applicants with excellent credit scores.

    Customer Support

    Synchrony Bank’s customer support apparatus includes a general-purpose email address, internal messaging system for registered account holders, and a toll-free phone hotline. Automated banking services, such as balance checks, are available 24/7 through the hotline.

    To speak with a human representative, you need to call between 8am and 10pm Monday through Friday, or between 8am and 5pm Saturday (all times are Eastern time).


    Advantages

    These are some of the arguments in favor of banking with this particular financial institution. Among the most powerful are Synchrony Bank’s high yields, low minimums, and excess withdrawal fee waivers.

    1. Excellent CD Rates. Yields on Synchrony Bank’s CDs range up to 0.85% APY for the 60-month product. That compares favorably to well-known online banks such as Ally Bank. And it blows many smaller online banks’ yields out of the water.
    2. Solid Savings Yields. Synchrony Bank’s 0.50% savings yield exceeds that of many competing online banks. That makes this account a good place to park your extra cash while deciding what to do with it.
    3. Few Restrictions on Savings and Money Market Accounts. Synchrony Bank’s money market and savings accounts come with relatively little red tape. There’s no minimum deposit requirement or ongoing minimum balance requirement on either, for instance. Other savings and money market accounts come with more inconvenient restrictions, such as the iGoBanking money market’s prohibitively high $25,000 minimum opening deposit and ongoing balance requirement.
    4. ATM Card Available With Savings Account. Synchrony Bank’s savings account comes with a rare perk: a free, optional ATM card. Since you can’t open a checking account with Synchrony, this perk makes it easier to tap your savings for cash if you don’t have available funds in another account, such as a Synchrony money market or another bank’s checking account. Many other online banks, including Ally and FNBO Direct, do not offer ATM cards with savings accounts.
    5. No Account Management or Maintenance Fees. Synchrony Bank doesn’t charge account management or maintenance fees, even when balances are minimal. This is a big advantage over some traditional banks, which require hefty minimum balances to avoid monthly maintenance fees.
    6. No Fees for Excess Withdrawals. Although withdrawals from Synchrony savings and money market accounts are technically capped at six per month by law, Synchrony is in a distinct minority of consumer banks that don’t levy excess withdrawal penalties on customers who exceed the cap. You can make more than six savings withdrawals or outbound transfers per month without incurring any charges, although Synchrony reserves the right to close your account if you abuse the privilege.
    7. ATM Reimbursement Up to $5 Per Month. Synchrony Bank reimburses third-party ATM fees up to a $5 monthly limit. That’s not a huge break, but it’s a help for people who don’t need cash every day.
    8. Better Customer Service Availability Than Some Competitors. Synchrony Bank’s customer service representatives are available from 8am to 10pm Monday through Friday, and from 8am to 5pm on Saturday. Those windows are longer than similarly sized online banks, such as BankDirect or Salem Five Direct. It’s particularly nice to be able to get in touch after hours, because many people can’t afford to take time away from work to speak with their bank.
    9. IRA Options’ Yields Are Identical to Non-IRA Equivalents. Synchrony Bank’s IRA money markets and CDs have identical yields — and, in the CDs’ case, term lengths — as their non-IRA counterparts. This sounds like a no-brainer, but many online banks offer IRA CDs and money markets at much lower yields than comparable non-IRA instruments, rendering them much less attractive than they’d otherwise be.

    Disadvantages

    These are Synchrony Bank’s most important drawbacks. They include a lack of day-to-day money management options (checking accounts) and installment loans.

