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Frequently Asked Questions

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Savings & CDs FAQs

 
Sallie Mae No-Fee Student Checking (only available to students of participating colleges & universities)

Legal information about your accounts



 
Top FAQs
 
General Account FAQs
 
Savings FAQs (Money Market and High-Yield Savings Accounts)
 
Certificate of Deposit FAQs
 
Sallie Mae No-Fee Student Checking General FAQs
 
Sallie Mae No-Fee Student Checking Debit Card FAQs
 
Sallie Mae No-Fee Student Checking ATMs FAQs
 
Sallie Mae No-Fee Student Checking Checks FAQs
 
Sallie Mae No-Fee Student Checking Bill Pay FAQs
 
Sallie Mae No-Fee Student Checking Fees and Limits FAQs
 
Sallie Mae No-Fee Student Checking Tuition Refund FAQs
 
Mobile Banking FAQs
 
Legal information about your accounts


Top FAQs
Are Sallie Mae Bank® ("Sallie Mae") accounts FDIC insured?

Yes, our deposit accounts are FDIC insured up to the maximum amount allowed. To learn more about FDIC insurance limits, please visit www.fdic.gov. An FDIC insurance calculator is available here.

Also, please note that our deposit accounts are offered through Sallie Mae Bank®, Member FDIC.

Are there fees for Sallie Mae accounts?

There are no monthly or annual fees charged for the Sallie Mae accounts. There are several convenience fees you may incur, many of which can be avoided. Please see the appropriate product section for fee details and amounts.

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 in order to transfer money in between these accounts. This link enables you to transfer funds electronically, saving you time and money by eliminating trips to your external bank's branch.

When you open an account, we will 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 will be less than $1). This process is a security measure to ensure your ownership of the external account. It is important to remember that you may not transfer any funds from your Sallie Mae account until you have verified your first set of Micro-Deposits. Also, each time you add a new linked account, we will send Micro-Deposits that you will need to verify. Because you will 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.

What is Sallie Mae Bank's routing/ABA number?

Our routing/ABA Number 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 is compounded daily and credited to your account monthly. Interest credits will appear on the first business day of the month following the month they are 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 for each month there is a deposit or withdrawal on the account (interest disbursements do not trigger statements). Otherwise, statements will be issued quarterly. All statements will be available online at SallieMae.com/Banking. You will be a sent an email notifying you when your statement is available for viewing.

For Certificates of Deposit (CDs), the primary account holder will receive a statement quarterly. If you receive a monthly statement for your other Sallie Mae accounts, we will also include the current information for your CD account(s). All statements will be available online at SallieMae.com/Banking. You will be a sent an email notifying you when your statement is available for viewing.

Will I receive a tax form?

All customers who receive at least $10 in interest as primary accountholders during the year will receive a 1099-INT. Your 1099-INT will be available online in late January.

How do I contact Customer Care about my Sallie Mae account?

If you need personal assistance, you can call our Customer Care Center toll free at 877-346-2756, Monday-Friday, 8 AM-8 PM Eastern Time.

Our mailing address is:
Sallie Mae
P. O. Box 30531
Tampa, FL 33630-3531


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General Account FAQs
How do I set up a Direct Deposit?

Since Direct Deposits come from different sources, we do not have a standard form to set this up. Please reach out to the institution from which you would like your funds to be direct deposited and ask them for their procedure. They will probably need the following information to set it up:

  1. Your Sallie Mae account number
  2. Our Routing (ABA) number: 124385119
Can I download past transactions?

Yes. You can log in to your account and click on the "Download Transactions" link under the "My Accounts" tab. From there you can choose the format in which you would like to download your transactions. Transactions can be downloaded to Microsoft Money® or Excel.

How should I update my address or other personal information?

There are two ways you can update your personal information:

  1. Log in to SallieMae.com/Banking and click on the "My Profile" tab to change your personal information.
  2. Call Customer Care at 877-346-2756. Specialists are available to assist you Monday-Friday, 8 AM-8 PM Eastern Time.
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 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. Please go to the FDIC insurance calculator for additional information.

How can I make a new account a Payable on Death account?

To make a new account a Payable on Death (POD) account, click 'yes' to the question 'Make this a Payable on Death account?' during the account creation process. You will be prompted to select your beneficiaries. Once beneficiaries are selected, your account is a POD account. All beneficiaries are assigned equal beneficial interest.

Can I make an existing account a Payable on Death account?

To make an existing account a Payable on Death (POD) account, click the 'Make Payable on Death' link on the right hand side of the Account Summary page of the account you want to establish as a POD account. You will be prompted to select your beneficiaries. Once beneficiaries are selected, your account is a POD account. All beneficiaries are assigned equal beneficial interest. (For example, if you assign three beneficiaries, each will be given a one-third interest in 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 deposits in your account. The assets are transferred without going through probate.


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Savings FAQs (Money Market and High-Yield Savings Accounts)
Are there fees for Sallie Mae High Yield Savings and Money Market accounts?

There are no monthly maintenance fees for these accounts, however there are fees for the additional services listed below.

Excessive Transactions Fee: Federal regulation for money market and savings accounts mandates a maximum of 6 withdrawals per statement cycle. There is a $10 charge per withdrawal transaction for withdrawals beyond the allotted six per statement cycle. However, you can make an unlimited amount of deposits into your account in any given statement cycle.

Returned Deposit Fee: There is a $5 fee for all deposits that are returned. This includes all deposits, electronic transfers and checks, returned due to insufficient funds or funds that are not collectable.

Statement Copy Fee: There is a $5 charge for us to mail you a copy of your statement.

If you have a Sallie Mae Money Market account, additional services for checks have the following fees:

  • Check Reorder–standard delivery: $5
  • Check Reorder–expedited delivery: $15
  • Stop Payment: $15
  • Insufficient Funds: $25. Checks you write on your account that are unable to be processed due to insufficient funds will be returned unpaid and your account will be charged $25. If your account balance at the time the check is processed is less than $25, the amount of the charge will be reduced to the amount of your balance, so that your account balance will not fall below $0.

