We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day we receive your deposit.
To the extent permitted by law, Sallie Mae reserves the right to extend these timeframes for certain reasons, including if we suspect fraud. In addition, funds in an Account 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.
All deposits accepted from you are subject to verification. Your Account will be credited for the amount shown on your account statement. Adjustments for errors in addition or subtraction may be posted to your Account. Your Account also may be adjusted for items you have deposited that we determine require special handling (e.g., verification of prior endorsements).
e-deposit (also known as remote check deposit) is a free service allowing customers to electronically deposit checks via iPhone® or AndroidTM smartphone or home scanner. e-deposit is available to all Sallie Mae account types with the exception of certificates of deposit. All checks deposited via e-deposit may be subject to further review. If your e-deposit is not accepted, we will notify you via email. For all e-deposits, Sallie Mae advises you to store the checks you submit for e-deposit until you see the deposit post as 'available' to your account. Once 'available' in your account, please destroy your check or mark it as 'void'.
e-deposit via smartphone is offered as part of Sallie Mae Mobile Banking apps for iPhone® and AndroidTM. To access e-deposit via iPhone® or AndoidTM enrollment in Sallie Mae mobile banking is required. Sallie Mae Mobile Banking is a free service. The mobile banking terms and conditions can be found here.
If you elect to make a deposit via home scanner you will need to install software prior to being able to utilize the e-deposit tool. Once you click the 'e-deposit' icon on your account maintenance page an e-deposit enrollment page will pop up. Click the 'Download' button and the software will install the features necessary for running Sallie Mae e-deposit on your computer.
Standard hold times for check deposits made via e-deposit. Checks deposited after 3:00PM will not be processed until next business day. Sallie Mae accepts valid checks drawn on United States banks that are made payable to you. Please note we do not accept:
- Checks containing obvious alteration to any of the fields on the front of the check or item
- Checks previously converted to a substitute check
- Checks that are remotely created
- Checks not payable in United States currency
- Traveler's checks or money orders
- Checks dated more than six months prior to the date of deposit
- Checks prohibited by Sallie Mae's current procedures relating to Sallie Mae Mobile Banking or which are otherwise not acceptable under the terms of your account(s) including money orders, third party checks, foreign checks and starter checks. This also includes checks which you know or suspect are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.
Sallie Mae e-deposit Limits
Deposits via e-deposit are limited to the following maximums:
||Total Dollar Amount
||Total Number of Deposits |
|e-deposit Daily Deposit Limit ($):
|e-deposit Weekly Deposit Limit ($):
|e-deposit Monthly Deposit Limit ($):
Protecting Your Privacy
The privacy and security of your information is important to us. As noted above, Sallie Mae's Privacy Notice is available on our website at the following location: http://www.salliemae.com/about/privacy_practices.htm.Periodic Statements
Statements in electronic format will be made available at no charge. You may view your statement by accessing your Account at SallieMae.com/Banking. You may choose to have a paper statement mailed to you. However, there may be a fee for this as set forth in the "Fees and Charges" section above. Closing an Account
You can close your Account at any time, for any reason. We can close your Account at any time, for any reason and without advance notice. In addition, as mentioned in the "Funds Availability" section above, funds in an Account 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. If your Account is closed, be sure you cancel any preauthorized payments as set forth in the "Electronic Funds Transfer Services" section above under "Stopping Preauthorized Payments."Unclaimed Property Laws
State laws require us to close all your deposit accounts and transfer your money to the state if your accounts are dormant for a certain period of time. If your account becomes dormant, we may try to locate you at the address and telephone number shown in our records. After a specified period of time, if we are still not able to locate you, we will be required to surrender the funds in the account to the state, in accordance with state law, as unclaimed property. If this occurs, you may be able to reclaim them, but you may be required to apply to the state for return of your funds. To the extent permitted by law, we may charge you a reasonable service charge for processing unclaimed property. Once your funds are surrendered, we no longer have any liability or responsibility with respect to the funds. Assignment/Transferability