    1. No Checking Account. Synchrony Bank’s single biggest drawback is its lack of a checking account. Practically speaking, this omission makes it impossible to use Synchrony Bank for your day-to-day financial needs, as savings and money market withdrawals are limited to six per statement period. A number of other online banks — even smaller ones, such as Salem Five Direct and BankDirect — tend to offer a checking option.
    2. No Auto or Home Loans. Although Synchrony Bank offers third-party financing and private-label credit cards through its affiliate Synchrony Financial, it doesn’t make direct loans or issue credit cards that can be used without restriction. If you want an online bank that offers auto or home loans, you’re better off with a well-known competitor, such as Ally Bank (auto) or Capital One 360 (home). For in-house credit card options, look to FNBO Direct (Visa ExtraEarnings credit card) or Discover Bank, whose parent company offers numerous credit card options.
    3. No Business Products. Synchrony Bank doesn’t offer any accounts or credit products for business customers. If you’re looking for a small-business loan or credit card, try an online business financing option, such as Kabbage or OnDeck. If you’re looking for business bank accounts, TIAA Bank offers a full lineup.
    4. No Investment Products. Synchrony Bank doesn’t have an in-house brokerage, nor any true investment options (fixed-interest IRA CDs don’t count). Some competing online banks have affiliated brokerages or mutual fund families — for instance, FNBO Direct’s Tributary Funds boast six distinct funds that can together form the basis of a diversified investment portfolio.
    5. High Minimum Balance for CDs. Synchrony Bank CDs require at least $2,000 to open. That’s higher than some big-name competitors, including Ally Bank and Discover Bank.

    Final Word

    Not every bank can be everything to everyone. Some that aren’t everything to everyone try to pretend that they are, with predictable consequences for customer satisfaction and retention.

    Fortunately, Synchrony Bank doesn’t pretend to be anything it’s not. It does what it can to support customers who appreciate its attractive savings vehicles, even offering a pretty nifty loyalty program that rewards longtime account holders. But it never makes any representation that it’s adequate for day-to-day banking or borrowing needs.

    If you’re looking for straight talk from your online bank, you could do worse than Synchrony.

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    Источник: https://www.moneycrashers.com/synchrony-bank-review/
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    Источник: https://cwst.com/zjgfrabg/synchrony-bank-customer-service.html
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    GE Capital to refund $225 million to settle credit card allegations

    Reporting from Washington — 

    GE Capital agreed to pay $225 million to about 750,000 customers to settle federal allegations of deceptive and discriminatory credit card practices, federal officials said.

    The claims included an accusation that the financial firm barred Latino customers from participating in two company debt-repayment programs, the officials said.

    The company’s retail banking unit will provide about $169 million in refunds or credits to about 108,000 customers who were not told about the repayment programs because they indicated they preferred to receive communications in Spanish or had a mailing address in Puerto Rico, the Consumer Financial Protection Bureau and Justice Department said Thursday.

    “The blatant discrimination that occurred here is unlawful and will not be tolerated,” said Jocelyn Samuels, the acting assistant attorney general for the Civil Rights Division.

    The settlement was the largest in a credit-card discrimination case in the department’s history, she said. The practices, which took place from January 2009 to March 2012, violated the Equal Credit Opportunity Act.

    Samuels said the bank, now called Synchrony Bank, discovered the discriminatory practices and alerted the consumer bureau, which regulates credit card issuers.

    So far, the bank, which did not admit or deny the allegations, has provided $131.8 million of the settlement money to its customers.

    Dori Abel, a spokeswoman for GE Capital’s retail banking unit said company employees worked cooperatively with federal officials after the problem was discovered.

    “Our priority is treating our customers fairly,” she said.

    GE Capital, a unit of General Electric Co., also agreed to refund $56 million to 638,000 credit card customers who were subjected to deceptive marketing for debt-related products.
    Federal officials said the company’s telemarketers misrepresented the costs and terms of those add-on products, such as Account Security and Debt Security.

    For example, customers were misled into believing the programs were free or they were incorrectly told they would not be charged for the service if they paid their credit card balance each month, federal officials said.

    “This kind of conduct has no place in the consumer financial marketplace,” said Richard Cordray, the consumer bureau’s director. “People deserve to be given clear information and they deserve to be treated fairly.”

    In addition to the refunds, the bank will pay a $3.5-million civil penalty, Cordray said.

    The bureau, created by the 2009 financial reform law, has been cracking down on banks for deceptive marketing of credit card add-on products. Since 2012, the bureau has obtained about $1.5 billion in refunds and $85 billion in fines for such cases.

    Follow @JimPuzzanghera on Twitter

    Источник: https://www.latimes.com/business/la-fi-synchrony-bank-ge-capital-credit-card-consumer-financial-protection-bureau-justice-20140619-story.html

    Do you have any retail store credit cards? Have you ever used a promotional financing plan to buy furniture, or expensive electronics? If so, you might be a Synchrony Bank customer without even realizing it.

