topic Re: Synchrony Payment HOLD in Credit Cards

Synchrony Payment HOLD

Creditaddict — Fri, 07 May 2021 15:52:35 GMT

Synchrony gets more and more obscene to deal with every day. New Cathay Pacific Credit Card. Made payment through them (first mistake) on the 3rd. Payment cleared but the available is not available. I called and it's a 20 DAY HOLD... 20 days?! not 5, 7 or 10 but 20! I could walk cash to them faster!... He says no overriding the system.

The new account has a $3k spend for a bonus.

Re: Synchrony Payment HOLD

Anonymous — Fri, 07 May 2021 16:14:03 GMT

Yep this is why I always pushed payment to my Synchrony accounts. I actually made my first payment with their payment tool last month since I got my Amazon card 12/2018 because I was trying to squeak in an AZEO and my bank couldn't push quick enough. Worked out fine, no hold, but they can be really unpredictable at times.

Also a push isn't necessarily going to get you past a hold either. They never held my push payments that I can remember but I have read of it happening to others. Synchrony is quirky like that.

Re: Synchrony Payment HOLD

Creditaddict — Fri, 07 May 2021 16:24:52 GMT

@Anonymous wrote:
Yep this is why I always pushed payment to my Synchrony accounts. I actually made my first payment with their payment tool last month since I got my Amazon card 12/2018 because I was trying to squeak in an AZEO and my bank couldn't push quick enough. Worked out fine, no hold, but they can be really unpredictable at times.

Also a push isn't necessarily going to get you past a hold either. They never held my push payments that I can remember but I have read of it happening to others. Synchrony is quirky like that.

Yes and on days the quirky gets me $40k on a business Lowe's I like them... on a day they hold $1300 for 20 days, I hate them! Lol

Re: Synchrony Payment HOLD

Anonymous — Fri, 07 May 2021 16:38:59 GMT

@Creditaddict wrote:
@Anonymous wrote:
Yep this is why I always pushed payment to my Synchrony accounts. I actually made my first payment with their payment tool last month since I got my Amazon card 12/2018 because I was trying to squeak in an AZEO and my bank couldn't push quick enough. Worked out fine, no hold, but they can be really unpredictable at times.

Also a push isn't necessarily going to get you past a hold either. They never held my push payments that I can remember but I have read of it happening to others. Synchrony is quirky like that.
Yes and on days the quirky gets me $40k on a business Lowe's I like them... on a day they hold $1300 for 20 days, I hate them! Lol

Yes Synchrony is definitely a love-hate relationship in the truest sense haha.

Re: Synchrony Payment HOLD

gdale6 — Fri, 07 May 2021 17:38:19 GMT

Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.

Re: Synchrony Payment HOLD

pizza1 — Sat, 08 May 2021 00:01:46 GMT

@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.

@gdale6 , oooooohhhhh....I like your way of thinking!

Re: Synchrony Payment HOLD

pizza1 — Sat, 08 May 2021 00:45:09 GMT

Its never a dull moment in CA land with Synch, LOL!! The Bain of your existence!

Re: Synchrony Payment HOLD

Credit12Fico — Sat, 08 May 2021 02:05:20 GMT

I've had them put a hold on a push payment before....But the account was also under 6 months old. I believe sync puts new accounts in the doggy house.

Re: Synchrony Payment HOLD

Rudy1 — Sat, 08 May 2021 02:49:44 GMT

I had my first hold with them 2 years ago. 10 day hold for my lowes card had to wait to buy something since at the time I didn't have a great limit. It sure is annoying.

Re: Synchrony Payment HOLD

Guyatthebeach — Sat, 08 May 2021 03:57:38 GMT

Creditaddict,

20 day payment hold is quirky and definitely annoying. I know with new accounts, Synchrony has a history of holding large payments on new accounts to mitigate any risk. I think 20 days is a bit much, even for them. If you have your terms and conditions, you should research it. I always thought they could hold payments for 10 business days.

Guyatthebeach

Re: Synchrony Payment HOLD

FinStar — Sat, 08 May 2021 04:51:46 GMT

@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.

That really depends, though.

TILA generally requires that banks post a payment the day it’s received. However, there is an important exception: A delay is acceptable if it “does not result in a finance charge or other charge.” That leaves open the possibility that the payment can be credited to the minimum payment and subtracted from the balance, but not reflected in the available credit.

Re: Synchrony Payment HOLD

Creditaddict — Sat, 08 May 2021 04:53:23 GMT

@FinStar wrote:
@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.
That really depends, though.

TILA generally requires that banks post a payment the day it’s received. However, there is an important exception: A delay is acceptable if it “does not result in a finance charge or other charge.” That leaves open the possibility that the payment can be credited to the minimum payment and subtracted from the balance, but not reflected in the available credit.

Which is what is happening here

Re: Synchrony Payment HOLD

FinStar — Sat, 08 May 2021 04:58:26 GMT

@Creditaddict wrote:
@FinStar wrote:
@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.
That really depends, though.