These fees help us to manage our expenses so that we can continue to deliver great rates to our customers.

How do I make deposits and withdrawals?

There are three ways you can deposit funds into your Sallie Mae Money Market or High-Yield Savings Account:

  1. Sallie Mae e-deposit (also known as remote deposit) allows you to conveniently make deposits electronically with your home scanner or with your iPhone. (See e-deposit FAQ) Please note we cannot accept some checks via e-deposit, including money orders, third party checks, foreign checks and starter checks.
  2. Set up direct deposits. (See Direct Deposit FAQ.)
  3. Transfer funds electronically via ACH transaction. To transfer funds electronically, all you need to do is sign in to your account, click on the "Transfer Money" tab, enter the amount you'd like to transfer, select which account the funds will come from, select the account where you'd like the funds to go, and select when you'd like the transfer to take place. It's so easy these steps should take you less than a minute to complete.
  4. Deposit a check via mail. You can mail us your check to the address below. (Please remember we do not accept some checks, including third-party checks.)
    Sallie Mae®
    P.O. Box 4534
    Carol Stream, IL 60197-4534

We make it very easy to withdraw your money. All you need to do is sign in to your account, click the "Transfer Money" tab, and from there transfer the desired amount to your linked account. Remember, you are only allowed to withdraw funds six (6) times in any given month. Please remember: It can take 2-3 business days for the funds to be posted by the receiving bank.

When do deposits start accruing interest and how long are they on hold?

Interest accrual: Deposits start to accrue interest as soon as they post to your account. For electronic deposits, this is usually 2 or 3 bank business days after the transaction was initiated. For check deposits, this will happen as soon as we receive the check and process it.

Hold on deposits: For deposits made in the first 30 days after account opening – whether made by check or electronically – funds will be held for 10 business days, unless a longer hold is required per the verification process. Your funds will also be held until you verify the microdeposits on your linked account. For deposits made by check or electronically after the first 30 days after account opening, in the amount of $5,000 or less, funds will be held for 5 business days from the effective date of the deposit. For deposits made by check or electronically after the first 30 days after account opening, in excess of $5,000, funds will be held for 10 business days from the effective date of the deposit.

The effective date of the deposit is the day that your account is credited for that deposit. To the extent permitted by law, Sallie Mae Bank reserves the right to extend these timeframes for certain reasons, including suspicion of fraud. In addition, funds in an account that is 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.

How long does it take for a withdrawal or transfer to arrive in my linked account?

Transfers to your linked account will normally arrive 2-3 bank business days after you schedule your withdrawal.

How do I cancel a recurring or future-dated transfer?

You can cancel any transfer that has a Pending status, including recurring and future-dated transfers. Your cancellation can be done three different ways:

  • Sign into your account at SallieMae.com/Banking and click Pending Transfers under the Transfer Money tab. Select the transfer you would like to cancel, and click 'Delete.'
  • Call us at 877-346-2756 from 8 am to 8 pm ET, Monday through Friday, at least three business days before the transfer is scheduled to be made.
  • Write to us at P.O. Box 30531, Tampa, FL 33630-3531, and include your account number, the exact dollar amount of the transfer, and the transfer date. We must receive your request at least three business days before the payment is scheduled to be made.
Is there a limit to the number of check or other withdrawals I can make from my Sallie Mae Money Market or High-Yield Savings Accounts?

Federal regulations limit the number of withdrawals from your Sallie Mae Money Market and High-Yield Savings Accounts to six per statement cycle (our statement cycle is each calendar month). Limited withdrawals include checks, transfers initiated internally or externally, and any other transaction that reduces the account balance. (Charges such as those for check orders, stop payments, and insufficient funds do not count against this limit.) Withdrawals in excess of six per month are charged $10 per transaction. Repeated violation of this limit will result in closure of your account.

How do I order more checks for my Sallie Mae Money Market account?

You can order more checks at any time. Use the 'Account Maintenance' link from your Account Summary page to access Account Maintenance, and then click the 'Reorder Checks' link under Checks. Once you confirm your mailing address, we'll send you 25 more checks. Your checks will be sequentially numbered from your previous checks. We will charge your account $5 for a check order with standard delivery (ten business days), or $15 for expedited delivery (two-three business days).

How do I stop payment on a Sallie Mae Money Market account check?

If you want to stop payment on a check or on a range of checks, use the 'Account Maintenance' link from your Account Summary page to access Account Maintenance, and then click the 'Stop a Payment' link under Checks. As long as the check (or a check within the range) has not already been processed and paid, you can place a stop payment. We will charge your account $15 to place a stop payment. The stop payment is permanent and does not expire.

What charges are there for Sallie Mae Money Market account checks?
  • Check Reorder–standard delivery: $5
  • Check Reorder–expedited delivery: $15
  • Stop Payment: $15
  • Insufficient Funds: $25. Checks you write on your account that are unable to be processed due to insufficient funds will be returned unpaid and your account will be charged $25. If your account balance at the time the check is processed is less than $25, the amount of the charge will be reduced to the amount of your balance, so that your account balance will not fall below $0.
What is the Upromise monthly transfer for High-Yield Savings Accounts (HYSA)?

Upromise monthly transfer is a free service that lets Upromise members with Upromise account balances of $10 or more automatically transfer their Upromise earnings from their Upromise account directly to their eligible HYSA. Earnings are transferred on a monthly basis. The monthly transfer occurs during the third week of every month. To verify that your HYSA is linked with your Upromise account, log in to your Upromise account and visit the "View Linked HYSA" section in "My Account."

Can my other Sallie Mae deposit accounts be linked to my Upromise account?

No, only HYSAs by Sallie Mae can be linked to a Upromise account.

Can I link more than one Sallie Mae financial product to my Upromise account?

You can have multiple Sallie Mae financial products (Upromise-administered 529 plans, eligible Sallie Mae-serviced loans, and HYSAs) linked to your Upromise account. You just need to remember to set the percentage you want to allocate to each financial product. Every product that can be linked is eligible for a Upromise earnings transfer.

