Sallie Mae Bank is a financial institution affiliated with Sallie Mae, the company widely known for its student loan business. The SLM Corporation (the formal name for Sallie Mae) is a publicly traded (NASDAQ: SLM) education finance corporation with a plethora of divisions and subsidiaries that offer an array of debt management services and business products. Sallie Mae Bank is a recent venture by the company into the retail banking space.
The bank offers three different types of savings products on its personal banking side, including Money Market and savings accounts, and Certificates of Deposit (CDs). DepositAccounts.com has featured Sallie Mae’s Money Market account in the past for its competitive rate offering, and it is still usually one of the top offerings in the country. The MMA comes with check writing capabilities and has no minimum balance requirement, no monthly fees, and no tiered interest rates. The savings account offering is very similar, having no monthly fees or minimum balance requirements, as well as a comparable interest rate. The main difference between Sallie Mae’s Money Market and savings account is that the savings account offers a 10% annual match on Upromise rewards, whereas the Money Market account comes with check writing but no rewards. The bank’s CDs are available in 12-, 36-, and 60-month term lengths and come with fixed rates and minimum initial deposit requirements. Sallie Mae Bank also makes undergraduate and graduate student loans available, as well as family loans for kids in K-12 grades.
Sallie Mae Bank online banking provides the only way for customers to access their deposit accounts, as the bank has no physical branches. The web-based platform gives account holders the ability to perform functions like direct deposit, bill pay, and funds transfers, but because the bank doesn’t offer a checking account to the public, customers should be careful to avoid going over the six transactions per month limit.
Sallie Mae Bank is a subsidiary of the SLM Corporation, which was created in 1972 as a government-partnered mutual loan entity. In 2004, the company permanent severed ties with the U.S. government and became a private sector company. A year later, in 2005, the bank was started in order to complement its loan business. In the summer of 2013, Sallie Mae announced that it was going to divide its education loan management business from its banking business in order to offer more consumer lending products on its banking side. Sallie Mae Bank is currently headquartered in Murray, Utah, and maintains it customers’ deposit accounts through its online banking system.
SallieMae is distributing its 2010 1099s electronically via its Website. The customer service rep informed me that they do not intend to distribute them by postal mail.
In principle, I don't have much of a problem with this myself, but it was very difficult to print out the form, even when I tried to follow the very cursory and non browser specific instructiions SLM Bank provided. The bank did not provide the 1099 in PDF or another easily printable format. Printing directly from a browser failed for me using both Firefox and Chrome (print truncated critical parts of the page). Ultimately, I was able to capture an image of the 1099 using Windows 7's cutting tool, save it as a PNG image, view the saved file using IfranView, and print from IrfanView.
Thought this might be of use to others who might face the same problem. Pretty clearly, the process has no business being this involved.
Don't think for one second that Sallie Mae is actually a bank where you can freely move your money in and out. The handful of transfer deposits that I put into Sallie Mae were held for a absurd amount of time and checks were held even longer. Withdrawls from Sallie Mae can only go to a linked brick and mortar bank, which takes Sallie Mae 3 days to transfer out, plus whatever hold your bank places on your cash. End result, if you want to withdrawl some money for Christmas cash make sure to initiate the transfer by Labor Day
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
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Sallie Mae Bank had $2.7 million in non-current loans and owned real-estate with $1.29 billion in equity and loan loss allowances on hand to cover it. This gives Sallie Mae Bank a Texas Ratio of 0.21% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Sallie Mae Bank decreased dramatically from (infinite) as of December 31, 2012 to 0.21% as of December 31, 2013, resulting in a positive change of (infinite). This indicates that the balance sheet and financial strength for Sallie Mae Bank has improved dramatically in recent periods.
In the past year, Sallie Mae Bank has increased its total deposits by $1.49 billion, resulting in 19.16% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Sallie Mae Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Sallie Mae Bank has $10.78 billion in assets with $1.29 billion in equity, resulting in a capitalization level of 11.93%, which is excellent.
|FDIC Certificate #||58177|
|Assets and Liabilities|
|Equity Capital||$1.22 billion|
|Loan Loss Allowance||$68.08 million|
|Unbacked Noncurrent Loans||$2.70 million|
|Real Estate Owned||$0|
|Historic Data - December 2012|
|Equity Capital||$1.01 billion|
|Loan Loss Allowance||$69.19 million|
|Unbacked Noncurrent Loans||$2.70 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||4.82%|
|Return on Assets||3.57%|
|Return on Equity||31.06%|
|Interest Income||$534.39 million|
Always verify rates and promotions with the bank or credit union. We are not Sallie Mae Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.90%||$2,500||-||12 Month CD|
Sallie Mae Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 175 S W. Temple, Suite 600 - Salt Lake City, UT 84101