Sallie Mae has a very competent business model. While I would not say what they offer is exceptional or unique in many ways, their execution is always top-notch. Their online banking website is very high-quality, making everything super easy to use. It is well laid out and easy to access account information/balances/etc. On top of that, I use their Android app extensively, and I find it to be one of the better banking apps I have used. Similar to the website, everything is just well designed and made to be as straightforward to the user as possible. Their customer service has always been kind and very helpful every time I have contacted them, and they've gotten my problems sorted out quickly and efficiently. I enjoy working with Sallie Mae, it's always been a positive experience.
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.
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.
I've set up two accounts with Sallie Mae Bank. One of which was a money market and the second was a high yield savings account. Every two weeks, I deposited $50 into the money market account which I would save to pay student fees with, and $10 into the high yield savings account which I used as a personal savings account. Interest was paid monthly for the accounts. While I loved that I could set up the automatic withdraws so that the desired amount was taken from my personal checking account. Their customer service was also very helpful. After going several months without logging into my account, I had forgotten which username I had used, but I was able to call a Sallie Mae representative who was able to help me retrieve the information. I believe that the biggest downfall of this bank was the time it took to transfer my funds to my checking account. It normally takes at least two days, and during this time, neither account shows that they contain the funds. This is too long of a time when a person needs his/her money. I also believe that their website is not always easy to navigate. I often have to look through multiple pull down menus to find what I am looking for.
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 was very disappointed with the services from Sallie Mae Bank. I thought that they worked like any other bank in which once I had a deposit I would be able to have access to my money as soon as it was in my account. This was not so. With each deposit I made I had to wait3-5 days to have access to that current amount of money. Also, the online information of my account was never updated within a reasonable amount of time. I also deposited a check online and had a return message saying that there was an error and the check had already been cashed when it had not. I was very disappointed with the phone service as well. The workers were rude and told me I was wrong with all of my information. After only three months I decided to close my account. I have transferred to a new bank and have had none of these return problems like I did with Sallie Mae.
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!
I did a ACH transfer to Sallie Mae Bank and they put a hold on it. It's been 13 days and I still can't get my money. Don't they realize that ACH is not like getting a check, they have the money when it goes through. Won't make this mistake again. Next time I'll ACH it to Ally Bank, they have a better policy. No holding ACH monies.
Okay. Tough to bring people back to reality. Sallie Mae Bank = Sallie Mae. They're the same old company that send student loan defaulters to collections, even though the student paid them off in full. Sallie Mae was formerly my student loan servicer and bank for the High Yield Savings Account. Interesting right. Sallie Mae's customer service is the same regardless whether it is the bank side or the loan shark side. To them, you're just a number. I highly recommend credit unions. They usually offer great rates and give perks. I have tried AMEX and HSBC and they're okay. I would stay away from Capital One as well.
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!!!!
I began with Sallie Mae Bank a several years after I paid off my student loan with them. I was so grateful with how they treated me through the ups and downs of my repayment period and I miss that relation ship. Now I use their bank to help with my retirement plan since I feel like they are family. My daughter will be starting college in 8 years and I am also using them to help save up for her tuition as well consider them for student loans and parent loans if that becomes necessary. They have been there for me for so long that I have much loyalty to them and I would not be surprised if my daughter developed a long term relation ship with them as well. The have been around for as long as I can remember and the deserve the loyalty the receive.
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 had heard good things about this bank from some coworkers, and as I was new to the area, having to leave my previous local bank behind, and already had Sallie Mae student loans. I decided to give the bank a chance. There were no problems for the first couple of months, but then I discovered that it was because there was an error with the banks systems. My name was not listed anywhere, but a misspelling of it was, and that was the only person that they were open to allowing access to my account. I am unsure how this can happen with all of the information they had and the previous interactions I have had with the Sallie Mae company. The customer service wasn't always bad, but the people willing to help were unable and the people who had access to fix the issues refused. This issue took months to fix, though they continued accepting deposits. The issue was only on paper and did not become a problem in my daily life, but I knew that it needed to be corrected. After months of trying to have it fixed, a manager resolved the issue in about twenty minutes when I was calling one day. This bank isn't bad, but it is definitely a mixed bag. Nobody else I have talked with has had this issue with the Sallie Mae online banking.
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.
I worked with Sallie Mae banking for my student loans that I had take out for college. They were the bank that my loan came from to pay for college. The experience that I had with them was great! I mostly used their online features, but paying for the loans was extremely easy. Whenever I knew my loans were due, I would simply log on to the website and go through the steps to make an online payment. I believe that the payments took a couple of days to process, so sometimes I would be a tad late paying the loan, but as long as they saw the payment was going through, I never got charged a late fee. It was a great bank to work with and I would strongly recommend! The whole process working with them was incredibly easy and I'm glad that out of all banks, my student loans were with them.