What is the 10% Upromise annual match for High-Yield Savings Account (HYSA) customers?

The Upromise annual match is a unique way to help Upromise members save more for their future.

The Upromise annual match will be 10% of your total annual Upromise earnings identified as "funded" in your Upromise account during a given calendar year (January 1 through December 31). For example, if in 2010, you had $100 in Upromise earnings that are identified in your account as "funded," you are eligible for a $10 Upromise earnings match. Upromise earnings will post directly into your linked HYSA each February following the calendar year's activity provided that both accounts are in good standing and that all match eligibility criteria have been met. The Upromise annual match will occur once per year. The Upromise annual match may be cancelled or changed at any time without notice.

Who is eligible for the 10% Upromise annual match?

This benefit is available to Upromise members who have met the following eligibility requirements:

  1. Their High-Yield Savings Account (HYSA) is linked to their Upromise account,
  2. The HYSA and Upromise account are both in good standing, and
  3. Within 90 days of opening their HYSA, they have either (1) set up an Automatic Savings Plan to their HYSA with at least a $25 monthly deposit, or (2) funded their HYSA with at least $5,000, and maintained that minimum balance in their HYSA for the duration of the calendar year for which Upromise earnings will be matched.

If you are not already a Upromise member, visit upromise.com to join for free.

When will the 10% Upromise annual match post to my linked High-Yield Savings Account?

The 10% Upromise annual match will post to your linked High-Yield Savings Account during the month of February for the qualifying match of the previous calendar year, provided that both accounts are in good standing and that all match eligibility criteria have been met.

For example, if you open and link your High-Yield Savings Account on December 30, but don't fund your account until March 15, you will not receive a match in February. However, you will be entitled to receive a 10% match on your Upromise earnings posted to your Upromise account as "funded" between January 1 and December 31 of the year in which you completed all the eligibility requirements. The match will post in February of the following year.

For questions about the Upromise match, please contact Upromise Customer Care at 888-434-9111 Monday-Friday, 9am-9pm ET.


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Certificate of Deposit (CD) FAQs
What happens to my account when my Certificate of Deposit (CD) matures?

Your CD will automatically renew at maturity. Upon maturity, you will have a ten calendar day grace period during which you can withdraw funds from your account without penalty. This grace period begins on the date of maturity.

You may choose to withdraw the funds in your CD at maturity or within the grace period. Notice may be given to us by telephone toll free at 877-346-2756, Monday-Friday, 8 AM-8 PM Eastern Time.

If you choose not to renew your CD, interest will accrue until the day within the grace period that you withdraw your funds or that we receive notice. Each renewal term will be the same as the original term, beginning on the maturity date. We will set the interest rate on your renewing CD at our discretion. To determine your rate on renewal, please check our rate schedule available online at SallieMae.com/Banking.

Will Sallie Mae remind me of the maturity date on my Certificate of Deposit (CD)?

Yes, you will receive an email notice from us approximately 30 days before your CD matures.

Can I receive interest disbursements from my Certificate of Deposit (CD)?

Yes, you can receive interest disbursements monthly, quarterly, yearly or at maturity. To set up interest disbursements, please call our Customer Care Center toll free at 877-346-2756, Monday-Friday, 8 AM-8 PM Eastern Time. Disbursements will be sent electronically to your linked account.

Does the Certificate of Deposit (CD) have early termination penalties?

Yes. Our early termination penalties are as follows:

  • If your CD has a term of 12 months or less, the penalty will be equal to 3 months interest.
  • If your CD has maturity term greater than 12 months, the penalty will be equal to 6 months interest.

In certain circumstances, such as the death or incompetence of an account owner, we may waive the early withdrawal penalty.


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Sallie Mae No-Fee Student Checking General FAQs
What are the eligibility requirements to open a Student Checking Account?

All you'll need is your name, contact information, and social security number. If you already have an account with us, we'll ask for your online username and password, so we can securely identify you and pre-fill most of the application for you.

You must be a U.S. citizen or permanent resident with a valid Social Security number and be at least 16 years old. In compliance with the Patriot Act, we will we will ask for your name, address, date of birth and other information that will allow us to identify you. If we cannot verify certain information, we may not open your account and will ask you to contact our call center in order to proceed.

As part of the account opening and enrollment process, we may review your banking history using reports from consumer reporting agencies. Opening a Sallie Mae No Fee Student Checking account will not be reported to any credit bureau that provides credit reports or credit scores, and will not impact your credit history or credit scores with those agencies.

Based on this review, we may open an account for you, but you may not be eligible for some account features such as Bill Pay and we may limit your ability to make certain types of transfers to and from your account.

Please call us at 877-346-2756 if you need assistance with opening your account. Customer Care specialists are available Monday-Friday, 8 AM-8 PM Eastern Time.

How Do I Open an Account?

For your convenience, you can apply online via the Refund Disbursement section of your school's website.

Can I have more than one Student Checking account?

No, customers can only have one Student Checking account. For example, if you have a joint account with another Customer, you cannot have a separate account with anyone else. You cannot have two Student Checking accounts in your name.

Is there a minimum balance I need to maintain?

No, there are no minimum balance requirements for the Sallie Mae® No Fee Student Checking account.

How can I check the available balance in my Account?

You can check your available balance by logging into SallieMae.com/Banking, or by calling us toll-free at 877-346-2756 and following the prompts to obtain your balance through the automated voice response unit.

Why are my available and current balances different?

Your available balance is the most current information regarding the funds you have available for withdrawal, ATM or debit card purchases, or writing checks. It reflects the latest balance based on transactions recorded to your account today including direct deposits, paid checks, withdrawals, and point-of-sale purchases. The available balance does not reflect any pending transactions that have not yet posted to your account. Your current balance is your account balance at the end of the last business day. A business day is generally Monday through Friday, except holidays. The current balance does not include any pending transactions that have occurred since the close of the last business day.

What are pending transactions?

Pending transactions are account activities that have not yet posted to your account. These items will usually post to your account within one to three business days, depending on the type of transaction. The amount of your available balance may include but is not limited to pending transactions such as: Bill Pay payments, signature transactions made with your debit card, and deposits on hold.

