Megan Brooks
Synchrony Bank is a subsidiary of Synchrony Financial, a consumer financial services company headquartered in Stamford, Connecticut. The company offers consumer financing products, including credit cards, promotional financing, loyalty programs, and installment lending. Synchrony Financial was previously known as GE Capital Retail Finance Corporation and was incorporated in Delaware in 2003, but it remained inactive until 2013. In June 2014, shortly before its New York Stock Exchange debut, Synchrony reached a $225 million settlement with the U.S. Consumer Financial Protection Bureau and the Department of Justice over deceptive and discriminatory credit card practices. Later that year, Synchrony went public and raised $2.88 billion in its initial public offering. With a history that traces back to 1932, Synchrony Financial has been serving consumers for more than 80 years, and today, it is the largest provider of private-label credit cards in the United States.
| Characteristics | Values |
|---|---|
| Date of Incorporation | 2003 |
| Year of Activation | 2013 |
| Year of IPO | 2014 |
| Year of Separation from GE | 2015 |
| Total Years in Business | 80 years |
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What You'll Learn
- Synchrony Bank is a subsidiary of Synchrony Financial, incorporated in 2003
- Synchrony Financial has over 80 years of retail heritage
- The company was previously known as GE Capital Retail Finance Corporation
- Synchrony Financial went public in July 2014
- The company offers FDIC-insured savings products and premium credit solutions
Synchrony Bank is a subsidiary of Synchrony Financial, incorporated in 2003
The history of Synchrony Financial can be traced back to 1932, with over 80 years of retail heritage. Previously known as GE Capital Retail Finance Corporation, Synchrony Financial separated from General Electric (GE) and became a fully independent company. In June 2014, shortly before its New York Stock Exchange debut, Synchrony reached a $225 million settlement with the U.S. Consumer Financial Protection Bureau and the Department of Justice. The settlement addressed deceptive and discriminatory credit card practices during its time as GE Capital Bank.
Synchrony Bank offers a range of financial products and services to its customers. These include savings accounts, CDs, IRAs, Money Market Accounts, and competitive savings rates. The bank also provides credit solutions, such as the Synchrony Premier World Mastercard, the Synchrony Plus World Mastercard, and the Synchrony Preferred Mastercard. Synchrony Bank is known for its seamless digital banking experience, industry accolades, and commitment to data security.
Synchrony Financial serves a diverse range of industries, partners, providers, and merchants. It offers a comprehensive suite of financial solutions, including private label, general-purpose, and co-brand credit cards. The company has established partnerships with national and regional retailers, local merchants, manufacturers, and healthcare service providers to offer credit products that meet customer needs. Synchrony Financial's largest program was the acquisition of PayPal's $7.6 billion credit receivables portfolio in 2018.
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Synchrony Financial has over 80 years of retail heritage
Synchrony Financial, previously known as GE Capital Retail Finance Corporation, has been around for over 80 years. The company traces its roots in consumer finance back to 1932. Synchrony Financial became independent from General Electric Company (GE) in 2014, and the company went public in July of that year, raising $2.88 billion in its initial public offering (IPO).
Synchrony Financial is an American consumer financial services company headquartered in Stamford, Connecticut, United States. The company offers a range of consumer financing products, including credit, promotional financing, loyalty programs, and installment lending to various industries.
Synchrony Bank, a wholly-owned subsidiary of Synchrony Financial, provides online banking services and offers FDIC-insured savings products, such as CDs, IRAs, Money Market Accounts, and Savings Accounts. Customers can open an account in minutes through the Synchrony Bank mobile app or online platform, with no minimum deposits or monthly service fees.
Synchrony Financial has a diverse portfolio of partners and provides financial solutions to a comprehensive range of industries, partners, providers, and merchants. The company is well-known for its private-label credit cards and has established programs with national and regional retailers, local merchants, manufacturers, and industry associations.
With its long history and expertise in the industry, Synchrony Financial has built a strong reputation and has been recognized for its competitive rates, flexible term lengths, and commitment to security and innovation. The company's separation from GE marked a new chapter in its history, allowing it to pursue its long-term business objectives as a stand-alone company.
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The company was previously known as GE Capital Retail Finance Corporation
Synchrony Financial, previously known as GE Capital Retail Finance Corporation, has been around for more than 80 years. Its roots in consumer finance trace back to 1932. The company was incorporated in Delaware in 2003 but was inactive until 2013. Synchrony went public in July 2014 and raised $2.88 billion in its initial public offering.
Synchrony Financial is an American consumer financial services company with its headquarters in Stamford, Connecticut, United States. The company offers consumer financing products, including credit, promotional financing, loyalty programs, and instalment lending to industries. It also provides FDIC-insured consumer savings products through Synchrony Bank, its wholly-owned online bank subsidiary.