No part of an Account may be pledged, assigned, given as a gift, or otherwise transferred to a third party without our prior written consent. Notice and Cure
Prior to initiating a lawsuit or arbitration regarding a legal dispute or claim relating in any way to this Agreement or your Account (a "Claim"), the party asserting the Claim (the "Claimant") shall give the other party written notice of the Claim (a "Claim Notice") and a reasonable opportunity, not less than thirty (30) days, to resolve the Claim. Any Claim Notice to you will be sent in writing by mail to the address you have provided us (or any updated address you have subsequently provided to us). Any Claim Notice to us shall be sent by mail to the following address: Sallie Mae Bank, Attention Chief Compliance Officer, 175 S West Temple, Ste 600, Salt Lake City, UT 84101. Any Claim Notice you send must give your Account number(s), address and telephone number. Any Claim Notice must explain the nature of the Claim and the relief that is demanded. The Claimant must reasonably cooperate in providing any information about the Claim that the other party reasonably requests. Jury Trial Waiver
TO THE EXTENT PERMITTED BY LAW, YOU AND WE WAIVE ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THESE RULES OR YOUR ACCOUNT. THIS JURY TRIAL WAIVER SHALL NOT AFFECT THE JURY TRIAL WAIVER IN THE ARBITRATION PROVISION (IF YOU DO NOT REJECT IT). Credit Reporting/Notice of Inaccurate Reporting or Identity Theft
We have the right to report information about your Account to any consumer reporting agency. If you believe that any information that we have furnished to a consumer reporting agency in connection with your Account is inaccurate, or if you believe that you have been the victim of identity theft in connection with your Account, write to us at the following address: P.O. Box 30531, Tampa, FL 33630-3531. In your letter be sure to include:
- Your name, address and Account number(s);
- A description of the specific information that is being disputed;
- An explanation of the basis for the dispute;
- A copy of any supporting documentation you have that substantiates the basis of the dispute; and
- If you believe that you have been the victim of identity theft, submit an identity theft affidavit and an identity theft report (e.g., police report, postmaster general report, etc.).
Claims of Third Parties and Legal Action Taken Against Your Account
Except as otherwise provided herein, we are not required to recognize any claim to your Account, or any claim of authority to exercise control over your Account, made by a person or persons other than you or an individual you have authorized to access the Account pursuant to a written agreement, in a form and content acceptable to us, on file with us. If an attachment, garnishment, levy, order, decree or other state or federal legal process ("Legal Process") is brought against your Account, we may refuse to permit or we may limit withdrawals or transfers from your Account until the Legal Process is satisfied or dismissed. If we receive any document that appears or is purported to be Legal Process issued out of any court or governmental agency, you hereby authorize us to accept and comply with it, no matter how it was received by us. You hereby direct us not to contest on your behalf any such document or Legal Process and to comply with such process as we determine to be appropriate in the circumstances without liability of us to you, even if the Legal Process or document purports to affect the interest of only one owner of a multiple party account and even if any funds we may be required to pay out leave insufficient funds to pay a check you have written or any other withdrawal or debit you have authorized or initiated. If we incur any damages, losses, costs or expenses, including, without limitation, reasonable attorneys' fees, in connection with any such document or Legal Process, you are liable to us in such amount and we may (i) charge any expenses and fees to your Account or any other account you may have with us without prior notice to you, (ii) bill you directly for such expenses and fees or (iii) to the extent permitted by law, deduct such expenses and fees from the amount levied. Any garnishment, attachment or other levy against your Account is subject to our right of setoff.Remotely Created Checks