How do I access the money in my account?

You have several options:

  1. Use your Sallie Mae® Debit MasterCard® anywhere MasterCard is accepted
  2. Access cash for free at over 40,000 ATMs with your debit card. Use our locator to find a surcharge-free ATM near you.
  3. Ask for cash back from merchants that allow cash back as a part of a PIN-based purchase.
  4. Transfer Money to another Sallie Mae account or your linked external bank account.
    Transfers to your linked account will normally arrive 2-3 bank business days after you schedule your withdrawal.
  5. Get cash advances from participating local banks using your debit card for up to $5,000. (Keep in mind the bank may have a lower withdrawal limit than Sallie Mae.)
  6. Make payments using free Online Bill Pay
What is a linked account?

Your linked account is your bank account with another external financial institution that you "link" to your Sallie Mae account in order to transfer money in between these accounts. This link enables you to transfer funds electronically, saving you time and money by eliminating trips to your external bank's branch.

How do I set up linked accounts?
  1. To link accounts: Sign into your account and navigate to the "Linked Accounts" tab, and follow the prompts to add a linked account. You'll need the routing number and account number at the financial institution you want to link to.
  2. Verify your micro-deposits: we will 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 will be less than $1). This process is a security measure to ensure your ownership of the external account. It is important to remember that you may not transfer any funds from your Sallie Mae account until you have verified your first set of Micro-Deposits. Also, each time you add a new linked account, we will send Micro-Deposits that you will need to verify. Because you will 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.
How do I transfer money?

To transfer funds electronically, first you must have set up linked accounts, as noted above. Once this is completed, all you need to do is sign in to your account, click on the "Transfer Money" tab, enter the amount you'd like to transfer, select which account the funds will come from, select the account where you'd like the funds to go, and select when you'd like the transfer to take place. Transfers to your linked account will normally arrive 2-3 bank business days after you schedule your withdrawal.

Please note, based on our review of your account during the enrollment process, we may limit your ability to make certain types of transfers to and from your account.

How do I set up Direct Deposit to my checking account?

The process is simple:

  1. Give your Sallie Mae Account Number and our Routing Number 124385119 to your employer.
  2. If you need a voided check, visit the account maintenance page and click on the Voided Check link. This check will be populated with all of your relevant account information, including our routing number and your Sallie Mae account number.
Does my account earn interest?

No. Your account does not earn interest.

Is Bill Pay included with Sallie Mae No Fee Student Checking?

Online Bill Pay is available for eligible checking accounts. Once your new account is opened, click on the Make Payments tab to enroll in Bill Pay and take advantage of this secure, easy and environmentally-friendly way to pay bills.

How do I close my account?

Please give us a call at 877-346-2756 if you'd like to close your account. Customer Care specialists are available Monday-Friday, 8 AM-8 PM Eastern Time.

How do I contact Customer Care about my Sallie Mae No-Fee Student Checking account?

For questions concerning your Sallie Mae No Fee Student Checking, please visit SallieMae.com/Banking or contact Customer Care at 877-346-2756. Specialists are available to assist you Monday-Friday, 8 AM-8 PM Eastern Time. 24/7 assistance is available for lost/stolen debit card support.

For questions concerning an ACH or check refund, please call the Sallie Mae Payment Advisor Center toll-free at 1-800-239-4211.

For questions concerning your Student Loan or another Sallie Mae product or service, please call 1-888-2-SALLIE (1-888-272-5543).


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Sallie Mae No-Fee Student Checking Debit Card FAQs
When will I receive my Sallie Mae Debit MasterCard?

Your debit card will arrive in the mail within 7-10 business days after your account has been opened.

How do I activate my debit card?

When you receive your debit card in the mail, it will be accompanied by instructions on how to activate it. You debit card Personal Identification Number (PIN) will be set to the last four digits of your social security number.

To activate your card:

  1. Log in to your Sallie Mae account at SallieMae.com/Banking
  2. On the Account Summary page, click on the icon for Account Maintenance
  3. From the Account Maintenance page, click on "Activate your Debit Card"
  4. Sign the back of your card.
  5. On the Account Maintenance Page, change your PIN.
What is a PIN?

A PIN is your secret four-digit Personal Identification Number that allows you to obtain cash from ATMs and make debit purchases and receive cash at select merchants. Never write your PIN number on your debit card. Keep it separate from your debit card and never tell anyone your PIN.

How do I change my debit card PIN?

You have the ability to change your debit card PIN any time. Visit the Account Maintenance page and select "Change your Debit Card PIN" and follow the prompts. More information about PINs: Your PIN must be 4 numbers in length. If you have received a replacement card because your card was lost or stolen, you can continue to use the same PIN. The accounts linked to the card will also remain the same. To protect your account, please update your PIN every six months.

I just received my debit card, activated it and selected my new PIN. Do I need to wait to begin using my debit card?

No. Upon activation, your debit card is ready to use immediately for all transactions.

How can I withdraw cash from my account?
  1. Access cash for free at over 40,000 ATMs with your debit card. Use our locator to find a surcharge-free ATM near you.
  2. Ask for cash back from merchants that allow cash back as a part of a PIN-based purchase.
My debit card is going to expire soon. Do I need to do anything?

You should receive your new debit card in the mail about two weeks before your current card expires. Your current card is good through the last day of the expiration month that appears on the front of your card.

If you do not receive your new card within two weeks of the expiration of your current card, or if your card has already expired, please contact Customer Care at 877-346-2756. Specialists are available to assist you 877-346-2756, Monday-Friday, 8 AM-8 PM Eastern Time.

How do I replace a damaged debit card?

If your debit card is not functioning properly, you may order a replacement card by calling Customer Care at 877-346-2756. Specialists are available to assist you 877-346-2756, Monday-Friday, 8 AM-8 PM Eastern Time.

Does my debit card have an expiration date?

Yes. Your debit card is valid for four years from its issue date. The expiration date is imprinted on the front of your debit card.

