Understanding Hidden Fees in Your Synchrony Statement

Synchrony Bank is a financial services company providing financing solutions and credit cards to consumers. Synchrony specializes in private label credit cards like payment solutions and retail cards. You might have a credit card that you opened through a company Like Home Depot that is actually issued through Synchrony Bank. So what can you do when you find hidden fees in your Synchrony statement?

Firstly, you need to understand what potential fees you might face with your Synchrony credit card. There are plenty of times when certain payments don’t get logged correctly or a transaction isn’t processed until the next billing cycle, and this can cause unexpected problems with your statement. Before you file an official complaint against Synchrony, reach out to Synchrony customer service and see if they can explain why a charge suddenly appeared on your account or fix a charge that shouldn’t be there.

Also, understand that Synchrony Bank only operates online, so there are no physical branches you can go to when something goes wrong. That is why it’s important always to check your statements and get in touch with customer service as soon as you find a hidden fee. 

Synchrony Bank Charges 

Synchrony Bank gives you a specific APR or interest rate for your credit card, and this can change from one year to the next. So, if you enjoyed an introductory offer of no interest for the first 12 months, you might be surprised when you suddenly see interest charges appear the following year. 

• If you initiate a wire transfer, you can expect a $25 fee on your next statement. However, there are no fees to receive a wire transfer. 
• If you use an ATM, you aren’t charged a fee by Synchrony Bank, but other Banks that own or operate the ATM might charge you. Depending on the agreement you have, Synchrony Bank will refund up to $5 per statement cycle for ATM fees that are charged by other institutions.
• If you have a credit card through Synchrony Bank, you can expect fees for late payments or return payments, the amount of which is based on the type of credit card you have and the personal terms you sign. 
• If you get CDs through Synchrony Bank, there are early withdrawal penalties based on the term length.
• If you write a check from your Synchrony Bank checking account or savings account, there is a fee that is based on the type of account you have.

What Can I Do If Synchrony Incorrectly charged me a Fee?

If you looked at your Synchrony bank statement and found something wrong, and customer service didn’t help, you still have two options:

The first is to sue Synchrony Bank in small claims court. Small claims court is an option in your user agreement as an alternative to larger class-action lawsuits. If you have the time and money to go back and forth to your local court and file all the paperwork yourself, this might be a good option. However, there are different restrictions on compensation depending on where you live.

Alternatively, you can use consumer arbitration. Consumer arbitration has fewer limitations and, therefore, a higher likelihood that your case will qualify. Consumer arbitration usually gets a faster response from companies like Synchrony Bank as well. 

Share your complaint about Synchrony with FairShake today.