If you deposit any "remotely created check," as defined in Federal Reserve Regulation CC, 12 C.F.R. § 229.2(fff), as amended from time to time, then you represent and warrant to us that the holder of the account upon which it is drawn authorized the issuance of the check for the amount and to the payee shown on the check. If anyone claims otherwise, you agree that we may immediately charge the amount of such check, plus any claimed interest, costs and damages, against your Account. If there are insufficient funds in your Account to cover the amount of that charge, we will treat the deficiency as an overdraft. You agree to indemnify us against, and hold us harmless from, any and all damages, losses, costs and expenses we incur in connection with any claim that a remotely created check was not properly created or deposited in your Account, including consequential and punitive damages, and our own reasonable attorneys' fees and costs in investigating and responding to any claims, whether or not litigation results.Waiver of Liability
Unless we have acted in bad faith or are otherwise prohibited by applicable law, we will not be liable to you for performing or failing to perform services under or in connection with this Agreement. Without limiting the foregoing, we will not be liable for delays or mistakes that happen due to reasons beyond our control, including, without limitation, acts of civil, military or banking authorities, national emergencies, insurrection, war, riots, acts of terrorism, failure of transportation, communication or water supply, or malfunction of or unavoidable difficulties with our equipment. If a court finds that we are liable to you for what we did or did not do under or in connection with this Agreement, you may recover from us only your actual damages, in an amount not to exceed the total interest paid by us to you under and in connection with this agreement during the six-month period immediately preceding the event giving rise to our liability. You agree that the dollar limitation described in the preceding sentence is reasonable, to the extent permitted by applicable law. In no event will we be liable for consequential damages (including lost profits), extraordinary damages, or special or punitive damages. Claims Against Your Account
If we receive a claim against funds in your Account, or if we know of or believe that there is a dispute over the ownership or control of funds in your Account, we may place a hold on your Account. We can also refuse to pay out any of your funds until we are satisfied that the dispute is settled. In addition, we may close the Account and send the balance to the accountholder(s) we have on record; decide to rely on our current account records; require a court order to act; or take any other action that we feel will protect us. We will not be liable to you for taking any such action.No Fiduciary Obligation
Sallie Mae assumes no fiduciary obligation on your behalf. This means that we do not act as your trustee or financial advisor, and we do not assume any responsibility for your Account beyond reasonable care.Choice of Law and Applicable Laws and Rules
This Agreement (excluding the Arbitration Agreement) will be governed by the law of the State of Utah except to the extent governed by federal law. Your Account is also subject to applicable operating circulars and customs of any clearinghouse or other association involved in transactions.Sallie Mae's Legal Rights
We do not waive our rights by delaying or failing to exercise them at anytime. Right to Set-Off
- For Sallie Mae Student Checking Accounts: Sallie Mae waives all rights to set off with respect to any Checking Account that is opened by you while you are a student at any college, university, vocational school, or other postsecondary educational institution (a "Sallie Mae Student Checking Account").
- For all other Accounts: By opening an Account (other than a Sallie Mae Student Checking Account) with Sallie Mae, you agree that we have the right to set off with respect to your Account(s). If you owe Sallie Mae or any of its affiliates' money and that money is due, you agree that we may withhold or withdraw from your Account any amounts you owe to us or any of our affiliates unless prohibited by applicable law. We may exercise our rights of set-off without recourse to other collateral, if any, and even if our action causes you to lose interest, incur an early withdrawal penalty or any other consequence. If we exercise our right of set-off, we will notify you to the extent required by applicable law. Except to the extent prohibited by applicable law, we may set off all of the funds in a multiple party account to pay money owed to us by any owner of the multiple party account, irrespective of who contributed funds to the multiple party account. Our failure to demand payment does not waive our rights hereunder. See also the "Withdrawals/Transfers" section above regarding "Insufficient Funds."
