According to the FTC, there were 2.2 million people victims of bank fraud in 2020 and 2.8 million in 2021. Identity theft or fraudulent activity on any account can be debilitating. In the initial panic, you might not know who to call, and even if you get a hold of someone from customer service, you might not get a resolution that you like. So what can you do next? We explain.
Checking accounts have federal protection against fraud thanks to Federal Reserve Regulation E. So if your Synchrony checking account has an unauthorized transaction, you are not responsible for the cost.
Yes, if someone commits fraud with your bank account, you have zero liability. However, you are liable for up to $50 if someone uses your card or PIN. Their banking resources say that you can be responsible for up to $500 if you do not notify Synchrony Bank within two business days after you learned of unauthorized use of your card, theft, or loss.
Synchrony Bank proactively encrypts information and checks for unusual activity on your account. If Synchrony detects fraud, they will alert you and freeze your account. If you see fraud or unauthorized activity, it’s up to you to contact Synchrony Bank immediately.
Suppose you see an issue with your account statement, either something like a hidden fee or fraudulent activity. In that case, you can contact the Fraud Department at 1-866-834-3205 or 1 866-226-5638 if your card, PIN, or electronic identifier has been lost or stolen or electronic funds were transferred without your permission using information from your checking account.
You can also write to them at t P.O. Box 105972, Atlanta, GA 30348-5972, or for expedited courier service, 485 Lake Mirror Rd., Atlanta, GA 30349.
Synchrony Bank says you must phone them immediately to minimize your losses and liability. Even though they technically have a zero liability policy, if you don’t notify them within two business days of learning of unauthorized use, theft, or loss, you can be liable for up to $500. This policy is because if you know your card has been lost or stolen and you don’t report it, you allow for potentially higher financial losses by not reporting it immediately.
If you are disputing a charge that isn’t fraud from a thief, but a mistake from Synchrony, the fine print in your user agreement with Synchrony Bank says that you have to do so within 60 days. They are not legally required to follow up or investigate if you don’t submit your issue or fraud suspicions in writing. This means no matter what level of protection you have for liability, you might not get reimbursed if you don’t submit a written report within 60 days. Use the address below:
Synchrony Bank Customer Service
P.O. Box 965033,
Orlando, FL 32896-5033
Synchrony provides a list of resources in the event of fraud, such as contact information to report a stolen social security number to the Social Security Administration or Identity Theft resource centers.
Yes, even if it doesn’t seem like it because you don’t hear back immediately, it’s in the best interest of all banks to investigate fraud immediately. More importantly, you might not hear back from banks like Synchrony because it’s a clear-cut case and you presented the evidence, and they know that it’s fraudulent. You typically get written responses once the investigation has been closed or secured messages sent virtually in your secure message center.
However, in their attempts to monitor fraud, there is a pattern of complaints and reviews regarding fraudulent activities. Sometimes customers are overcharged for credit card accounts or have their accounts frozen because of suspicious activity that was not fraudulent.
If someone gets ahold of your bank account or credit card number, they can rack up charges until you report the fraud and close or freeze your account. This might give someone days or weeks to rack up pending charges before they get processed and you notice a problem. If someone gets ahold of your bank account number, they can open lines of credit under your name, order checks, spend your money, transfer your money to their accounts, and potentially steal your identity.
If you still aren’t having luck with Synchrony Bank, you have other options for a resolution. You can submit a complaint about Synchrony Bank or learn how to sue Synchrony Bank in small claims court even if your user agreement prevents you from joining other lawsuits. Alternatively, you can consider legally binding consumer arbitration.
Share your complaint about Synchrony Bank with FairShake today.
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