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GE Capital Retail Bank Changing Name to Synchrony Bank


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Update: The name change took effect on June 2, 2014.

GE Capital Retail Bank (GECRB) has been informing customers that it will soon be changing its name to Synchrony Bank. The only change of significance for customers will be new ATM cards and new checks with the bank’s new name. Most everything will remain the same including account features, FDIC charter, routing numbers and the myoptimizerplus.com website.

GECRB is the bank that used to be MetLife Bank. The transition of MetLife Bank deposit products and accounts to GECRB was completed in January 2013. At that time, the name "GE Capital Retail Bank" seemed to be reasonable. It was a little long, but that wasn’t much of an issue. An issue did arise in May 2013 when GE Capital Bank came online as another internet bank. We then had two "GE Capital" Banks which made things very confusing. They are two separate banks with separate FDIC charters. However, both are currently part of the General Electric Company. That will soon change.

GECRB’s parent which is part of GE Capital will soon be spun off from GE as a public company called Synchrony Financial. This was announced publicly when GE filed form S-1 with the SEC in March. As part of the IPO, GECRB will be renamed Synchrony Bank. In addition to the details of the IPO and the name change, the S-1 indicated something very interesting about the bank. Here’s an excerpt:

A key part of our liquidity plan and funding strategy is to expand our direct deposits base as a source of stable and diversified low cost funding.

Our direct deposits include a range of FDIC-insured deposit products, including certificates of deposit, IRAs, money market accounts and savings accounts, which we offer under our Optimizer+Plus brand. In January 2013, we acquired the deposit business of MetLife, which is a direct banking platform that had $6.4 billion in deposits at the time of the acquisition.

Brokered deposits are primarily from retail customers of large brokerage firms. We have relationships with eight brokers that offer our deposits through their network.

Following this offering, over the next several years we are seeking to increase our direct deposits. The growth of direct deposits will be supported by a significant investment in marketing and brand awareness.

This explains the competitive rates we have been seeing at GECRB this year, and it should increase the chance that the rates will remain competitive. Interest rates on its savings account, short-term CDs and long-term CDs have all been near the top over the last few months. Below is a table of some of its competitive rates:

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.35*%$25k-Synchrony Bank60 Month CD
OTHER TIERS: 2.30% $2k - $25k
1.65*%$2k-Synchrony Bank15 Month CD Special
1.30*%--Synchrony BankHigh Yield Savings
Accounts mentioned in this post. Rates as of September 22, 2017.

In April I reviewed GECRB’s long-term CDs and IRA CDs and in March I reviewed GECRB’s short-term CD specials. These long-term and short-term CDs are rate leaders.

In late February GECRB increased the rate of its High Yield Savings account from 0.90% to 0.95%. As I described in my GECRB savings account review, this rate applies to all balances. It has a $5 monthly service fee, but it only requires a minimum balance of $50 to avoid the fee. This savings account became competitive back in November when the bank raised the rate from 0.15% to 0.90%.

GECRB remains financially healthy. It has an overall health grade at EpBooks.us of an A with a Texas ratio of 8.05% which is excellent (based on December 2013 data). The bank is still registered with the FDIC as GE Capital Retail Bank (FDIC Certificate # 27314). It has been a FDIC member since 1988. For more details, please refer to our financial overview of GE Capital Retail Bank (soon to be Synchrony Bank).