Is my debit card a credit card?

No, your debit card is not a credit card. You can only spend the amount of funds that have been placed in your account.

Where can I use my debit card?

Your debit card can be used to make purchases anywhere Debit MasterCard® is accepted. You can also use your debit card to make PIN-based purchases at any merchant that displays the NYCE or Cirrus® brand marks, and to make withdrawals and balance inquiries at any ATM that displays the AllpointTM logo. Use our locator to find a surcharge-free ATM near you.

When I'm making a purchase, should I select "Credit" or "Debit"?

You may choose either one. If you select "Credit", simply sign the sales receipt and go. If you select "Debit", you will be required to enter your PIN after your card has been swiped. When you select "Credit" and sign the sales receipt (instead of using your PIN), you will automatically receive the benefits of the MasterCard Zero Liability policy, which protects you against fraud and merchant disputes and is not offered on transactions made using a PIN. Certain restrictions apply to Zero Liability. See the Terms & Conditions for more information.

Can I make purchases over the Internet with my debit card?

Yes, you can make purchases over the Internet with your debit card up to the balance in your account. Remember: Always protect yourself and your personal information when buying goods and services online. Shop only with merchants you know and trust. Make sure any Internet purchase activity you engage in is secured with encryption to protect your debit card information. Look for "secure transaction" symbols.

Can I use my debit card to make a purchase that is larger than the balance in my account?

No, you cannot access more than the available balance in your account.

May I let someone else use my debit card?

No. You should NEVER let another person use your debit card. Keep your debit card and the account number under your control at all times. Do not tell anyone your PIN or write your PIN on the back of your debit card.

How do I dispute a debit card transaction?

Log in to your account, and on the Account Summary page, locate the transaction in question. Click on the "Dispute this transaction" link and follow the steps online. Once completed, you will receive a dispute affidavit form in the mail, which you will be required to return to us within 10 business days. Please see Terms & Conditions for more information.

Can I use my debit card to request a cash advance at a bank?

Yes. You can visit any bank displaying the MasterCard® brand mark and request a teller-assisted cash withdrawal. The amount of the withdrawal will be limited to the available balance on your debit card and will be subject to a daily limit of $5,000.

Are there places or merchants where I cannot use my debit card?

For your protection, your debit card cannot be used at any on-line gambling websites.


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Sallie Mae No-Fee Student Checking ATMs FAQs
How do I access funds or account information using an ATM?

Insert your debit card into the ATM and follow the instructions for entering your Personal Identification Number (PIN). Once your PIN has been entered successfully, you can choose to withdraw funds or perform a balance inquiry. If you choose to withdraw funds, enter the amount you wish to withdraw. The ATM will present the amount of cash you requested along with a printed receipt and return your debit card.

When I use an ATM, what account type should I select ("Checking" or "Savings")?

Always select "Checking." You cannot use your debit card to access funds in a Sallie Mae High Yield Savings or Money Market Account.

How do I find a surcharge-free ATM near me?

Use our locator to find a surcharge-free ATM near you, including driving directions and maps. If you use an ATM that is not in our network, a $2 fee will apply.

Please note, owners and operators of non-Allpoint or Sallie Mae ATMs may charge a fee in addition to those described above.

Will I be charged a fee if I use my debit card to withdraw cash at an ATM?

You will not be charged a fee if you use an ATM that is owned by Sallie Mae Bank or one of the 40,000+ surcharge-free AllpointTM ATMs. Use our locator to find a surcharge-free ATM near you.

I used an Allpoint ATM and it indicated that I would be charged a fee.

You will not be charged the surcharge. At Allpoint ATMs, if the surcharge screen appears during a transaction, enter "YES" to accept the surcharge and proceed with the withdrawal. You can verify this by reviewing the ATM transaction receipt. If you are inadvertently charged a fee by an Allpoint ATM, please visit http://www.allpointnetwork.com/refund.html to submit a request for a refund.

If you choose to use a non-participating ATM, the financial institution that owns and operates the ATM may charge you a fee to process your transaction. They must disclose any such fee for each ATM transaction before that transaction is completed. You can decide to accept the fee and continue the transaction, or cancel the transaction. The ATM fee imposed by the bank that owns the ATM is different from, and in addition to, the fee for using a non-participating ATM listed in the Schedule of Fees.

Can I make additional deposits into my account at an ATM?

No. ATM transactions are limited to withdrawals and balance inquiries only.


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Sallie Mae No-Fee Student Checking Checks FAQs
When will I receive my checks?

If you would like to order checks, please log in to your account and visit the account maintenance page to place an order. Your first order of 25 standard checks will be sent to you free of charge. Subsequent orders will cost $5.

Can I order designer or customized checks with my account information?

No. You may only use Sallie Mae-issued checks.

How do I deposit checks into my account?

There are two ways you can deposit funds into your Sallie Mae No Fee Student Checking account:

  1. Sallie Mae e-deposit (also known as remote deposit) allows you to conveniently make deposits electronically with your home scanner or with your iPhone. (See e-deposit FAQ) Please note we cannot accept some checks via e-deposit, including money orders, third party checks, foreign checks and starter checks.
  2. Deposit a check via mail. You can mail us your check to the address below. Please don't send cash, and note we do not accept some checks, including starter checks and third-party checks. (A third party check is one that has been written to someone else; then they endorse the check over to you.)

Sallie Mae®
P.O. Box 4534
Carol Stream, IL 60197-4534

I'm out of checks and need to write a check to someone today. What should I do?

You have two options:

  1. For eligible accounts, the Bill Pay feature on your account includes the option to send someone a check. There is no charge for this service, and the check will arrive in 5-7 business days.
  2. You may go online and place an expedited checkbook reorder. There is a $15 charge for expedited check book reorders. Your checks should arrive within 3-5 business days.
I didn't order paper checks, but I need a copy of a voided check. Where can I find one?

Visit the Account Maintenance page and click on the Voided Check link. This check will be populated with all of your relevant account information, including the routing and account numbers.

How do I stop payment on a check I wrote?

