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Frequently Asked Questions

Savings & CDs FAQs

 

Legal information about your accounts



 

Top FAQs

 

General Account FAQs

 

Savings FAQs (Money Market and High-Yield Savings Accounts)

 

Certificate of Deposit 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 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. You must be an authorized signer on all linked accounts.

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. Twelve months of 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). Twelve months of 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 877-346-2756877-346-2756, Monday-Friday, 8 AM-8 PM Eastern Time.

Our mailing address is:
Sallie Mae
175 S West Temple, Suite 600
Salt Lake City, UT 84101


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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?

You can update your personal information online or by phone:

  1. Log in to SallieMae.com/Banking and click on the "My Profile" tab to change your personal information.
  2. Call Customer Care at 877-346-2756877-346-2756. Specialists are available to assist you Monday-Friday, 8 AM-8 PM Eastern Time.

If you need to update your name, date of birth, or Social Security number, contact us and provide proof of the correction.

  • For a name change, send a copy of your marriage license, divorce decree, or other court order along with a copy of your driver’s license showing your new name
  • For birthdate correction, send a copy of your driver’s license or other state-issued identification
  • For Social Security number correction, send a copy of your Social Security card
  • Make sure you also include a note specifying the reason you are contacting us.

You can provide proof by scanning and emailing your documents, faxing them, or mailing them. For birthdate corrections, we also accept an emailed picture of your license.

  • Send scanned documents and pictures to Sallie_Mae_Deposits@salliemae.com (note that there are underscore characters between the words in the address)
  • 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 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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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. Sallie Mae will only send wire transfers to your linked accounts (accounts for which you have previously established ownership). We also require a copy of your Driver’s License or other state-issued identification. After completing the form, submit it along with your identification by

  • Scanning the documents and emailing them to Sallie_Mae_Deposits@salliemae.com (note that there are underscore characters between the words in the address), or
  • Faxing them to 800-627-7532

Please submit your wire transfer request by 3 pm ET in order for it to be completed same day.

Note that a wire transfer is not the usual transfer that is set up online—that is called an ACH transfer. ACH transfers take two to three business days, and are free. A wire transfer moves funds from one bank to another on the same day. Sallie Mae Bank’s fee for an outgoing wire transfer is $20. Incoming wire transfers from another bank to Sallie Mae are not assessed a fee by Sallie Mae Bank. Sallie Mae Bank will not initiate international wire transfers.

To send a wire transfer from another bank to your account at Sallie Mae Bank, use Sallie Mae Bank’s ABA routing number, 124385119, and your Sallie Mae Bank account number.



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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 are not limited in the number of transfers you may make from your savings account or money market account to repay loans at Sallie Mae. 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 Order–standard delivery: $5
  • Check Order–expedited delivery: $15
  • Stop Payment: $15
  • Insufficient Funds: $19. 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 $19. If your account balance at the time the check is processed is less than $19, 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 four 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 iPhone® or AndroidTM device. (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 accounts the funds will come from and go to, and select when you'd like the transfer to take place. Transfers set to be processed immediately may not be canceled, but recurring and future-dated transfers may be canceled.
  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. Transfers set to be processed immediately may not be canceled, but recurring and future-dated transfers may be canceled. Please remember that you are only allowed to withdraw funds six (6) times in any given month and that 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 transfer?

You can cancel any transfer that has a Pending status, including recurring and future-dated transfers. Transfers set for ‘Immediate’ processing when they are created online cannot be canceled. You can cancel a Pending transfer 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 877-346-2756877-346-2756 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 175 S West Temple, Suite 600, Salt Lake City, UT, 84101, 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.) You are not limited in the number of transfers you may make from your savings account or money market account to repay loans at Sallie Mae. 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 checks for my Sallie Mae Money Market account?

You can order checks at any time. Use the 'Account Maintenance' link from your Account Summary page to access Account Maintenance, and then click the ‘Order Checks’ link under Checks. Once you confirm your mailing address, we'll send you 25 checks. Your checks will be sequentially numbered from any prior check order. 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). Checks ordered at the time the account is opened are free.

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 Order–standard delivery: $5
  • Check Order–expedited delivery: $15
  • Stop Payment: $15
  • Insufficient Funds: $19. 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 $19. If your account balance at the time the check is processed is less than $19, 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 (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 888-434-9111888-434-9111 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 877-346-2756877-346-2756, 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, interest disbursements can be requested monthly, quarterly, yearly, or at maturity. They will be sent electronically to the linked account you specify. To set up interest disbursements, please fill out the CD Interest Disbursement Payment form and send it by fax to 800-627-7532 or by mail to Bank Operations, Sallie Mae Bank, 175 S West Temple, Suite 600, Salt Lake City, UT, 84101. Make a copy of the form to keep for your records.

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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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 available for iPhone® and Android devices: Download the Sallie Mae App to your smartphone by searching 'Sallie Mae' in the Google Play Store and Apple® App StoreSM.

Which accounts can I access with Sallie Mae Mobile Banking?

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

  • 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 877-346-2756877-346-2756 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.

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

To download the app search 'Sallie Mae' in the Google Play Store and Apple® App StoreSM.

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 iPhone® or Android Smartphone. To make a deposit, 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?

To make a deposit with your iPhone® or Android Smartphone, you must first download the Sallie Mae app. 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 for the deposit and confirm the deposit amount.

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

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

There are a few guidelines you should be mindful of when using e-deposit on your iPhone® or Android Smartphone:

  • 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.

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 maxims:

e-deposit Daily Deposit Limit ($)

  • Total Dollar Amount: $500.00
  • Total Number of Deposits: 5 deposits

e-deposit Weekly Deposit Limit ($)

  • Total Dollar Amount: $500.00
  • Total Number of Deposits: 5 deposits

e-deposit Monthly Deposit Limit ($)

  • Total Dollar Amount: $1000.00
  • Total Number of Deposits: 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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