Are Sallie Mae Bank accounts FDIC insured?
Yes, our deposit accounts are FDIC insured up to the maximum amount allowed. To learn more about FDIC insurance limits, visit www.fdic.gov.
To calculate the insurance coverage for personal accounts, you can use the FDIC's Electronic Deposit Insurance Estimator.
Also, please note that our deposit accounts are offered through Sallie Mae Bank, Member FDIC.
What are "micro-deposits" and "linked" accounts?
Your linked account is your bank account with another external financial institution that you "link" to your Sallie Mae account. This link lets you transfer funds electronically, saving you time and money.
When you open an account, we'll make two micro-deposits (small deposits) into your external account. We then ask you to sign in to your Sallie Mae Bank account and verify these two small deposits (they'll be less than $1). This is a security measure to ensure you own the external account. It's important to remember that you can't transfer any funds from your Sallie Mae account until you've verified your first set of micro-deposits. Also, each time you add a new linked account, we'll send micro-deposits that you'll need to verify. Because you need to verify the micro-deposits before you can use your new link, don't delete your old link(s) until your new link is verified. This way you'll still have links to transfer your funds. You need to be an authorized signer on all linked accounts.
What’s our routing/ABA number?
Our routing/ABA number for Money Market Accounts, High-Yield Savings Accounts, and Certificates of Deposit is 124385119.
How do you calculate interest on my account and when is it credited to my account?
Interest is calculated the same way for all our accounts. It's compounded daily and credited to your account monthly. Interest credits will appear on the first business day of the month following the month they're earned. (For example, interest earned in April is credited on the first day of May.)
When and how will I receive my statements?
The primary account holder will receive a statement each month. You'll be a sent an email telling you when your statement is available for viewing online.
How do I contact you about my Sallie Mae account?
Contact us using one of the methods below.
- Savings, CDs, or Mobile Banking: 877-346-2756
- SmartyPig Accounts: 877-751-6884
- Student Loans: 800-472-5543
- Savings, CDs, or Mobile Banking:
175 S West Temple, Suite 600
Salt Lake City, UT 84101
See all the ways you can contact us
Will I receive a 1099-INT?
If you receive any interest as a primary accountholder during the year, you'll get a 1099-INT. If you have other accounts, like a SmartyPig Account, you'll receive a separate 1099-INT. 1099-INTs will be available online in late January.
How do I set up direct deposits?
Since direct deposits come from different sources, we don't have a standard form to set this up. Please reach out to the institution that has your funds and ask them for their procedure. They'll probably need the following information to set it up:
- Your Sallie Mae account number
- Our routing (ABA) number: 124385119
Can I download past transactions?
Yes, log in to your account and choose how you'd like to download your transactions (downloaded to either Microsoft Money or Excel).
How should I update my address or other personal information?
You can update your personal information online or by phone:
- Log in to your account to change your personal information.
- For updates to your deposit accounts, including High Yield Savings and Money Market, please call us at 877-346-2756.
- For updates to your student loan accounts, please call us at 800-472-5543.
If you need to update your name, date of birth, or Social Security number, provide us with proof of the correction.
- Name change: Send a copy of your marriage license, divorce decree, or other court order along with a copy of your driver's license or other state-issued identification showing your new name.
- Birthdate correction: Send a copy of your driver's license or other state-issued identification.
- Social Security number correction: Send a copy of your Social Security card.
Make sure you also include a note specifying the reason you're contacting us.
You can provide proof by scanning and emailing your documents, faxing them, or mailing them to us.
- Upload scanned documents and pictures to https://secureupload.salliemae.com.
- Fax documents to 800-627-7532.
- Mail documents to Bank Operations, Sallie Mae Bank, 175 S West Temple, Suite 600, Salt Lake City, UT 84101.
What is a Payable on Death account?
A Payable on Death (POD) account, also known as a Totten or informal trust account, is a simple way to disperse assets upon death. Distribution of assets for beneficiaries, or people to whom money is paid or will be paid, of POD accounts occurs without going through probate. Also, you may be entitled to additional FDIC insurance coverage for each POD beneficiary.
Tell me about the extra FDIC insurance for Payable on Death accounts.
In many cases, funds in POD accounts are FDIC insured up to $250,000 for each qualified beneficiary. For more information, head over to the FDIC insurance calculator.
How can I make a new account a Payable on Death account?
You can make a new account a Payable on Death (POD) account during the account creation process. You'll be asked to select your beneficiaries. Once they're selected, your account is a POD account. All beneficiaries are assigned equal shares of funds. (For example, if you assign three beneficiaries, each will be given a one-third share of the funds in the account upon death.)
Can I make an existing account a Payable on Death account?
You can make an existing account a Payable on Death (POD) account on your account summary page. You'll be asked to select your beneficiaries. Once they're selected, your account is a POD account. All beneficiaries are assigned equal shares of funds in your account. (For example, if you assign three beneficiaries, each will be given a one-third share of the funds in the account.)
Can I remove the Payable on Death designation from an account?
Yes, deleting all beneficiaries will remove the Payable on Death designation.
What happens to my Payable on Death account if I die?
If you die, your designated beneficiaries receive the equal shares of funds in your account. The assets are transferred without going through probate.
How can I ask for a wire transfer from or to my account?
To request a wire transfer from your account, fill out the Wire Withdrawal Request. We'll only send wire transfers to your linked accounts (accounts you've already established that you own). We also require a copy of your driver's license or other state-issued identification.
After completing the form, submit it with your identification by scanning the documents and uploading them to https://secureupload.salliemae.com. You can also fax them to 800-627-7532.
For the transfer to be completed same day, please submit your wire transfer request by 3 p.m. ET.
Note that a wire transfer isn't the usual transfer that's set up online—that's called an ACH transfer. ACH transfers are free and take two to three business days. A wire transfer moves funds from one bank to another on the same day. Our fee for an outgoing wire transfer is $20. Incoming wire transfers from another bank to Sallie Mae aren't assessed a fee by Sallie Mae Bank. We won't initiate international wire transfers.
To send a wire transfer from another bank to your Sallie Mae account, use our ABA routing number, 124385119, and your Sallie Mae Bank account number.