You can stop a payment on a single check or a range of checks by following a few simple steps.

  1. Log in to your account
  2. On the Account Summary page, click the icon for Account Maintenance
  3. One the Account Maintenance page, in the checks section, you'll find a link for "Stop a payment"
  4. Follow the steps to stop payment on a check or a range of checks.

There is a $15 fee for this service, please see our Schedule of Fees for more details.

How do I stop payment on a check written through Bill Pay?

If your payment was sent electronically, you will have to contact the payee to obtain a refund for that payment. If you need to stop a check that was sent through online Bill Pay, call us at 877-346-2756. Customer Care specialists are available to assist you Monday-Friday, 8 AM-8 PM Eastern Time.


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Sallie Mae No-Fee Student Checking Bill Pay FAQs

This section applies if you're eligible for and choose to enroll in our online Bill Payment Service ("Bill Pay"). We reserve the right to not provide access to, or to terminate your eligibility for Bill Pay at anytime.

Can I pay my bills online?

Yes. To set up Bill Pay, Log in to your account at SallieMae.com/Banking and click on the "Make Payments" tab to enroll in Bill Pay.

What features are available with Bill Pay?

Online Bill Pay can help you manage your finances without having to worry about paper bills and checks. It is fast, secure and convenient and you can pay virtually anyone. Features include:

  • One time payments
  • Recurring payments
  • Sign up for E-bills
  • Email reminders and alerts
  • View payment history
  • Send a payment to a person (via check)
Is there a charge for using Bill Pay?

No, there is no charge to use the Bill Pay feature. There is, however, a $5 fee for an expedited electronic payment, and a $25 fee for an expedited check payment.

How do I confirm my payment posted correctly?

You should always contact the payee first to confirm they received your payment. If they haven't, please contact Customer Care at 877-346-2756. Specialists are available to assist you Monday-Friday, 8 AM-8 PM Eastern Time. We will work with the payee on your behalf to get the payment posted properly.

Can I cancel a payment?

Any Payment can be modified or canceled; provided you access the Bill Payment Service prior to the 2:00 PM Eastern Time Cut-Off Time on the Business Day Payment is going to be processed. Once a Payment is in-process, it cannot be canceled through the Bill Payment Service. Instead, you must contact Customer Service to request a stop payment. A Recurring Payment may be edited or canceled after processing for the current Payment instance is complete.

In what order are payments processed?

If multiple payments are scheduled to process on the same business day, we will process them starting with the highest dollar amount payment first.

What happens if I do not have enough money in my account to cover a Bill Payment?

If you do not have sufficient funds in your account to cover the payment amount, the payment will be cancelled. You will receive an email notification advising you that the payment has been cancelled.

How do I dispute an ACH or Bill Pay transaction?

Please contact Customer Care at 877-346-2756. Specialists are available to assist you Monday-Friday, 8 AM-8 PM Eastern Time.


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Sallie Mae No-Fee Student Checking Fees and Limits FAQs
What fees are associated with my checking account?

There are no monthly or annual fees charged for the Sallie Mae No Fee Student Checking account. There are several convenience fees you may incur, many of which can be avoided.

For more information, view our Schedule of Fees and how you can avoid them.

*Please note, we will not charge a fee that will take your account balance below zero.

Are there any transaction limits?

For your protection, we have established the following daily limits for your checking account. If you have special circumstances, and know you'll exceed these amounts, please contact Customer Care in advance at 877-346-2756. Specialists are available to assist you Monday-Friday, 8 AM-8 PM Eastern Time. Specialists will work with you to set up a one-time, extended limit.

Transaction Type

Maximum Transaction Amount

Max Transactions

Debit Card Daily Maximum ATM Withdrawal:

$510.00

5 transactions

Sallie Mae on Campus Maximum ATM Withdrawal:

$500.00

5 transactions

Debit Card Daily Cash Advance (Teller-Assisted):

Lesser of $5,000.00 or Available Balance

2 transactions

Debit Card Daily Signature-Based Transaction Limit ($):

$3,000.00

20 transactions

Debit Card Daily PIN-Based Transaction Limit ($):

$3,000.00

20 transactions

Maximum Bill Pay Single Transaction ($):

$9999.99

 

Maximum Bill Pay Total Daily Transactions ($):

$20,000.00

99 transactions

Maximum Expedited Bill Pay Single Transaction ($):

$1,000.00

 

Maximum Expedited Bill Pay Total Daily Transactions ($):

$1,000.00

99 transactions

e-deposit Daily Deposit Limit ($):

$500.00

5 deposits

e-deposit Weekly Deposit Limit ($):

$500.00

5 deposits

e-deposit Monthly Deposit Limit ($):

$1,000.00

5 deposits

Is there a limit on the number of transactions (deposits or withdrawals) I can complete in a month on my checking account?

No. You can complete as many transactions as you like (unlike a savings account, which as part of federal regulations has a limit of 6 withdrawals per month.)


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Sallie Mae No-Fee Student Checking Tuition Refund FAQs
Where is my tuition refund?

Refunds are credited to your account the same day they are received from your school. You may contact the Bursar's office at your school directly, or call Sallie Mae Payment Advisor Center customer service at 800-239-4211 if you'd like to know the status of your refund.

What if the amount of my refund disbursement is incorrect?

Since the amount of your refund disbursement is determined by your school, you should contact your school immediately if you believe there is an error. At your school's request, we will promptly make any necessary adjustments to your account balance.

What can I use the funds in my account for?

You can use the funds in your account to pay for books, housing, meals, travel and any other expenses that you may have.

Will my balance expire if I don't use the funds in my Account?

No. Your balance will not expire if you don't use the funds in your Account. However, like all other accounts, if your account remains inactive, we will eventually be required to turn over such funds to the appropriate state agency.


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Mobile Banking FAQs
What is Mobile Banking?

