This bank SUCKS. I deposited a check remotely with my computer, and they return it saying its already been cashed when it HAS NOT. The check is good. Their custoemr service SUCKS. They want to charge me for THEIR mistake! Screw you, keep the 5 bucks, my account is closed!
Their ACH hold policy is pretty bad. They place a 5 day hold on ACH deposits, which is much longer then most banks, S&L, or NCUs. I quote from their email..
Dear Mr. ____,
Thank you for contacting Sallie Mae Bank.
For all deposits made by check or electronically in the amount of $5,000 or less, funds will be held for five (5) business days from the effective date for those funds, which is the day that we credit your Account for that deposit.
Deposit hold for ACH transfer is not only by Sallie Bank, it is both a Regulatory and Bank Standard Hold Policy.
Sallie Mae Customer Service
I maintain a fairly large account balance (400-500K) with Sallie Mae Bank and have had absolutely no problems with service. My few questions have been handled quickly, professionally and courteously by the telephone service representatives. It is a place I park medium-term (a few years) cash at an above average money market rate, and I do not expect it to function like a retail bank (frequent in and out banking). Some reviewers appear naive about its banking functions and policies. The hold policy is not unusual and interest is credited starting within a few days, not at the end of the hold period.
Salle Mae made me mail in my deposit and then without warning put a 10 business day hold on the funds. Their customer service people read from scripts and can't solve any issues they are almost robot like when you call.
All together it took me 19 days from the time i made the deposit till the time they let me withdrawal the funds. Watch out for this bank. Terrible experience!!!!
They put 10 business day holds on every deposit watch out!!!
This bank has screwed me out of 1200 on a 10000 dollar loan. That is over 10% of the total loan.
I was having issues with trying to change the alerts on my Sallie Mae accounts. After about a week or so I contacted Sallie Mae Bank customer service and explained I could not adjust the alerts on my accounts, when I could do so before with no problem. The customer rep said she could not make any changes either, so my issue was "escalated" to techincal support. She also let slip that the bank was having problems with the company this service was 'contracted' to.
Well after three more days passed, I still could not adjust the alerts on my account. Needless to say with the technical difficulties I was experiencing, I began to wonder about the efficiency and security of Sallie Mae Bank's website in general. I called customer service once more but got no further with my issue. After two weeks of this run around I closed both my accounts with Sallie Mae Bank and switched to another bank. I couldn't be happier with the service and the user friendly website with my new bank.
The clincher to this story : I got a call from Sallie Mae Bank techincal support saying my account alerts have been fixed. When I received the phone call my accounts with Sallie Mae Bank had been closed for almost three weeks. I could only laugh at the irony.
Sallie Mae Bank still has a long way to go before getting its act together, especially with its online technical issues.
You can contact directly the Sallie Bank Customer Service @ -1-877-346-2756.
Several one star reviews posted here are actually about student loans, not banking. I've been happy with the service and especially with the interest rates at Sallie Mae. Even though they cut their rate yesterday from 1.05 to .95 they are still among the leaders.
i was on the phone with the rep and also with the manager regarding my son's application for student loans. i am the cosigner and have excellent fico score (over 800 as per transunion.) i also monitor my credit score. as per sallie mae's website, their fixed interest rates 5.74%-11.85% dependeng on credit history. this people are deceptive, unethical and plain thieves! after i have given them all information online, spoke with them on the phone for several hours and finally, after 3days of communication, they gave me a 10.50% fixed rate! what a scam! i even put for interest only repayment option while in school which as per their website, it would lower my rate! they even told me that i do have an excellent credit. i asked them if they ever gave to anybody that 5.74% rate and the manager couldn't answer it. he won't give me his real name but after long argument, the manager gave me his ID# i have a great job with a great salary (over six figures). please refrain from applying student loan in this bank, they don't honor their website rates and they'll just try to destroy your credit history.
In an attempt to set up an on line account, a web server error "lost" all our confidential information. STAY AWAY from this bank! When the rates are too good to be true, they probably are!
The minimum holding time of your deposit is 5 days, even if you wire in the fund. Absurd!
I suspect, if they allow cash deposit (which they don't), their holding time for deposited cash is also 5-day.
The only reason I can think of is that they are still using abcaus and long hand caculations to tally your deposits.
I've had this account for a while and have linked 5 other bank accounts to it. Today, I attempted to add a 6th, got a message to called Customer Service only to learn that their new limit is 3 linked accounts :-(
Their interest rates used to be pretty competitive, but have sagged lately and it may be time to consider moving on.
#1, do not ever use this bank to hold your money in a savings or Money market account! Worst bank ever!!!! It takes forever to transfer money in or out! They hold on to your money until the last possible moment when they have to credit your account. I grade this bank a F- Avoid at all cost!!!!!! Stay away!
I use my money market and high yield savings as deposit accounts for the cash back I get when using UPromise for online shopping. Then, once I've accumulated cash back over $10.00, the next cycle all that I've made is swept into my HY savings.
Six months after I graduate, my loan repayment requirement will kick in, and hopefully by then I will have enough to start making payments from my money market account. I do get paper checks. And the interest I earned will be tax free as long as the money in the account goes to paying down my student loans. It's a win-win deal.
It is very basic and simple to use. I set up a savings account and just left it there. Then put my money in there monthly. And that was that. Simple. Easy.