If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency (local, state, or federal), the validity or enforceability of any other provision of this Agreement shall not be affected. Telephone Monitoring
You agree that your telephone calls with us may be monitored and recorded for quality assurance and security purposes.Death of an Accountholder
If you die or are declared legally incompetent, we can continue to accept and process deposits to your Account until we have actual notice of the death/incompetency and have a reasonable chance to act. Upon notification, we will freeze individual accounts (disallowing any withdrawals or transfers); multiple party accounts may remain unfrozen for up to thirty (30) days after we have been notified of the death of an accountholder. By law, certain documents must be presented to us before funds in such an Account can be paid out and the Account closed. These documents may include: a certified copy of the death certificate; letters testamentary or letters of administration; decrees of probate court; and documents evidencing that estate taxes are paid or not owed; if applicable. Additional documents may be required depending on the ownership of the Account. Attorney in Fact/Fiduciary or Agency Account
Any individual acting as attorney-in-fact, agent, guardian, personal representative, trustee, custodian or fiduciary (collectively, an "agent") must be designated as such on our records; otherwise, we will not honor the account instructions of that individual regarding your Account. By requesting that an individual be designated as your agent on our records, you authorize us to honor account instructions of your agent regarding your Account until we receive actual notice that the agency or fiduciary relationship has been terminated or actual notice of death or incompetency. No such notice is effective until we have had a reasonable opportunity to act on it. We will not be liable to you in any way if your agent misapplies any of the funds from your Account. We have the right to review and retain a copy of any power of attorney, agency agreement, trust agreement, court order or other document that has established the agency or other fiduciary relationship.Amendment, Cancellation and Change in Terms
Sallie Mae may amend or cancel this Agreement at any time in accordance with applicable law. Amendments to this Agreement will be communicated to you in a manner consistent with applicable law. Also, this Agreement, as amended will be made available on our website. ARBITRATION
You agree that either party may elect to arbitrate – and require the other party to arbitrate – any Claim under the following terms and conditions.
- RIGHT TO REJECT: You may reject this Arbitration Agreement by mailing a signed rejection notice to Sallie Mae Bank, Attention Chief Compliance Officer, 175 S West Temple, Ste 600, Salt Lake City, UT 84101 within 60 days after the date of your first deposit. Any Rejection Notice must include your name, address, telephone number and Account number.
- IMPORTANT WAIVERS: If you or we elect to arbitrate a Claim, you and we both waive the right to: (1) have a court or a jury decide the Claim; (2) PARTICIPATE IN A CLASS ACTION IN COURT OR IN ARBITRATION, WHETHER AS A CLASS REPRESENTATIVE, CLASS MEMBER OR OTHERWISE; (3) ACT AS A PRIVATE ATTORNEY GENERAL IN COURT OR IN ARBITRATION; OR (4) JOIN OR CONSOLIDATE CLAIM(S) WITH CLAIMS INVOLVING ANY OTHER PERSON IN COURT OR IN ARBITRATION. Other rights are more limited in arbitration than in court or are not available in arbitration. The waivers in subsections (2)-(4) above are called the "Class Action and Multi-Party Waivers." The arbitrator shall have no authority to conduct any arbitration inconsistent with the Class Action and Multi-Party Waivers.
- DEFINITIONS: In this Arbitration Agreement, the following definitions will apply(as well as the definition of "Claim" in section D below):
"You" and "your" refer to the person or persons to whom the Account is titled and who are authorized users on the Account as provided for in this Agreement.
"We," "us," and "our" mean Sallie Mae Bank, our predecessors, successors, affiliates or assignees, and all officers, directors, employees, agents and representatives thereof. These terms also include any party named as a co-defendant with us in a Claim asserted by you, such as investors or potential investors, credit bureaus, credit insurance companies, closing agents, escrow agents, insurance agents, loan originators, rating agencies, loan servicers, debt collectors, loan guarantors, performance bond trustees, tuition recovery funds, the School, and any of the School's financial aid offices or officers.
"Claimant" means the party who first asserts a Claim in a lawsuit or arbitration proceeding.