TILA generally requires that banks post a payment the day it’s received. However, there is an important exception: A delay is acceptable if it “does not result in a finance charge or other charge.” That leaves open the possibility that the payment can be credited to the minimum payment and subtracted from the balance, but not reflected in the available credit.
Which is what is happening here

It can definitely be frustrating. Is this the first [large] payment to the account? I know you mentioned they provided no override option, but did you escalate to a supervisor or was this the interaction with the front line agent?

Re: Synchrony Payment HOLD

Creditaddict — Sat, 08 May 2021 05:05:10 GMT

@FinStar wrote:
@Creditaddict wrote:
@FinStar wrote:
@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.
That really depends, though.

TILA generally requires that banks post a payment the day it’s received. However, there is an important exception: A delay is acceptable if it “does not result in a finance charge or other charge.” That leaves open the possibility that the payment can be credited to the minimum payment and subtracted from the balance, but not reflected in the available credit.
Which is what is happening here
It can definitely be frustrating. Is this the first [large] payment to the account? I know you mentioned they provided no override option, but did you escalate to a supervisor or was this the interaction with the front line agent?

There was 1 charge and this is the first payment.

chat made me call, he said no, and "something happened" to the call when I asked for a supervisor and I didn't want to out anymore energy or time into it

Re: Synchrony Payment HOLD

gdale6 — Sat, 08 May 2021 16:42:05 GMT

@FinStar wrote:
@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.
That really depends, though.

TILA generally requires that banks post a payment the day it’s received. However, there is an important exception: A delay is acceptable if it “does not result in a finance charge or other charge.” That leaves open the possibility that the payment can be credited to the minimum payment and subtracted from the balance, but not reflected in the available credit.

i saw that, but Reg Z has limiting factors and its my understanding that they also apply to CCs. The CFPB needs to weigh in on it. That will be up to OP if he wishes to challenge them or not.

Re: Synchrony Payment HOLD

FinStar — Sat, 08 May 2021 17:46:56 GMT

@gdale6 wrote:
@FinStar wrote:
@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.
That really depends, though.

TILA generally requires that banks post a payment the day it’s received. However, there is an important exception: A delay is acceptable if it “does not result in a finance charge or other charge.” That leaves open the possibility that the payment can be credited to the minimum payment and subtracted from the balance, but not reflected in the available credit.
i saw that, but Reg Z has limiting factors and its my understanding that they also apply to CCs. The CFPB needs to weigh in on it. That will be up to OP if he wishes to challenge them or not.

Agree, I think the CFPB would be the alternative unless OP decides to escalate with SYNCB to see about a possible override.

Re: Synchrony Payment HOLD

Revelate — Sat, 08 May 2021 18:20:21 GMT

I suspect everyone on this forum knows what they are signing up for with Sync.

If you want competent credit card servicing, look elsewhere. I have no patience for them, I kicked my Wally to the curb a while back with no regrets and I have no intention of getting anything else serviced by them. Life is too short.

Re: Synchrony Payment HOLD

Anonymous — Mon, 10 May 2021 00:24:59 GMT

@FinStar wrote:
@gdale6 wrote:
@FinStar wrote:
@gdale6 wrote:
Frankly this appears to be a violation of the Card Act/TILA, max period I am aware of for a bank hold is 11 days.
That really depends, though.

TILA generally requires that banks post a payment the day it’s received. However, there is an important exception: A delay is acceptable if it “does not result in a finance charge or other charge.” That leaves open the possibility that the payment can be credited to the minimum payment and subtracted from the balance, but not reflected in the available credit.
i saw that, but Reg Z has limiting factors and its my understanding that they also apply to CCs. The CFPB needs to weigh in on it. That will be up to OP if he wishes to challenge them or not.
Agree, I think the CFPB would be the alternative unless OP decides to escalate with SYNCB to see about a possible override.

Isn't available credit a different type of concept though? Sync has accepted the payment, so they are not claiming that 20 days must pass before the debt is cleared, they are merely not re-extending the credit for that time. Since an issuer can reduce the credit limit at any time, not sure anything (legally!) wrong is happening.

Re: Synchrony Payment HOLD

Creditaddict — Mon, 10 May 2021 00:46:37 GMT

I pushed another payment from my bank, should clear Tuesday... I will see if that makes me have funds right away.

Re: Synchrony Payment HOLD - UPDATE

Creditaddict — Thu, 20 May 2021 05:41:17 GMT

Original payment made May 3 - HOLD TILL May 28th.

Payment made May 11 through Chase bill pay - released May 12.

May 19 called and escalated May 3 payment hold.

First rep - Worthless... Ask for a supervisor... she puts me on hold and comes back as "supervisor" I was like you must be kidding me!?
"I'm sorry if we sound-alike" GIRL... Tried it!

After she tells me there is ZERO they can do for holds, I escalated for a REAL supervisor and don't come back acting like your voice just sounds like!

3rd person gets on the phone, several holds, and an issue with the computer system at 34 minutes she WAS able to remove the hold and I promptly made a $300 PayPal charge to my husband in order to complete my $3k spend for the bonus on this now most worthless card I have ever held since First Premier!

CheckMate!