@KatSoDak wrote:This is my first post. Like so many others I want to thank the contributors to MF forums for the credit education I've received since I started reading last year.
The reason for this post is to share my recent experience with Synchrony Bank.
I have a Care Credit card with a promo that is set to auto pay $125 on the 26th of each month. I'm about 6 months into the promo. The last payment pulled successfully on Oct. 26th.
Yesterday, Nov 16th, I logged into my checking account and found 3 pending transactions from Synchrony Bank. All 3 reference my Care Credit card number. The transactions are in this order:
Synchrony Bank reversal $125
Synchrony Bank payment $125
Synchrony Bank payment $125
The end result is a payment for $125 was made to Synchrony since the reversal cancelled the 2nd payment.
I contacted Synchrony yesterday. My Care Credit account does not reflect any of these transactions and the agent at Synchrony said it's my banks problem.
I called my bank yesterday and was told that Synchrony likely had problems which would probably be resolved by today.
Nope. Today all three are posted, not pending. So I called Synchrony again and this time an agent told me it's a known issue and the $125 would not draft. I said it left my bank so I feel it has drafted. He claimed Synchrony would return my funds if it isn't resolved by the time I get my bank statement as long as I send them a paper copy of my bank statement. He also said they were getting lots of phone calls today and that all customers affected had auto payments scheduled for the 26th. Still not showing on my Care Credit account online btw.
I then called my bank and opened a case. The investigation process is slow but they will resolve it I'm sure.
Banker reminded me this is why they suggest customers push payments instead of having auto pay on credit issuing banks' end.
I have minimum auto pay set on all my credit cards. Also have larger monthly auto pay set on a couple cards which are 0 Apr balance transfer transactions. Haven't had any other problems.
I'm glad it got worked out.
I agree with @Iusedtolurk @Curious_George2 @NoMoreE46 and @Anonymous
I wouldn't rely on autopay.
I just use it as a backup -- i.e. I set up autopay minimum payment, just in case I'm in the hospital or something and can't get to my computer.