Related Pages: Synchrony Bank, New York

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Comments
Beautiful Rich Person
Beautiful Rich Person | | Comment #1
"Sin" and "cronies" spring to mind. I could have brainstormed a better name in 5 minutes. They should call me next time.
paoli2
paoli2 | | Comment #3
Maybe they are really our dear Chase bank hiding under a different name. Probably not since I think they actually have a 5 year CD for more than .25%! I am considering trying them when my CDs mature soon but waiting to see what others say about them in the DA reviews. Nothing is supposed to change about them except the name but one never knows.
Just me
Just me | | Comment #18
"Sin" - "Cronies".....luv it. Perfect name change for a lousy bank. I need to pass this one on to my co-workers...the new name for the bank we use LOL
Anonymous
Anonymous | | Comment #76
lol a cd? its not 1999.
Anonymous
Anonymous | | Comment #65
Touché. I really don't get how they came up with THAT name of all the possibilities.
Anonymous
Anonymous | | Comment #74
What like "Beautiful Rich Person"??
DCGuy
DCGuy | | Comment #2
Ally Bank (formerly GMAC Bank) looks to be your friend (or ally) while Synchrony (formerly MetLife Bank) looks to be in harmony (in sync) with you.
Anonymous
Anonymous | | Comment #4
Synchrony Bank. A name that is not appropriate for a bank. Difficult to spell. Difficult to remember. Not a familiar sounding name for a bank. What were they thinking?Add your comment
Anonymous
Anonymous | | Comment #5
You are correct. Terrible name for a bank. I wonder how much whomever ran the focus group for coming up with the name got paid.
Bill
Bill | | Comment #11
I'm the one who told Ken about this name change for this website. I just opened an account with them and saw this name change notice soon thereafter. My feelings about the name are similar. Not only difficult to spell or remember, but also doesn't flow off one's tongue easily. Their executive in charge of name change should have his/her head examined.
Anonymous
Anonymous | | Comment #20
When I decided to get the new Paypal MasterCard the name of the bank was GE Capital Retail Bank FDIC (in May 2014). Next thing I knew the name changed a month later. My first impression of the new name was ?!*&???!. Not only that, the land of India will be in charge of our money...Oh, first it goes to Florida. Guess what!! I'm canceling that mess. They don't accept payment over the phone unless you pay an extra $10.00 for the privilege of paying conveniently AND charge a late fee because they are in a different TIME ZONE!!! The late fee is DOUBLE the original charge!!! My lips are taught, my head is ****ed, and my eyes are at a dead stare.
Anonymous
Anonymous | | Comment #21
You are closer to the truth than you write, since India does have a bank called Synchrony Bank. Look it up.
Anonymous
Anonymous | | Comment #6
Remove the Syn from Synchrony Bank and becomes chrony, much better name for the present administration.
Anonymous
Anonymous | | Comment #14
How much has this administration really affected you? Did they take your guns? Do you need a shoulder to cry on?
Anonymous
Anonymous | | Comment #67
They didn't take my guns; I don't have any. Instead they promised, "If you like your health care plan, you can keep it. Period." Then they took it away.
Anonymous
Anonymous | | Comment #33
You got it. Its a syndicated chrony
Anonymous
Anonymous | | Comment #69
Why do t u just remove the 2 n, the r & the y at the end..sound better.?
Jason
Jason | | Comment #7
One of the very worst names for a bank that should ever come to anyones mind, at least for most reasonable people. With this kind of 'managemenr' decision, is it any wonder why we have been forced to bail them and their ilk out? Horrible!
Sandra
Sandra | | Comment #8
Look on the bright side. With a strange name like that they might have to raise rates to attract deposits.
Anonymous
Anonymous | | Comment #9
When I first saw this bank's sign I almost drove off the road. mtb.com
Bill
Bill | | Comment #10
Ha! I can see where your mind is....! :-)
Anonymous
Anonymous | | Comment #12
Synchrony overdrive transmission failure, my mechanic said somthing similar like that few months ago.
Anonymous
Anonymous | | Comment #13
If indeed they have a marketing strategy, you would never be convinced by the name selection. The name chosen for any business is perhaps the most important step of marketing your product. GE failed miserably!
Anonymous
Anonymous | | Comment #22
No wonder they changed the name!
"The Consumer Financial Protection Bureau and Department of Justice are ordering GE Capital's retail finance business to pay $225 million in relief to consumers harmed by discriminatory practices and deceptive marketing."-USA Today
Anonymous
Anonymous | | Comment #28
Saw this ....... and there is the real reason
fresh on Board
fresh on Board | | Comment #29
Great; keep following the fantastic Enterprise. We got your back! Come on! Forward, March.
Anonymous
Anonymous | | Comment #31
