Funds Availability Schedule

High-Yield Savings, Money Market, and Certificates of Deposit Products

Our policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written, or withdrawals or debits you have authorized or made from your Account. This funds availability schedule is provided in Section 5 of the Deposit Account Terms and Conditions. If any of the below is inconsistent with the Deposit Account Terms and Conditions, the Deposit Account Terms and Conditions governs.

  1. Funds you deposit in an Account will become available to you in accordance with the timeframes set forth in this Section. Please view our Funds Availability schedule for High-Yield Savings, Money Market, and Certificate of Deposit Accounts below. Between the time that you deposit the funds and the funds become available to you, you may not withdraw the funds in cash and we will not use the funds to pay withdrawals or debits that you have authorized or made from your Account. All funds electronically deposited after 3:00 PM ET via remote deposit capture will be considered received on the next Business Day and will be subject to standard hold times from such date.
    1. Deposit Holds

      For all deposits made by check or electronically in an amount less than or equal to $5,000.00, the hold will be for five (5) business days.

      For all deposits made by check or electronically in an amount more than $5,000.00, the first $5,000.00 will be on hold for five (5) business days. The remainder of the funds will be on hold for an additional five (5) business days.

      For all ACH Credits and funds transferred from a High-Yield Savings Account, Money Market Deposit Account, or Certificate of Deposit Account the funds will be available immediately. For all ACH Credits and funds transferred from a SmartyPig Account, the funds are subject to the hold times set forth herein.

      Hold times:

      Deposit Amount: $5,000 or Less
      New Account: 10 Business Days
      Existing Account: 5 Business Days

      Deposit Amount: Greater than $5,000
      New Account: 10 Business Days
      Existing Account: 10 Business Days


    2. New Account Deposit Holds
      For all deposits made by check or electronically during the first thirty (30) days after Account opening, funds may be held for ten (10) Business Days from the effective date for those funds, which is the day that we credit your Account for that deposit.

      To the extent permitted by law, Sallie Mae Bank reserves the right to extend these timeframes for certain reasons, including if we suspect fraud. In addition, funds in an Account being closed may be subject to a brief temporary hold in order to allow outstanding transactions to clear and for any necessary processing procedures to be performed.

      All deposits are subject to verification. Your Account will be credited for the amount shown on your Account statement. Adjustments for errors in addition or subtraction may be posted to your Account. Your Account also may be adjusted for items you have deposited that we determine require special handling (e.g., verification of prior endorsements).