    How Do I Contact Synchrony Bank?

    You can get in touch with Synchrony at the phone number below, or by visiting the bank’s contact page.

    Want to find your own Synchrony card account? See our full list of Synchrony credit cards.

    About Synchrony Bank Credit Cards

    Synchrony Bank, as part of Synchrony Financial, is one of the major issuers of store credit cards in the U.S., along with Comenity Bank.

    When people talk about credit card issuers you usually hear names like American Express, Chase, Capital One, and Citi — but Synchrony is actually quite big. It’s the largest provider of private label credit cards in the country, according to a 2017 Nilson Report.

    Synchrony is partnered with some of the leading companies in the U.S., including Amazon, Chevron, and Lowe’s, along with dozens of smaller retailers. It provides credit cards as well as other credit products, like special financing and installment loans, along with some other services.

    Learn More

    Is Synchrony a real bank?

    You won't find any brick-and-mortar Synchrony Bank locations, but Synchrony is indeed a real bank.

    Aside from issuing credit cards, Synchrony provides a plethora of financial products (including high-yield savings accounts, certificates of deposit (CDs), and more), plus special financing offers with select retailers.

    Despite all the different card offers, you can use the basic Synchrony Bank login page at MySynchrony.com to access any Synchrony card account. Or you can download the MySynchrony app for your smartphone. You’ll be able to check your card details and pay bills with either method.

    Synchrony cardholders can also access one of their FICO credit scores, based on their TransUnion credit reports. This is a good feature for anyone trying to establish or rebuild credit.

    However, store cards also have some downsides (learn more in our 2020 retail store card survey). They typically come with low credit limits, like $500 or $1,000, and very high interest rates. You should always pay your statement balance in full and never carry a balance on a store card, because the interest you accrue will negate any rewards or benefits you got from the card (this is good advice for every card unless you have a promotional 0% interest rate). Store cards also tend to come with below-average customer support, as discussed in the section below.

    Insider tip

    The shopping cart trick is rumored to be a way to get approved for certain credit cards without hard inquiries on your credit reports, although it may not actually work. People usually try it with store cards issued by Comenity Bank, but some report that it works with certain Synchrony Bank credit cards as well, like the QVC card. We can’t confirm this, however.

    Where Can I Use My Synchrony Credit Card?

    The majority of Synchrony Bank credit cards are closed-loop, also known as private label, meaning they can only be used at their co-branded stores. The Amazon.com Store Card (Review), which can only be used at Amazon, is a good example of that. There are also some Synchrony cards that can be used at a selection of different stores within certain categories.

    Some cards are open-loop, meaning they’re affiliated with a credit card network like Visa or Mastercard, and can be used anywhere those card types are accepted. Look for the Visa or Mastercard logo in the bottom-right of the card — if you see it, you’ll know that card is open-loop. Synchrony refers to open-loop cards as “Dual Card credit cards.”

    Private label credit cards have rewards and benefits that are solely focused on the co-branded store, which makes sense because that’s the only place they can be used. Open-loop cards usually have additional bonus categories, allowing you to earn rewards for other purchases outside of that store.

    Store credit cards are known for being relatively easy to get compared to other types of cards, making them popular among people with bad credit or limited credit. They usually don’t have annual fees and they’re often advertised in store checkout lanes, trying to tempt you into applying with the promise of a quick (but relatively small) discount. If you can’t get approved for a general-use rewards card, which would earn rewards for any purchase, anywhere, you might want to start with a store card to help build up your credit.

    How Do I Pay My Synchrony Credit Card?

    Trying to pay the bill for your Synchrony credit card?

    Start by visiting Synchrony’s credit card support site. Search for the store your card is co-branded with, or for your credit card type. You’ll be given a link to access your account online, along with a phone number to call if you need it.

    How Is Synchrony’s Customer Service and Payment Processing?

    If you’re trying to get in touch with Synchrony you may find a mess of contact details and phone numbers. Start with the main Contact Page for credit cards.

