Sallie Mae Bank Reviews

Average Rating:
Based on 19 review

Sallie Mae Chexsystems

Does Sallie Mae Bank do a Chexsysyems inquiry for a new customer? (My report is fine. I am just try to keep down the number of inquiries). Thanks

Horrible Customer Service And Distrustful Company

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Horrible company, customer service does not know what they are talking about. I called them 5 times to ask if I needed to make a payment while I was in school, every time I called they told me that I did not need to make a payment and they were clearing it up on their end. Sixth time I called, all of a sudden, I do need to make a payment, plus the late fees that they tacked on while they were telling me no payment was needed. And then, on top of that, the customer service lady claimed that the first person I talked to told me I “did” have to make a payment. A COMPLETE lie. I am disgusted by them. I made the payment in full (including late fees) that day. I would’ve paid on time every month, had they had the correct training and knowledge to properly check my loan status. Incompetent and unprofessional. I have since paid the loan off in full to avoid any further business with them. They have predatory loans, my interest rate with a co-signer was 16.25%. Sallie Mae is an awful and distrustful company. I would never do business with them again. And I will steer any student I know away from them.

Beware Sallie Mae Application

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I tried to apply online for a Sallie Mae CD. After completing 95% of application, it asked for my bank username and password in order to "verify" the routing and acct. numbers. I chose instead to verify later and received an Application pending screen. Next day, did not receive any notification through email so called. Customer service could see all my personal data (ss#, dob, security answer) but said the application failed and I would have to reapply. When questioned why she could see all my information if the app failed, she said she cannot delete it and it would leave their system in 30 days. I think this is bad practice and don't want them handling my money.

Linked Accounts

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I've been part of Sallie Mae since 12/2011 (11-1/2 years). Never really took money out. I decided to link an account with a higher rate and transfer just over $200.00 to the newly linked account. Now I only access this account from my home ISP so it should be static. Never from a mobile phone or tablet and I get his message "Your transaction for $2**.** was not executed. The transaction was cancelled for the following reason: Account Frozen

They froze my account. WTF?

Recent Experience

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Awful Rates, Awful “Support,” And An Awful Company.

I have never dealt with a more unprofessional and rude customer service team. I have communicated with them numerous times and have had had nothing but rude, condescending tones and the most unhelpful, lazy answers given to me. I have had nothing but an awful experience with these people, and their rating should reflect nothing but that. I would rather have my loan serviced through someone with a higher interest rate if it meant that I wouldn’t have to deal with this company. I have been charged incorrect interest amounts numerous times, and they have done everything they can to justify their actions without looking into the issue at hand or simply explaining how the interest was calculated or when it was accrued. This is the worst student loan servicer out there, and I could not recommend them less.

Avoid Savebetter

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After opening the CD I find out that FDIC insurance is only valid on the individual maximum amount. Usually i add a beneficiary to give another 250k in FDIC coverage. Savebetter makes their own rules on ONLY INSURING THE ACCOUNT HOLDER. Had it been known prior i would have done things differently. If you are concerned about insuring your account fully AVOID SAVEBETTER...they make their own rules and give you no help !!

Savebetter Is A Disaster

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I invested in a Sallie Mae CD that is only available through Their website doesn't work. I've tried calling them on the phone, but no one answers the phone. I really regret my decision.

Recent Experiences

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Any recent experiences with this bank? most reviews are older? Is this a good bank with easy transactions?


The issue I have with savebetter is that you CAN NOT get the interest as it posts to the CD. If the CD is short term 3-6-9-12 months might be OK for some people. If long term it is sort of a zero-coupon bond.

No More 5% Rate

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Not showing on the website anymore.

5% CD Is Still Available On Their Website

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I have had CDs with Sallie Mae in the past and had no issues at all. It was easy and a positive experience. I had to search a bit to find the 27 month 5% CD but I found it! And signed up. Fingers crossed that it is as easy as last time. So far it definitely seemed easy and quick. Thank you again, Sallie Mae!

Good Bank!

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Been with this bank for 10+ years now. Never had any issues. Nice customer service, good rates and easy deposits and withdrawals. They could do with a much upgraded website like so many banks do but I am guessing this could all be due to security issues. As long as they keep my money safe I am fine with it!

This Bank Needs Some Serious IT Upgrade

The bank cannot generate the online savings account statements for the month of June 2022. Called the help desk. The IT people have no clue apparently because there was not time frame given for resolution. The only reason I kept this account is because they had some of the best interest rates a while back. Now they are only average. This would be one of the next bank accounts to dump if I could find a better option. The best ones are already maxed out.

Problems With ACH External Account Linking

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I have had a money market account with Sallie Mae for several years. In the past I had no problems adding it as an externally linked account at several other banks.

However I was recently unable to link my Sallie Mae account to either Live Oak bank or Barclays bank. In both cases the test deposits never appeared in my Sallie Mae account.

I would not trust using this bank for ACH links via other institutions until Sallie Mae fixes these problems.

Funds Transfer From Sallie To Another Bank Worked Fine For Me

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I was concerned about the transfer from Sallie Mae to my linked account at another bank after reading some reviews that people had trouble with this.

It worked fine for me. My CD matured on 1/2. I had given them instructions beforehand to transfer balance to the account that was used to transfer the original funds in.

I called on 1/4 (Monday) to check and they had the instructions. The funds were no longer in Sallie Mae on 1/5 and showed up in the other bank on 1/6.

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