Sallie Mae’s No Fee Student Checking Now Provides Surcharge-Free ATMs on Campus

Published on Thursday, 01 December 2011 10:54 Written by TradersHuddle Staff

NEWARK, Del.-( Business Wire )-

At a time when it’s more important than ever for students to have access to low cost banking products, the average consumer is spending $30 a year using ATMs. To address this, Sallie Mae is making it possible for student checking account customers to withdraw cash surcharge-free at easily accessible ATMs. With the help of Cardtronics, the world's largest retail ATM owner, Sallie Mae is rolling out ATMs on select campuses which are fee free for students with a Sallie Mae Debit MasterCard. In addition, students have fee free access to 35,000 Allpoint Network ATMs nationwide.

“It is important for students on our campuses to have access to fee free ATMs using their Sallie Mae Debit MasterCards, especially for those who do not have access to other bank accounts,” says Yohannes Alemu, business office manager, Portland Community College. “The fact that they can retrieve cash from their no fee checking accounts provides them with a value added service.”

Sallie Mae No Fee Student Checking Accounts are offered on college campuses providing full service checking accounts and a way to receive same day tuition refunds. Accounts provide online and mobile banking services for qualified accounts which include bill pay, remote check deposit, ACH transfers and links to other bank accounts, all with no minimum balance and no inactivity or low-balance fees. With a Sallie Mae Debit MasterCard, college students conduct no-fee PIN and signature-based transactions wherever MasterCard is accepted. For PIN-based transactions, the card promotes responsible spending by helping to prevent overdraft transactions.

Sallie Mae provides the choice of disbursing financial aid and tuition refunds in a variety of methods: a Sallie Mae No Fee Student Checking Account, electronic deposit to an account specified by the student, or a check. The company’s use of new technology streamlines the tuition refund process enabling higher education institutions to disburse refunds to students the same day and students gain near-immediate access to refunds. The FDIC-insured Sallie Mae No Fee Student Checking Account is provided by Sallie Mae Bank, resulting in savings passed along to schools and students. The Sallie Mae No Fee Student Checking account builds on the company’s suite of paying-for-college products which, in addition to tuition refund disbursement, also includes interest-free tuition payment plans, electronic billing and payment processing, and student loans.

Sallie Mae (NYSE: SLM) is the nation’s No. 1 financial services company specializing in education. Serving 25 million customers, Sallie Mae offers innovative savings tools, tuition payment plans and education loans that promote responsible financial habits and reward success. Through its subsidiaries, the company manages or services $238 billion in education loans and administers $35 billion in 529 college savings plans. Members of its Upromise college savings rewards program have earned $625 million to help pay for college. Sallie Mae is also one of the leading financial service providers for universities and governments at all levels, including supporting $8 billion in ecommerce transactions annually at nearly 1,000 campuses. More information is available at www.SallieMae.com. SLM Corporation and its subsidiaries, commonly known as Sallie Mae, are not sponsored by or agencies of the United States of America.

Sallie MaeDebby Hohler, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.