"Administrator" means either the American Arbitration Association (the "AAA"), 335 Madison Avenue, New York, NY 10017, www.adr.org, or JAMS, 620 Eighth Avenue, 34th Floor, New York, NY 10018, http://www.jamsadr.com/, or any other company selected by mutual agreement of the parties. If both AAA and JAMS cannot or will not serve and the parties are unable to select an Administrator by mutual consent, the Administrator will be selected by a court. You get to select the Administrator if you give us written notice of your selection with your notice that you are electing to arbitrate any Claim or within 20 days after we give you notice that we are electing to arbitrate any Claim (or, if you dispute our right to require arbitration of the Claim, within 20 days after that dispute is finally resolved). If you do not select the Administrator on time, we may do it. Notwithstanding any language in this Arbitration Agreement to the contrary, no arbitration may be administered, without the consent of all parties to the arbitration, by any Administrator that has in place a formal or informal policy that is inconsistent with the Class Action and Multi-Party Waivers.
- "CLAIM" means any legal claim, dispute or controversy between you and us that arises from or relates in any way to the Account, including any dispute arising before the date of this Arbitration Agreement and any dispute relating to: (1) the imposition or collection of principal, interest, attorneys' fees, collection costs or other fees or charges relating to the Account; (2) other provisions of this Terms and Conditions Agreement; (3) any application, enrollment, disclosure or other document relating in any way to this Account or the transactions evidenced by this Account; (4) any insurance or other service or product offered or made available by or through us in connection with this Account, and any associated fees or charges; (5) our methods of soliciting your business; and (6) any documents, instruments, advertising or promotional materials that contain information about this Account or any associated insurance or other service or product. This includes, without limitation, disputes concerning the validity, enforceability, arbitrability or scope of this Arbitration Agreement or the Account; disputes involving alleged fraud or misrepresentation, breach of contract or fiduciary duty, negligence or other torts, or violation of statute, regulation or common law. It includes disputes involving requests for injunctions, other equitable relief or declaratory relief. However, "Claim" does not include any individual action brought by you in small claims court or your state's equivalent court, unless such action is transferred, removed, or appealed to a different court. Also, "Claim" does not include any challenge to the validity and effect of the Class Action and Multi-Party Waivers, which must be decided by a court.
- STARTING AN ARBITRATION: To initiate an arbitration, we or you must give written notice of an election to arbitrate. This notice may be given after a lawsuit has been filed and may be given in papers or motions in the lawsuit. If such a notice is given, the Claim shall be resolved by arbitration under this Arbitration Agreement and the applicable rules of the Administrator then in effect. The arbitrator will be selected under the Administrator's rules, except that the arbitrator must be a lawyer with at least ten years of experience or a retired judge, unless we and you agree otherwise.
- LOCATION AND COSTS: Any arbitration hearing that you attend will take place in a location that is reasonably convenient to you. We will consider (and generally honor) any good faith request to bear the fees charged by the Administrator and the arbitrator. Each party must normally pay the expense of that party's attorneys, experts and witnesses, regardless of which party prevails in the arbitration. Despite the foregoing, we will pay all such fees if you prevail in an arbitration where you are the Claimant (even if we are not required to pay such fees under applicable law) and will pay all such fees we are required to bear: (a) under applicable law; or (b) in order to enforce this Arbitration Agreement.
- DISCOVERY; GETTING INFORMATION: Either party may obtain from the other party prior to the hearing any information available under the Administrator's rules or any relevant information the arbitrator determines should in fairness be made available.
