WILKES BARRE, PENNSYLVANIA -- I guess their online banking is just as bad as their loans! I decided to open up an account with Sallie Mae bank because they have a decent APR on savings accounts. I deposited 300 dollars as an initial deposit, and waited the 10 days to clear. I received an email from them saying they have a new feature where you can deposit checks via the internet and your scanner. I received a cashiers check from some things I sold online and decided to try this new feature and save me a trip to the bank... well that was a big mistake! The first time I tried it, it was not accepted. A week later I tried it again, and it was accepted and showed "pending" in my account for about 5 days.
Today I check my account and it says that the check was withdrawn along with a 5 dollar fee. I called up the bank the cashier's check was drawn on to be sure there was no problem, and they told me the check was good and that it has not been cashed. So I call up Sallie Mae bank, and spoke to a lady. I explained the situation, and she pretty much accused me of depositing the check already and tried to deposit it a second time. I told her that I just in fact got off the phone with the issuing bank and they told me the check is still good and has not been cashed.
I told her that all I want her to do is just to credit me back the 5 dollar fee and I will take the check to my own local bank she pretty much told me I'm SOL and all she can do is "request an investigation" into the matter and that if it hasn't been cashed they will refund me the fee... like seriously? I see millions of complaints about this company's loan operations, and it seems like it's also blended into their banking operations. I told her that its fine, and if they decide to keep my money, I'll just close the account. Of course she couldn't care less.
This is a true story based on my experience, and all statements reflect my direct experience or opinion. Five years ago, due to an illness, I had trouble with a student loan and it was referred to Sallie Mae. A representative told me that if I was able to make payments on time for a year, they would be able to transfer the loan - and that if I did this, I would regain the ability to receive student loans in the future and that the negative item on my credit report would be erased.
I busted ass and dug deep, and I was able to financially dig my way out and make the on-time payments, and the loan was transferred and is current. It was very hard, but I did everything they said to do, for them things went perfectly. When I pulled my credit report recently, the negative entry was still there. I wrote Sallie Mae and they told me to buzz off, in so many words. Sallie Mae lied. I understand lying to collect a debt, it's done every hour of every day. But when people find out you're full of it, don't be surprised when you're called out.
If you are a person with a student loan, and you get into financial trouble, be warned by my experience: Sallie Mae will make deals they have no intention of honoring. Pay your student loans (obviously), but if you are in financial trouble make sure you take into account Sallie Mae's dishonesty when prioritizing how you're going to get out of debt. In other words, put the money where it will do the most good first, because Sallie Mae won't do any good for you.