Ready to move into your own place or do some traveling? No matter what your next big goal is, we have products like specialized graduate student loans, credit cards, and savings accounts to help get you there. You can choose student loan options like in-school loan payments and auto debit that help you graduate with less debt and lower your interest rate. Our credit cards can help you develop good lifelong financial habits while earning bonus rewards.
And because we believe in financial responsibility, you'll only be approved for a student loan or credit card if we believe you'll be able to pay it back. Home Our story Our story begins with you You inspire us. Sallie Mae customer. What we can help you do. Plan and save for the future You can grow your money and even track progress toward a specific goal with our savings products.
This link lets you transfer funds electronically, saving you time and money. When you open an account, we'll make two micro-deposits small deposits into your external account. This is a security measure to ensure your ownership of the external account. It's important to remember that you can't transfer any funds from your Sallie Mae account until you've verified your first set of micro-deposits.
Also, each time you add a new linked account, we'll send micro-deposits that you'll need to verify. Because you'll need to verify the micro-deposits before you can use your new link, don't delete your old link s until your new link is verified. This way you'll still have links to transfer your funds. You need to be an authorized signer on all linked accounts.
How do you calculate interest on my account and when is it credited to my account? Interest is calculated the same way for all of our accounts. It's compounded daily and credited to your account monthly. Interest credits will appear on the first business day of the month following the month they're earned. For example, interest earned in April is credited on the first day of May. When and how will I receive my statements? The primary accountholder will receive a statement each month.
You'll be a sent an email telling you when your statement is available for viewing. How do I contact you about my Sallie Mae account? If you need help or have questions about any of your accounts, we're here for you. Student and Personal Loans: Monday — Thursday, 8 a. ET; Friday 8 a.
ET; Saturday 9 a. Will I receive a INT? If you receive any interest as a primary accountholder during the year you'll get a INT. How do I set up direct deposits? Since direct deposits come from different sources, we don't have a standard form to set this up.
Please reach out to the institution who has your funds and ask them for their procedure. They'll probably need the following information to set it up:. Can I download past transactions? Log in to your account and you can choose how you'd 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:. If you need to update your name, date of birth, or Social Security number, contact us and provide proof of the correction.
You can provide proof by scanning and emailing your documents, faxing them, or mailing them to us. For birthdate corrections, we also accept an emailed picture of your license or other state-issued identification.
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 payees, or people to whom money is paid or will be paid, of POD accounts occurs without going through probate.
Please go to the FDIC insurance calculator for more information. How can I make a new account a Payable on Death account? You'll be asked to select your payees. Once they're selected, your account is a POD account. All payees are assigned equal shares of funds. For example, if you assign three payees, each will be given a one-third share of the funds in the account. Can I make an existing account a Payable on Death account? All payees are assigned equal shares of funds in your account. Can I remove the Payable on Death designation from an account?
Deleting all payees will remove the Payable on Death designation. What happens to my Payable on Death account if I die? If you die, your designated payees receive the equal shares of funds in your account. The assets are transferred without going through probate. How can I ask for a wire transfer from or to my account?
To request a wire transfer from your account, fill out the Wire Withdrawal Request. We'll only send wire transfers to your linked accounts accounts you've already established that you own. We also require a copy of your driver's license or other state-issued identification.
Please submit your wire transfer request by 3 p. ET for it to be completed same day. Note that a wire transfer isn't the usual transfer that's set up online—that's 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. We won't initiate international wire transfers. There are no monthly maintenance fees for these accounts, however there are fees for these additional services. This includes all deposits, electronic transfers, and checks, returned due to insufficient funds or funds that aren't collectable.
If you have a Money Market Account, additional services for checks have the following charges:. How do I make deposits and withdrawals?
We make it very easy to withdraw your money. All you need to do is log in to your account and from there transfer the desired amount to your linked account. Transfers set to be processed immediately can't be canceled, but recurring and future-dated transfers can be canceled. 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 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're created online can't be canceled. You can cancel a pending transfer three different ways:. How do I order checks for my Money Market Accounts? Once you confirm your mailing address, please give us a call to order your checks.
We can be reached at , Monday through Friday, 8 a. Your checks will be sequentially numbered from any prior check order. Checks ordered at the time the account is opened are free. How do I stop payment on a check from my Money Market Account? If you want to stop payment on a check or on a range of checks, log in to your account and you can choose to stop a payment. As long as the check or a check within the range hasn't already been processed and paid, you can place a stop payment.
The stop payment is permanent and doesn't expire. Bonus interest rates and APYs are applicable for a limited time period only. What will my interest rate be after the promotional period ends? If you have a promotional rate, after the promotional period is over, the interest rate on your account will be the regular interest rate in effect.
Learn more about rates and disclosures for:. Does my promotional rate vary with the balance in my account? If you have a promotional rate, the promotional interest rate doesn't vary with your account balance. Your account will receive the same interest rate throughout the promotional period. What happens to my account when my Certificate of Deposit CD matures?
Your CD will automatically renew at maturity. Upon maturity, you'll have a 10 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 phone at , Monday through Friday, 8 a. 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'll 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 www. Will you remind me of the maturity date on my Certificate of Deposit CD?
You'll receive an email notice from us approximately 30 days before your CD matures. Interest disbursements can be requested monthly, quarterly, yearly, or at maturity. They'll be sent electronically to the linked account you specify. Make a copy of the form to keep for your records. Does the Certificate of Deposit CD have early termination penalties? Our early termination penalties are as follows:.
In certain circumstances, such as the death or incompetence of an account owner, we may waive the early withdrawal penalty. What is mobile text banking? Using Short Message Service SMS , this service lets you retrieve information about your bank accounts from a mobile device using text messaging. How do I enroll in mobile text banking?
You'll need to log in to your account at Banking. Is there a fee for using mobile banking? We don't charge a fee for using mobile banking. You may, however, incur normal text 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.
With products like private student loans , credit cards, and savings accounts—plus our financial tools, resources, and information—we empower people to do great things. Sallie Mae helped me to be the first college graduate in my family and the first to pursue a master's degree.
We offer our own scholarships and have helped hundreds of thousands of students find billions of dollars in scholarships to help make college happen. Learn more about our scholarships. We donate our time, talent, and money in the communities where we live, work, and play. See how we help our communities.
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