Before becoming an independent company, Synchrony Financial was a part of General Electric Company. In 2014, shortly before its New York Stock Exchange debut, Synchrony reached a $225 million settlement with the U.S. Consumer Financial Protection Bureau and the Department of Justice. The settlement was due to deceptive and discriminatory credit card practices while operating as GE Capital Bank. These practices included nefarious enrollment in add-on programs such as financial hardship relief.
Following this, Synchrony Financial completed its separation from GE, marking a new chapter in the company's history. This move was led by Margaret Keane, the president and CEO of Synchrony Financial, who expressed pride in her employees for their dedication to serving partners, customers, and growing the business.
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Synchrony Financial went public in July 2014
Synchrony Financial, the parent company of Synchrony Bank, went public in July 2014, raising $2.88 billion in its initial public offering (IPO). The company is listed on the New York Stock Exchange (NYSE) under the ticker symbol "SYF". This move marked a significant milestone in the company's history and allowed it to raise a significant amount of capital to fuel its growth and expansion.
Prior to its public debut, Synchrony Financial had a complex history dating back several decades. The company traces its roots in consumer finance back to 1932 and has been helping consumers for more than 80 years. Synchrony Financial was previously known as GE Capital Retail Finance Corporation and was incorporated in Delaware in 2003. However, the company remained inactive until 2013.
In the lead-up to its IPO, Synchrony Financial underwent a significant transformation. In June 2014, the company settled with the U.S. Consumer Financial Protection Bureau and the Department of Justice, agreeing to pay $225 million after engaging in deceptive and discriminatory credit card practices while operating as GE Capital Bank. This settlement paved the way for Synchrony Financial to move forward with its plans for a public offering.
Following the IPO in July 2014, Synchrony Financial continued to grow and expand its business. The company completed its separation from GE, becoming a fully independent company. Synchrony Financial has since made several strategic acquisitions, including GPShopper in 2017 and Loop Commerce in 2018. The company has also strengthened its relationship with PayPal, becoming the exclusive issuer for the PayPal Credit point-of-sale financing program in the United States through 2028.
Today, Synchrony Financial is a leading consumer financial services company, offering a comprehensive range of financial solutions to its customers. Synchrony Bank, its wholly owned online bank subsidiary, provides FDIC-insured savings products, competitive rates, and premium credit solutions. The company's award-winning digital bank enables it to grow deposits nationwide while providing stable, low-cost funding for its consumer lending portfolio.
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The company offers FDIC-insured savings products and premium credit solutions
Synchrony Financial, headquartered in Stamford, Connecticut, is an American consumer financial services company. Synchrony Bank, its wholly owned online bank subsidiary, has been around in some form since 2003, when it was incorporated in Delaware as GE Capital Retail Finance Corporation. However, the company was inactive until 2013.
Synchrony Bank offers FDIC-insured savings products and premium credit solutions. All Synchrony Bank accounts are insured by the FDIC for up to $250,000 per depositor, per insured bank, for each ownership category. This includes single accounts, joint accounts, retirement accounts, and trust accounts. Synchrony Bank offers a range of savings products, including high-yield savings accounts with no monthly fees or minimum balance requirements, and promotional financing offers. Their High Yield Savings account has no fees and a high APY. Forbes has recommended them for their high yields on savings and flexible access to funds. Synchrony Bank also offers a range of credit cards, including the CareCredit medical credit card, which offers flexible financing options for healthcare costs.
Synchrony Bank is the exclusive issuer of the PayPal Credit point-of-sale financing program in the United States. In 2018, Synchrony acquired PayPal's $7.6 billion credit receivables portfolio. Synchrony Bank also provides payment solutions for small businesses, helping them to attract more customers and increase sales.
Synchrony Financial went public in July 2014, raising $2.88 billion in its initial public offering. In June 2014, shortly before this, the company reached a $225 million settlement with the U.S. Consumer Financial Protection Bureau and the Department of Justice after it was found to have engaged in deceptive and discriminatory credit card practices while operating as GE Capital Bank. Synchrony has since been recognised for its strong values and commitment to its partners, customers, and team members.
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Frequently asked questions
Synchrony Bank has been around since 2003, when it was incorporated in Delaware as GE Capital Retail Finance Corporation. The company was inactive until 2013.
Synchrony Bank is an online bank and a subsidiary of Synchrony Financial, a consumer financial services company. Synchrony Financial offers consumer financing products, including credit, promotional financing, loyalty programs, and installment lending to industries.
Synchrony Bank offers FDIC-insured savings products, such as CDs, IRAs, Money Market Accounts, and Savings Accounts. They also provide credit solutions, including the Synchrony Premier World Mastercard, the Synchrony Plus World Mastercard, and the Synchrony Preferred Mastercard.
Synchrony Financial traces its roots in consumer finance back to 1932. The company was previously known as GE Capital Retail Finance and was a part of General Electric Company. In 2014, Synchrony Financial went public and raised $2.88 billion in its initial public offering. The company has since made several acquisitions, including GPShopper and Loop Commerce, and has separated from GE to become a fully independent company.