Mobile Banking allows you to perform everyday banking functions using a mobile device. For example, you can access your account balances and review your most recent account activity without being tied to a computer. Since you can have your mobile device with you all the time, you can receive Mobile Alerts at any time. Used in combination, Mobile Banking and Mobile Alerts can provide enhanced service and security. Mobile Banking can be used in three different modes:

Mobile Text Banking: Using Short Message Service (SMS), this service enables you to retrieve information about your bank accounts from a mobile device using text messaging.

Mobile Web: Using your mobile device's data connection, this service provides you with a friendlier interface and a login with password feature.

Sallie Mae Downloadable Application Banking: Download the Sallie Mae App to your iPhone by searching 'Sallie Mae' in the Apple App store.

Which accounts can I access with Sallie Mae Mobile Banking?

Sallie Mae Mobile Banking access is available for the following accounts:

  • Sallie Mae No Fee Student Checking
  • High-Yield Savings
  • Money Market
  • Certificate of Deposit
How do I enroll in mobile banking?

To activate your mobile device you must be enrolled in mobile banking. Log in to SallieMae.com/Banking and click on the 'Mobile Banking' tab. You will be prompted to accept the Terms and Conditions and guided through the remaining enrollment steps.

Is there a fee for using Mobile Banking?

No. Sallie Mae does not charge a fee for using mobile banking. You may, however, incur normal text transmission or data usage charges from your wireless carrier for the use of text messages or Internet browsing on your mobile device. If you don't have one already, please contact your wireless carrier about signing up for a text or data service plan.

What do I need to be eligible to activate Mobile Banking?

You will need a mobile device with the ability to send and receive text messages for Mobile Text Banking & Alerts, or a data service plan to use Mobile Web and the downloadable Sallie Mae App.

Is Mobile Banking secure?

Sallie Mae is committed to the safety and security of your information. To ensure the security of your account information, a number of security features have been built into the Mobile Banking services:

  • Registration Process: A unique verification code is required to verify your mobile device's phone number, and verify that you are the one in control of your mobile device. This code associates your mobile device's phone number with your account.
  • No Identifiable Information: Texts or Alerts from Sallie Mae never include any personally identifiable information, such as your full account number, PIN, email address or mobile number. Your User ID and Password will never be included in any of the text messages or alerts you receive from Sallie Mae.
  • Secure Login: Mobile Banking via Mobile Web and the Sallie Mae Mobile App require secure login for access. No one is able to access your account information without knowing your unique username and password.
  • Data Encryption: For your protection, only limited information, such as your account nicknames and balances, is stored on your mobile device. All of your account data resides at Sallie Mae – just as with Online Banking. All data placed into storage on the mobile device is encrypted before it is stored – and it is only accessible with your PIN. This ensures that if the mobile device is lost or stolen the data stored by the mobile application on your device is unreadable.
Will Sallie Mae's Mobile Text/SMS Banking & Alerts work on my mobile device or cellular phone?

Our service will work, provided your phone has the ability to send and receive text messages, and that you subscribe to a carrier that supports Sallie Mae's Mobile Text Banking & Alerts. You may want to contact your mobile provider or service plan to make sure your mobile device or cell phone is capable of sending and receiving text messages. The majority of all mobile devices in the U.S. now support text messaging.

What happens if I change my mobile device number?

As a security precaution, you will not be able to get alerts or use Mobile Text/SMS Banking until you sign on to your mobile preferences and re-verify your mobile device number.

What if I replace my lost mobile device or upgrade to a new one?

If you lose your mobile device, you will need to contact Sallie Mae to suspend your Mobile Web account access. Your mobile device number and your mobile access will be suspended until you login and re-verify your mobile device. If you simply upgrade or change your mobile device (and keep the same phone number) nothing needs to be done.

What is Sallie Mae's shortcode?

Sallie Mae's SMS short code is 55269. Shortcodes are special telephone numbers, usually five or six digits long, which are used to send and receive text messages from mobile phones within the US. You can think of a shortcode as a web address for your cell phone - using five digits instead of a URL such as SallieMae.com/Banking.

I did not receive the verification PIN/My PIN did not work. What should I do?

If you have not received your verification PIN, please make sure your mobile device's phone number is entered correctly. You have the option to resend the PIN to your device. If you still did not receive a verification PIN please contact Customer Service at 877-346-2756 between 8AM and 8PM Monday through Friday. Please note, when you enroll in Mobile Banking you will only have 15 minutes to enter your verification PIN before it expires. After that time, you will need to request a new verification PIN and try again.

What are the text commands I can use for Sallie Mae text banking?

Here is a complete list of Sallie Mae text commands for our Mobile Text Banking:

  • BAL – Receive account balances. (Note: Available Balance for deposit accounts is the balance of funds available for withdrawal or transfer; certain pending transactions, such as deposits on hold, may not be immediately available and wouldn't be included in the available balance.)
  • BAL [nickname] – Receive the balance of the nicknamed account
  • LAST – Returns a list of your most recent transactions posted
  • LAST [nickname] – Returns the most recent transactions for that account
  • TRA [from acct nickname 1] [to acct nickname 2] [amount] – Transfer funds between two accounts
  • TIMEZONE – Change the time zone profile
  • GO – Access Mobile Web Banking via a text message
  • HELP – Returns a list of text commands and the call center contact number
  • STOP – Deactivates mobile banking from phone
  • START – Reactivates mobile banking from phone
What is Mobile Web Banking?

Sallie Mae Mobile Web Banking enables you to retrieve information and manage your bank accounts from a mobile device using its web browsing functionality. It is another way of accessing your account balances and reviewing your most recent account activity, without being tied to a desktop or laptop.

How do I access mobile web banking?

Once enrolled in mobile banking, visit https://m.salliemae.com to access mobile web banking via your mobile device.

How do I get the Sallie Mae Mobile App for iPhone?

To download the app search 'Sallie Mae' in the Apple store.

What is the difference between Mobile Text Alerts and Mobile Text Banking?

Mobile Text Alerts are automatic notices sent by Sallie Mae directly to your mobile device, which contain important information about your registered account(s). You can choose which alerts you want to activate. Mobile Text Banking allows you to request information such as your account balance and recent transactions on selected accounts at any time from your mobile device when you text commands to Sallie Mae at 55269.