Sallie Mae's biggest item in favor of their business is some of the loans they offer, particularly for education; this is also a problem however, in that the consumer is stuck with them when they'd rather have other options. My biggest complaint over all with Sallie Mae is communication. You don't get an instant response on their site even as their client; often it can even come down to guess work. You want to know if your repayment reschedule went through? It will NEVER say if it did on their site. You must personally email them, with all the information they require, and then get a response in your email in about 7 days. If you don't submit all the info they require in order to get the answer you need, again, good luck; because they won't tell you. They will simply sit silently until you present everything in the proper order. What I will say positively on their behalf though, is they do offer a lot of help to veterans and low income people, and their interest isn't always too bad.
I have used many services Sallie Mae offers such as banking, savings, and Student loans. A few times i've had issues regarding my account such as unauthorized usage on my card but they quickly detected it. I find their customer service top-notch! I also find their online page, bill pay, account transfers very handy during my everyday banking needs.
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 would like to start off by saying that I would recommend this bank to anyone. I started a savings account with Sallie Mae a little while ago and it took less than a half an hour. My consultant was very friendly and took the time to make sure I was getting what I wanted. The whole process was very informative about the bank in general. Once I had my account I knew I was in good hands. Any time a problem arose it could and would be taken care of swiftly. It's great having the option to either call or use their online service. Either way will get you the desired outcome. I once had trouble with a deposit not coming through. I gave the customer service number a call and was surprised at how fast I was able to reach a customer representative. My problem took no more than fifteen minutes to correct. I'll end this review how it began, I would definitely recommend Sallie Mae to anyone who is even considering them. They have always been nothing but helpful and an amazing service to go through.
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.
I opened a saving account with Sallie Mae a couple of years back. I was thinking of getting a college loan but i wanted a simpler relationship first to test things. So I opened an account. Their internet banking is superb! The interface is well designed and easy to use. The functions are simple and processed quickly. No bugs or unnecessary account clearing processes. The only issue would be the lack of variety with respect to financial product. But beyond that this is extremely solid bank. That has knows about quality online banking. They've really shown they're an online presence.
I have been in school for some time now and have always been able to count on the nice folks at Sallie Mae Bank to be able to help me when I have ever had any questions about my school loans. Sometimes I may be confused as to how much I may be expected to payout when this is all said and done and Sallie Mae banks representatives that I have spoken with are always very professional and helpful with any questions that I may have. They do not ever seem annoyed when I ask them to explain or clarify something. They actually seem glad to do so, but not in a fake a rehearsed way. Overall, this is a great bank in my opinion.
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.
Have a money market account with this bank and really like the fact that there is no minimum deposit or monthly fees. This feature was a strong point for me when I first opened the account. I am very happy with the high yield percentage and the fact that I don't have to keep a minimum balance in the account.
Now, onto my student loans, which is an entirely different story when it comes to customer satisfaction. My loans were deferred until I graduated college, but I decided that since I worked as well, I would pay off as much as possible so I wouldn't accumulate an insane amount of interest on some of my loans. Once I did graduate, I was unemployed for about 3 months after, and once I did get a job, it was only on a part-time basis, so I was unable to pay the amount they felt I should pay each month. I spent hours on the phone with customer service, only to be transferred from one customer service representative to the next. When I finally did get in touch with someone, they said I had no choice but to pay the minimum amount due (please note: I had almost $100,000 in student loans), which was about $700 per month. I explained there was no way I could do this and I basically had to go through hell and back, providing expense information, etc. for them to finally work with me a bit. So, my payment was cut by about 1/3...better, but not great. You would think they would work with me more seeing that when I could, even when my loans were deferred, I paid about $300 per month.
I went with Sallie Mae when I found myself in need of a student loan. I didn't research much before making my choice, but I'm very happy that I went with Sallie Mae. They were knowledgeable and understanding when it came to needing a deferment. They worked with me on a payment plan and I was very happy with their commitment to their customers. It was easy and very convenient to make payments online and, at any given time, I could go online to see my balance, payment history, etc. It made being a student a great experience. Their customer service was brilliant. I could do most of what I needed to online. When there was something I couldnâ€™t do online, a representative was always just a phone call away.
I have both savings account and student loan account with Sallie Mae and I have to say that, so far I am very pleased with customer service I am getting. There have been couple of times where my student loan was overdue and a quick phone call to them made me avoid late charges.The customer service was very friendly and understanding. Moreover, their statements are very easy to read and explains each and every detail, such as the interest you paid yearly, current APR, balance and other information regarding your loan. As far as products go, I think without any monthly fees, %.90 APY savings is pretty good for a saving account that does not require and minimum deposit. Their website is clear and easily accessible. As far as mobile goes, I do not have much experience but their mobile application works just fine for me to manage my accounts on the go. Overall I would recommend this financial institution.
#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.