    From there you’ll find the general Synchrony Bank phone number for credit card services: 1-866-419-4096.

    However, if you’re trying to get support for a specific credit card you might end up struggling through a phone menu. Instead of calling that number, you can find your card’s store from the menus on the left of that contact page. After selecting the store you’ll see a specific customer support number to call for your card.

    Unfortunately, we’ve received many complaints from users of Synchrony Bank credit cards. Most of the complaints are about poor customer service, concerning agents who seem to either give wrong information or don’t deliver on what they promise, like waiving a fee. Other complaints are about administrative errors, trouble logging in and redeeming rewards, or difficulty making payments. This last issue — trouble making payments — is a serious one because not only can it lead to late fees, it can also have long-lasting negative effects on your credit scores.

    If you use a Synchrony credit card, we strongly recommend setting up autopay for the full statement balance. Set the payment to be made as soon as possible after receiving your monthly billing statement — don’t wait until the last minute. You should also consider setting a reminder to check to make sure the payment is actually received after that. Although many people won’t experience any problems at all, and this might seem like overkill to some, you may want to take these steps to help safeguard your finances and your credit.

    These warnings also apply to the other major issuer of store credit cards, Comenity Bank. While every card issuer gets its share of bad reviews, Synchrony and Comenity seem to be leading the pack when it comes to unsatisfied customers.

    Synchrony Bank Retail Store Credit Cards

    Here’s a full list of Synchrony credit cards, starting with retail stores in this section and covering other types of companies in the later sections. Take note that some of these cards have been discontinued for new applicants, although current cardholders can still log in using the links below.

    In some cases the cards may be discontinued for current members as well, meaning your card would have been closed. If that happened you should have received a notice, and you can follow your card’s link to learn more. In still other cases, the account may have been taken over by a different card issuer; if this happened you should have received a notice. Contact Synchrony’s customer support according to the instructions above if you have any questions about your account.

    Synchrony Bank Travel Credit Cards

    Synchrony Multi-Store Category Cards

    Some of Synchrony’s partner merchants are grouped under a few specific card account types. There are several card types, which cover a variety of stores and services:

    Read moreReview: Synchrony HOME Credit Card – Best for Home Goods & Furniture?

    Rather than being limited to individual stores, the four Synchrony cards above can be used at many different retailers within their categories. So, for example, the Car Care Credit Card can be used at many different auto shops; the HOME Credit Card can be used at many different home furnishings stores; etc.

    If you apply for what seem like two different credit cards at certain auto shops, you may actually be applying for the same Car Care Credit Card. If that’s the case, the only difference will be the name on the card, which will be the name of the specific store at which you applied. The same holds true for the HOME and Sport credit cards.

    You may have seen the CareCredit® credit card advertised at your doctor’s office. This card can be used with many different healthcare providers (for humans and for pets) and offers deferred financing plans to help you pay for medical services over time. Be aware that if you fail to pay back the entire balance by the due date or miss a monthly payment you’ll be charged interest for the entire length of the term, going back to the purchase date. This is true for all deferred financing plans, which are offered by many Synchrony credit cards.

    Synchrony Bank Gas & Auto Credit Cards

    Synchrony Bank Medical Credit Cards

    Synchrony Bank Miscellaneous Credit Cards

    Insider tip

    Looking for a new card for shopping, travel, or paying off debt? See our picks for the Best Credit Cards in a variety of categories.

    At a glance

    Synchrony Bank is a major issuer of retail and co-branded credit cards, including big names like Amazon, PayPal, and Lowe’s. It also issues specific credit cards to be used across a variety of healthcare services, auto shops, and home furnishing stores.

    Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines. Terms Apply.

    Источник: https://www.creditcardinsider.com/credit-cards/synchrony-bank/
    is ge money bank the same as synchrony bank
    is ge money bank the same as synchrony bank

    Posted by: | on October 2, 2012
    Posted in The | 5 Comments »


    5 Comments to Is ge money bank the same as synchrony bank

    1. Sir mera account bank wale chalu nhi kr re sbi me 2account h or ek close krwa diya mene to dusri sbi bank me bol rahe ki ye ek account close krwao bol rahe sir

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