How do I set up Customer Alerts?

Once you have enrolled in mobile banking, you can set up mobile text alerts by visiting the 'Alerts' section under the Mobile Banking Tab. The alerts configuration page displays all alerts available for each active and mobile eligible account. Sallie Mae offers the following alerts:

  • Low Balance
  • Withdrawal Threshold Exceeded
  • Daily Balance
  • Check Cleared
  • Deposit Threshold Exceeded
Can I specify when my alerts are delivered?

Yes. To specify when alerts are delivered you can set up a 'Do Not Disturb (DND)' feature which enables you to set times during which Sallie Mae's mobile text alerts system will not send any text message alerts to your mobile device. You can specify this period of time for each mobile device defined in the Preference Center. To create a 'DND' visit to the Do Not Disturb section of the Mobile Banking tab.

How can I stop receiving Mobile Text Alerts?

You can stop alerts in the Preference Center under the alerts tab OR text 'STOP' to Sallie Mae (55269) to turn off alerts and mobile capabilities for the mobile device. If you decide that you would like to restart your Sallie Mae Mobile Banking alerts, just text 'START' to Sallie Mae at (55269).

Should I add your shortcode to my contacts?

When signing up for Sallie Mae Mobile Banking, add our code (55269) to your address book as a unique entry within your contacts. Since this will be the short code we use for all text communications, this will allow you to be certain that any incoming messages are actually from Sallie Mae. Also, when you have Sallie Mae's short code in your contacts, you ensure you have it at hand when needed.

What is Sallie Mae e-deposit?

Sallie Mae e-deposit (also known as remote deposit) allows you to conveniently make deposits electronically with your home scanner or with your iPhone. To deposit a check with your home scanner you will be required to scan the front and back of the item. To make a deposit via iPhone, you will have to take front and back pictures of the item. Camera and check images are securely processed the same as a paper check. Checks deposited after 3:00PM will not be processed until next business day. Standard hold times for check deposits apply.

How do I use Sallie Mae e-deposit?

There are two ways to use e-deposit: via iPhone or via home scanner. If you choose to deposit with your iPhone you must first have the Sallie Mae app downloaded to your phone. Once logged in to your account, choose the 'Deposit Check' icon on your navigation bar and you will be prompted to take front and back pictures of your check. You also must choose the account to be deposited to and confirm the deposit amount.

To deposit with your home scanner, log in at SallieMae.com/Banking and click on the account you want to deposit your check into. Click the 'e-deposit' icon on the Account Summary page, and follow the instructions to scan your check and complete your deposit. Note that if you have not previously used e-deposit with your scanner, you'll be prompted to download the e-deposit software before you can make your deposit.

What kind of checks can I deposit through Sallie Mae e-deposit?

You can deposit all checks made payable to you with the exception of:

  • Money orders
  • Third party checks
  • Foreign checks
  • Starter checks
Are all computers and scanner compatible with Sallie Mae e-deposit software?

Sallie Mae e-deposit is compatible with most computer and scanner models with the exception of wireless scanners. Please note that MAC computers not compatible with the Sallie Mae e-deposit software at this time.

What are the guidelines for using Sallie Mae e-deposit?

When using Sallie Mae e-deposit with your home scanner, ensure you install the software prior to starting the e-deposit process. Additionally, there are a few guidelines you should be mindful of when using e-deposit on your iPhone:

  • Ensure you have strong mobile signal strength
  • When taking pictures of your check, make sure the check is completely within the frame and that the picture is not distorted or blurry.
  • Please remember, you cannot deposit checks to a certificate of deposit account
Is Sallie Mae e-deposit secure?

Yes, Sallie Mae e-deposit is secure. Our website and downloadable application feature multiple layers of security including password protection, internet firewalls, and encryption.

Do I need to install software to use e-deposit?

Customers depositing checks remotely from a home scanner will need to install software prior to being able to utilize the e-deposit tool. Once you click the 'e-deposit' icon on your account maintenance page an e-deposit enrollment page will pop up. Click the 'Download' button and the software will install the features necessary for running Sallie Mae e-deposit on your computer.

Why is my Sallie Mae App 'timing out'?

If you mobile device signal strength is weak, features of the Sallie Mae Mobile Application could time out. Please ensure you have strong signal strength when attempting to deposit checks with e-deposit.

What happens to my checks after I deposit them?

When a check is deposited with Sallie Mae e-deposit, the images of the front and back of the check you make are processed as if it the item were a paper check brought in for deposit. Once your funds are available in your account, prominently mark the physical checks as 'Void', and dispose of them to ensure they are not re-deposited.

How will I be notified if my e-deposit is not accepted?

You will receive a message when you submit your check if your e-deposit is not accepted. All checks may be subject to further review. If there is a problem with your e-deposit after you submit it, we will notify you by email.

For all e-deposits, Sallie Mae advises you to store the checks you submit for e-deposit until you see the deposit post to your account. Once your funds are available in your account, prominently mark the physical checks as 'Void', and dispose of them to ensure they are not re-deposited.

Sallie Mae e-deposit Limits

Deposits via e-deposit are limited to the following maximums:

 

Total Dollar Amount

Total Number of Deposits

e-deposit Daily Deposit Limit ($):

$500.00

5 deposits

e-deposit Weekly Deposit Limit ($):

$500.00

5 deposits

e-deposit Monthly Deposit Limit ($):

$1,000.00

5 deposits

What types of checks can't be processed through Sallie Mae e-deposit?

Sallie Mae accepts valid checks drawn on United States banks that are made payable to you. Please note we do not accept:

  • Checks containing obvious alteration to any of the fields on the front of the check or item
  • Checks previously converted to a substitute check
  • Checks that are remotely created
  • Checks not payable in United States currency
  • Traveler's checks or money orders
  • Checks dated more than six months prior to the date of deposit
  • Checks prohibited by Sallie Mae's current procedures relating to Sallie Mae Mobile Banking or which are otherwise not acceptable under the terms of your account(s). This includes checks which you know or suspect are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.

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