I have a special ire for a certain company in this country. I will not name the said company, but once I am finished those of you with a keen mind might be able guess. They pay no taxes, take in massive sums of money from the Washington, and above all are beloved by many a war hawk on both sides of the isle. This company is doing a name change for a subsidiary it owns. This is in no doubt to cover the stains on their hands. To show you, that they care, but they don’t. They take your tax money; sell arms to our enemies around this globe profiting billions from said transactions. They then use some of that money to create a bank. This bank in turn sells credit to most of the stores you visit every weekend. Those of you who have store credit cards will most likely never connect the two, and that is kind of the point. Let us posit this, you go cloths shopping. The credit used by the store is owed by this company. You’re getting hit twice at the register. You pay taxes. They don’t. They then lend this money to you so you can buy things made by people half a world away. The same people who one day might buy arms from this company, and win a chance prize of being bombed when the war hawks decide a distraction is needed. You’re late paying a bill? You are charged a fee, but the money they leant to you was your tax money to begin with. So they are charging you a fee on the money you leant them, via taxation. Get it? You’re being hosed, but you sure do look nice in those boots. “Wink!”
Anonymous
Anonymous | | Comment #32
I know the company. First, the finance arm lost a lot of money and the carry forward credits reduced corporate taxes. Second, they pay local and state taxes. Third, every employee pays taxes through payroll. Fourth, every shareholder dividend is taxed. Fifth, they followed the LAW and, if I remember correctly, we are a nation of laws. Last, but not least, every corporation passes on their taxes to consumers and/or shareholders. Prices go up, dividends and stock valuations down. One way or another PEOPLE pay every tax known to man and the two reasons "corporations" are taxed is it makes people feel good and lawyers/accountants employed.
LuvCD
LuvCD | | Comment #81
#32 It is a question of ethics! What may be legal does not make it right...or is that your litmus, end of the day, test for "you?"
!!!
!!! | | Comment #82
LuvCD, where have you been? Unfortunately, ethics and morality in this country have been discarded and are things of the past. But that's another subject not fit for discussion on this forum.
LuvCD
LuvCD | | Comment #83
And no Code of Ethical Conduct at any former employer you were associated with. Got it!
Anonymous
Anonymous | | Comment #34
Two of my credit cards bills were changed from GE to Synchrony. Not sure if I have to change my on line banking to the new name. My card number is the same. How confusing. Maybe if they don't get their payments, they might realize this is a problem. Customer service should explain this in their introductory message so we know what to do. Sad.
Anonymous
Anonymous | | Comment #55
I also notice a new service fee on all my Synchrony accounts. CHECK YOUR ACCOUNTS.
Anonymous
Anonymous | | Comment #37
They just sent me a check for 12 cents that they owed me for 7 years. Can I charge them late fees and interest?
Anonymous
Anonymous | | Comment #38
You are probably lucky to get it...depending on the state, the bank should have sent it to the unclaimed asset dept within the state...before 7 years!
Anonymous
Anonymous | | Comment #43
Visit their reference at the Better Business Bureau website. Very few happy customers, a lot of extremely unhappy people dealing with Synchrony!!!!
Anonymous
Anonymous | | Comment #44
I am so furious with these changes. How do you know of these changes, they do not tell you and located in India.What happened to American banks?
Aunty M
Aunty M | | Comment #80
India ? Then why do they claim to be headquartered in florida and Connecticut?
Anonymous
Anonymous | | Comment #59
of all the time consuming, asinine, business practices and no ethics business endeavors for such a large business concern ---Im thinking the name should be (CATCH-22CHRONY) man Im telling you, this outfit really sucks .where is ANONYMOUS when you need them.
Anonymous
Anonymous | | Comment #63
They have just about stolen an extra $25.00 from me, claiming my payment was late. They are lairs. I mailed my payment 4 days before it was due. No way am I making a payment on line. They are out of their mine. So we should contact the Attorney General about this.
Anonymous
Anonymous | | Comment #64
Just what I thot, a foreign company managing our accounts, no wonder they are charging me a late fee of $25.00. They are out of their minds if they think I'm going to make a payment online. We need to contact the Attorney General about this situation. Plus they charge me 26 % interest. Something has to be done. I wrote my check/m.o. out on 01/02/15 mailed it on 01/08/15, it takes 3 days to Fla.
That's why they claim I was late with my payment, I mail ist about the same time every month. I'm contacting the Attorney General.
Anonymous
Anonymous | | Comment #66
Terrible bank. My accounts were transferred to them. They claim they send bills, but they rarely do and then charge a late fee. How can they prove they sent bills when the borrowers deny that and send payments on their own? Hope to never have to deal with them again.
paoli2
paoli2 | | Comment #68
I don't have a problem with their new name except that since we have CDs with both GE Retail and Synchrony, I have to keep tabs on the amounts for FDIC insurance. If Synchrony fails the FDIC will put our GE Retail CDs in with theirs to come up with what they would owe us. I would like it better if there were some way for them to change the name of all the CDs to Synchrony to end the confusion. GE Retail for all purposes is really Synchrony the customer must keep tabs on this since the brokerages don't.
Anonymous
Anonymous | | Comment #72
They are calling me to collect a debt. Never had an account with them. But a relative does in another state.
Anonymous
Anonymous | | Comment #73
Requesting comments, caution, and criticism concerning their savings and money market accounts. Thanks.
Anonymous
Anonymous | | Comment #78
This bank can not be trusted on credit reports on consumer.
Anonymous
Anonymous | | Comment #79
Why? From whom does it get the report(s) in question....expand...otherwise your comment is too conclusionary, "just the facts!"