- EFFECT OF ARBITRATION AWARD: Any state or federal court with jurisdiction and venue may enter an order enforcing this Arbitration Agreement, enter judgment upon the arbitrator's award and/or take any action authorized under the Federal Arbitration Act, 9 U.S.C. §§1 et seq. (the "FAA"). For any arbitration-related proceedings in which courts are authorized to take actions under the FAA, each party hereto expressly consents to the non-exclusive jurisdiction and venue of any state court of general jurisdiction or any state court of equity that is reasonably convenient to me, provided that the parties to any such judicial proceeding shall have the right to initiate such proceeding in federal court or remove the proceeding to federal court if authorized to do so by applicable federal law. The arbitrator's award will be final and binding, except for: (1) any appeal right under the FAA; and (2) Claims involving more than $50,000. For Claims involving more than $50,000 (including claims where the cost of any requested injunctive or declaratory relief would potentially exceed $50,000), any party may appeal the award to a three-arbitrator panel appointed by the Administrator, which will reconsider de novo any aspect of the initial award that is appealed. The panel's decision will be final and binding, except for any appeal right under the FAA. Except as provided in Paragraph F above, the appealing party will pay the Administrator's and arbitrator's costs of the appeal.
- GOVERNING LAW: This Arbitration Agreement is made pursuant to a transaction involving interstate commerce and shall be governed by the FAA, and not by any state law concerning arbitration. The arbitrator shall follow applicable substantive law to the extent consistent with the FAA, applicable statutes of limitation and applicable privilege rules, and shall be authorized to award all remedies permitted by applicable substantive law, including, without limitation, compensatory, statutory and punitive damages (subject to constitutional limits that would apply in court), declaratory, injunctive and other equitable relief, and attorneys' fees and costs. Upon the timely request of either party, the arbitrator shall write a brief explanation of the basis of his or her award. The arbitrator will follow rules of procedure and evidence consistent with the FAA, this Arbitration Agreement and the Administrator's rules.
- SURVIVAL, SEVERABILITY, PRIMACY: This Arbitration Agreement shall survive termination or dormancy of your Account. If any portion of this Arbitration Agreement cannot be enforced, the rest of the Arbitration Agreement will continue to apply, provided that the entire Arbitration Agreement (other than this sentence) shall be null and void with respect to any Claim asserted on a class, representative or multi-party basis if the Class Action and Multi-Party Waivers are held to be invalid, subject to any right to appeal such holding. In the event of any conflict or inconsistency between this Arbitration Agreement and the Administrator's rules or the Terms and Conditions Agreement governing the Account, this Arbitration Agreement will govern.
- NOTICE OF CLAIM; RIGHT TO RESOLVE; SPECIAL PAYMENT: Prior to initiating, joining or participating in any judicial or arbitration proceeding, whether individually, as a class representative or participant or otherwise, regarding any Claim, the Claimant shall give the other party written notice of the Claim (a "Claim Notice") and a reasonable opportunity, not less than 30 days, to resolve the Claim. Any Claim Notice you send must include your name, address, telephone number and loan or account number. Any Claim Notice must explain the nature of the Claim and the relief that is demanded. You may only submit a Claim Notice on your own behalf and not on behalf of any other party. The Claimant must reasonably cooperate in providing any information about the Claim that the other party reasonably requests. If: (i) you submit a Claim Notice in accordance with this paragraph on your own behalf (and not on behalf of any other party); (ii) we refuse to provide the relief you request; and (iii) an arbitrator subsequently determines that you were entitled to such relief (or greater relief), the arbitrator shall award you at least $5,100 (not including any arbitration fees and attorneys' fees and costs to which you may be entitled under this Arbitration Agreement or applicable law).
- AMENDMENT; TERMINATION: Notwithstanding any provision of the Terms and Conditions Agreement to the contrary, any amendments to or termination of this Arbitration Agreement do not apply to a Claim of which we have received written notice on or prior to the effective date of any such amendments or termination.
Sallie Mae Bank, Member FDIC. Sallie Mae and Sallie Mae Bank are registered service marks of Sallie Mae, Inc. In addition, Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries including Sallie Mae, Inc. and Upromise, Inc. are not sponsored by or agencies of the United States of America. Copyright 2013 by Sallie Mae, Inc. All rights reserved. 02/2013