How Geico and Synchrony let me down

[the MfM]

Listen, i could care less is someone disagrees with what i have to say. Or "dislikes" my post, but this guy "disliked" bombed the whole thread. He is a trouble starter period!

He didn’t dislike the floatie kings.

 

[Jaylex]

This is pretty interesting, I had a smilisr situation with Synchrony when I paid off my last boat, there was a overpayment and although it wasnt as large as what your due, they werent nearly as slow...prob a few weeks tops!

 

[AlphaKap]

Had more discussion with Synchrony. They are sticking with 30 days but it is from the date of receipt, not the date of processing. So it is from 12/23 vs. 12/28. A bit better but still frustrating.

All the rep could say is that it is part of AML but she is going to try and get specifics. I probably will not hear back but if I get something will pass it on.

Also, they said the money is in a non-interest accruing account...I guess like an escrow account.

I don't remember going through this when I sold my last house and the balance was larger. That was about 15 years ago so maybe things have changed.

I looked through CFPB regulations but did not find anything to support or deny their policy. I'm doing some more research but will file a complaint if I don't find anything to corroborate their policy and will also send them a physical letter requesting immediate distribution of funds.

 

[the MfM]

Had more discussion with Synchrony. They are sticking with 30 days but it is from the date of receipt, not the date of processing. So it is from 12/23 vs. 12/28. A bit better but still frustrating.

All the rep could say is that it is part of AML but she is going to try and get specifics. I probably will not hear back but if I get something will pass it on.

Also, they said the money is in a non-interest accruing account...I guess like an escrow account.

I don't remember going through this when I sold my last house and the balance was larger. That was about 15 years ago so maybe things have changed.

I looked through CFPB regulations but did not find anything to support or deny their policy. I'm doing some more research but will file a complaint if I don't find anything to corroborate their policy and will also send them a physical letter requesting immediate distribution of funds.

Interesting they made a point to say its in a non interest bearing account. I know there are some regs that would entitle you to any interest earned.

You could be a PIA and maybe they will move faster... start by asking for a copy of the deposit slip and documention from the bank where it was deposited that the account is not earning interest.

 

[Beachbummer]

Complaints to cfpb be and state regulator are in order. They will later be begging to have you indicate the complaint was resolved to your satisfaction.

Indicate the account was charging you at X rate and they are holding your money with no reason, so you expect the same rate back for your trouble.

Their policy is not law.

 

[Mainah]

Just beacuse it is in a non-interest bearing account does not mean they can’t make money on it. The basel accord requires that a bank have a certain amount of liquid money set aside to cover its lending liabilities. Borrowing this money from interchanges costs them money. Keeping your money costs them nothing well in fact they are making money on it. There are two key dates here. Date of receipt and date they actually cashed it. Perhaps the insurance company will tell you the date it was cashed. If they charged you intrest after the date they cashed it and it can be proved it is a slam dunk for state and federal regulators which will fine them and keep most of the money for the state or feds. Given that part of the money was yours them keeping it too long after cashing it presents a whole different mess for them as well. I can’t advise exactly what to do but you should certainly do something.

Looking at it another way if you are anything like me. All will soon be forgotten as you will soon be back on your new depreciating money pit of an assest for the joy and memories it brings you and probably never even think about money while on it.

 

[seventyeight]

Yep, I don't understand borrowing money for a toy I truly can't afford.
I also am not trying to impress my neighbors by living beyond my means.
I guess I am truly to odd man out here as I don't rely on the "man" to own a toy.

I financed my boat, for pretty much the entire amount. I could have paid cash upfront, yes I can afford it, but still borrowed the money. Yamaha offered a 1 year 0% interest loan, so I took it. And that, my friend, impressed my neighbor!

Same thing for the last car. Can't beat a 5-year 0% loan. But you would not understand that, so whatever floats your boat! Completely unnecessary to get up on the stump and make a complete tool of yourself. And you are very persistent at it too....

 

[Beachbummer]

I think at this point we have made a very compelling argument. Sometimes you cannot convince those that do not desire to be convinced.

I would qualify any additional attempts as pointless, based on the response received from the individual the board is trying to convince. There seems to be little desire for actual arguing, and learning.

Sometimes you just need to let it be...

My humble thought.

 

[2kwik4u]

I know this isn't helping, but for some reason I can't resist

 

[Beachbummer]

Well, if it's all in good fun, who am I to stop it...

I've danced on top of a fire ant mount, barefoot with a running water hose as weapon in the past, so I'm familiar with the pleasures of painful confrontation.

 

[dnicholas47]

Out of curiosity, who cares if someone with an anonymous nickname clicks a thumb down button on a forum? You guys know what you bring to this place with all the knowledge, tips, etc. The people who frequent this place for info likely don’t pay any attention to those thumbs up/down buttons. I know I don’t, but I certainly am aware of the contributions of you guys who have helped me more than most of you could ever know from the point of looking at buying one of those boats to being an owner.

 

[Ramblin Wreck]

I went to a local fast-food restaurant today for lunch and had really bad experience. After waiting on my burger for 15 minutes, when I finally got it, it was cold and the onions were still on. I was going to ask for it to be remade but I was super hungry and had waited long enough. I took my first bite and pulled what looked to be a 4 inch long hair off my burger. As I was waiting back in line to address the situation with the young lady at the counter, my wife called and I begin to tell her how bad the service had been. Some guy behind me must had overheard me as he spoke up and said I shouldn't complain as I shouldn't be eating fast food anyway. He then went on to tell me how I should eat more healthy and that I would thank him for it in years to come. What a straight Dwrathole that guy was. Some people I tell you...

 

[seventyeight]

@Ramblin Wreck - brace for the dislikes on your posts.. Must have been easy for him, he went through all of mine at a rate of 1/minute and he was done quickly. Looking at your over 1600 posts, he'll be busy for a while

 

[OCMD]

I am with Clemson Tiger. He indicates he is still hungover from the celebration of last week's dismantling of Nick and The Tide, and has had no time to post.

 

[AlphaKap]

Check from Synchrony in hand on 1/29. Case closed and lots of lessons learned. I am closing out the new boat tomorrow.

All in all, we will come out short about $2k but we have moved up from a 2017 242 SE to a 2017 242x so consider that a wash. It opens up some new options for us with the ballasts and will be happy to have the upgraded sound. Bonus is that we had the old boat at 47hrs and the new boat is 21hrs. Our sales guy at Park Marine put in a mooring cover which was a nice perk.

 

[Bluewater272]

Check from Synchrony in hand on 1/29. Case closed and lots of lessons learned. I am closing out the new boat tomorrow.

All in all, we will come out short about $2k but we have moved up from a 2017 242 SE to a 2017 242x so consider that a wash. It opens up some new options for us with the ballasts and will be happy to have the upgraded sound. Bonus is that we had the old boat at 47hrs and the new boat is 21hrs. Our sales guy at Park Marine put in a mooring cover which was a nice perk.

Huge PITA, but not a bad outcome in the end. Considering the price of the mooring cover, $1500 to upgrade to a less-used X is a steal. Congrats on the new boat!