Is Synchrony Bank backed by FDIC? (2024)

Is Synchrony Bank backed by FDIC?

Yes, Synchrony Bank is a member of the FDIC and deposits made into your Synchrony Bank account are insured up to $250,000 per depositor, per ownership category.

Is my money safe in Synchrony Bank?

Synchrony is best if you want an online bank for high-yield savings and you don't mind making six or less transactions a month. Is Synchrony a safe bank? Synchrony is FDIC insured, which means your money (up to the $250,000 limit per depositor, per ownership type) is guaranteed.

Is Synchrony Bank safe from collapse?

Is Synchrony Bank FDIC insured? Yes, Synchrony Bank is FDIC insured (FDIC# 27314). The federal government protects your money up to $250,000 per depositor, per account ownership category, in the event of bank failure.

Is Synchrony Bank financially stable?

Fitch Ratings - New York - 21 Apr 2023: Fitch Ratings has affirmed all of the ratings for Synchrony Financial (SYF) and Synchrony Bank (SYB) including the Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook has been revised to Positive from Stable.

Who is affiliated with Synchrony Bank?

Synchrony Bank is one of the largest issuers of store cards in the United States. More specifically, Synchrony Bank offers more than 100 credit cards that are affiliated with big-name brands like Amazon, eBay, PayPal, and Sam's Club.

What is the controversy with Synchrony Bank?

A new lawsuit against Synchrony Financial in Los Angeles County accuses the financial services company of installing tracking software to invade customers' privacy and track their browsing habits. This complaint was first surfaced by Law.com Radar.

Where does Synchrony Bank rank among banks?

Synchrony ranked No. 20 overall – up 27 places from last year – and No. 2 within the consumer and diversified finance sector.

Are there any class action suits against Synchrony Bank?

Synchrony Bank recently allowed class-action lawsuits by consumers to progress after accepting to take responsibility for long-standing complaints raised against them. Synchrony Bank's class-action lawsuit allows consumers to be paid what they are owed for the suffering and damages they incurred as their customers.

What is the class action lawsuit against Synchrony Bank?

Plaintiffs in the class action lawsuit accused Synchrony of placing calls to consumers without their consent regarding accounts that did not belong to them. These calls allegedly violated the federal Telephone Consumer Protection Act (TCPA).

Why is Walmart suing Synchrony?

The retailer filed suit against Synchrony that year, alleging Synchrony's underwriting standards caused Walmart financial harm, according to The Wall Street Journal. Walmart later dropped the lawsuit.

What is the new name for Synchrony Bank?

*Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the Synchrony Financial business (formerly GE Capital Retail Finance). The name change is in process.

Is Synchrony Bank owned by JP Morgan?

On February 12, 2024 - Jpmorgan Chase & Co filed a 13F-HR form disclosing ownership of 1,084,533 shares of Synchrony Financial (US:SYF) valued at $41,418,315 USD as of December 31, 2023.

What is the future of Synchrony Financial?

The average price target for Synchrony Financial is $43.10. This is based on 19 Wall Streets Analysts 12-month price targets, issued in the past 3 months. The highest analyst price target is $56.00 ,the lowest forecast is $30.00. The average price target represents 3.16% Increase from the current price of $41.78.

Is Synchrony a good company?

Synchrony is rated 4.4 out of 5, based on 1k reviews by employees on AmbitionBox. Synchrony is known for Company culture which is rated at the top and given a rating of 4.5. However, Career growth is rated the lowest at 3.9 and can be improved.

Is Synchrony Bank American owned?

Synchrony Financial is an American consumer financial services company with its headquarters in Stamford, Connecticut, United States.

Is Synchrony Bank an actual bank?

Yes. Synchrony Bank is a member of the FDIC, so your deposit accounts with us are insured up to $250,000 per ownership category. If you want, learn more about FDIC insurance limits.

How well rated is Synchrony Bank?

What is Synchrony Bank known for?

We've earned accolades from NerdWallet and Bankrate for our great rates, innovation, security, diversity and more. We were recognized for Best CD Accounts, Best Money Market Accounts and Best Online Banks in 2024. Forbes recommended us for high yields on savings and flexible access to funds.

How do I get my money back from Synchrony Bank?

Cardholders can request a Synchrony Premier credit balance refund: by phone (1-844-406-7427) or by sending a written request to FCBI/Billing Error, P.O. Box 965035, Orlando, FL 32896-5035.

Is Synchrony Bank better than Capital One?

Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner. Capital One allows customers to open multiple savings buckets to save for separate goals.

What is the #1 bank in America?

Which is better Marcus or Synchrony Bank?

Marcus and Synchrony offer similar rates and fees. The Synchrony High Yield Savings Account pays a 4.75% APY, which is a little higher than what Marcus pays. Interest compounds daily on both accounts, and neither has monthly service fees, excess transaction fees, or minimum deposits to open an account.

Where is Synchrony Financial headquarters?

Why does Synchrony keep lowering my credit limit?

Chip Lupo, Credit Card Writer

Synchrony Bank may have lowered your credit limit due to late payments, inactivity on your card, or a change in your credit history. Synchrony Bank will periodically review how you're managing your current limit and may lower it if they don't think you can afford the full thing.

What is the lawsuit against Lucas v Synchrony Bank?

Lucas filed a class action lawsuit against Synchrony alleging that it violated the TCPA by using an artificial or prerecorded voice in connection with calls it placed to cellular telephones without prior express consent. Synchrony denies the allegations, and denies that it violated the TCPA.