Definitions for Sallie Mae Bank Deposit Products
"ACH Debit" – An electronic funds transfer, initiated at Sallie Mae Bank, to withdraw funds from an account at another bank and deposit them to an account at Sallie Mae Bank.
"ACH Credit" shall mean an electronic funds transfer, initiated at another bank, to withdraw funds from an account at that bank and deposit them to an account at Sallie Mae Bank.
"Account" shall mean the deposit account product you open with Sallie Mae Bank including the Sallie Mae Bank High-Yield Savings, Sallie Mae Bank Certificate of Deposit, Sallie Mae Money Market, or Sallie Mae Checking.
"Agreement" shall mean the Sallie Mae Bank's Deposit Account Terms and Conditions Agreement.
"Bill Payment Service" shall mean the Bill Payment Service offered by us.
"Card" means the Sallie Mae Debit MasterCard issued to you by Sallie Mae Bank.
"CD" shall mean Sallie Mae Bank's Certificate of Deposit product.
"Checking Account" shall mean any Sallie Mae negotiable order of withdrawal ("NOW") Checking Account product.
"Cut-Off Time" shall mean the time of day that Payments to be processed that day shall be processed, and after which time the earliest possible Payment Date or Withdraw On Date and Due Date or Deliver By Date shall be calculated from the next Business Day.
"Due Date" or "Deliver By Date" or "Delivery Date" shall mean the Business Day on which you schedule the Payment to be delivered to your Payee, unless this date falls on a non-Business Day in which case it shall be the immediately preceding or following Business Day as indicated in the Scheduled Payment instructions. In any case, it is the date you determine to be most appropriate to deliver payment to your Payee considering such factors as the Payee-specified date payment due, grace period, late payment policy or late fee, and/or your knowledge of actual time required for the Payee to receive and process the payment and to credit your account with the Payee, and/or the urgency/criticality of payment delivery, as the case may be.
"EFT" shall mean electronic funds transfer, a service available on your Account, which is described in detail in Section 10 below.
"Fee Account" shall mean the checking or similar account for which you are an authorized signer, and from which we may automatically debit or otherwise collect all Service fees.
"Funding Account" shall mean the checking or similar account for which you are an authorized signer, and from which we may debit or otherwise collect the funds necessary to remit the Scheduled Payment to the corresponding Payee, per your instructions.
"Issuer" means Sallie Mae Bank.
"Merchant" shall mean (i) any merchant or service provider that accept MasterCard® debit cards and at which your Card allows you to pay for expenses incurred, and (ii) any business Payee you establish within the Bill Payment Service for whom we or our service provider has established a business relationship expressly for the purpose of remitting Payments from the Bill Payment Service.
"MMDA" shall mean Sallie Mae's Money Market Deposit Account.
"Network" refers to MasterCard®, Cirrus®, NYCE, AllpointTM, or any other entity that we may select to provide ATM or Point-of-Sale transaction processing.
"One-Time Payment" shall mean a Scheduled Payment that results in a single payment delivered to the Payee per your instructions.
"Payee" shall mean the individual, business or other entity to which you intend to send a payment through the Bill Payment Service and for which you accurately provide and maintain the appropriate or required information such as name, bill remittance / payment delivery address, phone number, account number and account holder name; and to whom you authorize us to remit payments on your behalf through the Bill Payment Service.
"Payee List" shall mean your personal list of Payees that you maintain within the Bill Payment Service and from which list you may select to schedule Payments.
"Payment" shall mean the specific single instance of a One-Time Payment or a specific instance of a Recurring Payment, as the case may be.
"Payment Amount" shall mean the monetary figure you specify in a Scheduled Payment, including the regular amount and the final amount of a Recurring Payment series, that the Service shall remit to the Payee.
"Payment Date" or "Withdraw On Date" or "Withdrawal Date" shall mean the Business Day on which you schedule the Payment to be debited from your Funding Account, unless this date falls on a non-Business Day in which case it shall be the immediately preceding or following Business Day as indicated in the Scheduled Payment instructions. In any case, it is the date on which sufficient available funds must exist in the Funding Account.
"Privacy Notice" shall mean Sallie Mae's Privacy Notice, which governs the Bank's customer information-related operations and is located online at https://www.salliemae.com/assets/about/SLM_Privacy_Policy.pdf.
"Recurring Payment" shall mean a Scheduled Payment that results in a series of payments delivered to the Payee at regular intervals per your instructions, and shall continue to do so until you cancel it or until the maximum number of payments and/or final payment date that you specified is reached.
"Savings Account" shall mean Sallie Mae Bank's High-Yield Savings Account.
"Scheduled Payment" shall mean the payment instructions you establish within the Bill Payment Service in order to properly direct funds from the Funding Account you designate to the Payee you designate.
"You" and "your" shall mean the person or persons to whom an Account is titled and any person(s) who are authorized users on the Account, as provided for in this Agreement.
"We," "us," "our," and "Sallie Mae" shall mean Sallie Mae Bank, our successors, affiliates, assignees and service providers.