SALLIE MAE DEBIT MASTERCARD®
Terms and Conditions

IMPORTANT – PLEASE READ CAREFULLY AND RETAIN FOR YOUR RECORDS

In establishing a Sallie Mae Debit MasterCard® card with Sallie Mae Bank, you are required to indicate your agreement to and acceptance of (1) this document, which is the Sallie Mae Debit MasterCard® Terms and Conditions (the “Agreement”); (2) Sallie Mae Bank’s Electronic Communication Disclosure Information and Consent, which is contained within this Agreement; and (3) Sallie Mae’s Privacy Notice, which is set forth in the “Privacy Notice” link that is located on the enrollment website and can also be viewed by logging on to the debit card access website provided on the reverse side of your debit card; by clicking the Privacy Statement link located at the bottom of the debit card access website; or by going to the following web address: http://www.salliemae.com/about/privacy.html.

This Agreement is a contract between you and Sallie Mae Bank that sets forth the terms and conditions under which the Sallie Mae Debit MasterCard® card (the “Card”) is made available to you. By indicating your acceptance of this Agreement, including the Electronic Communication Disclosure Information and Consent and the Privacy Notice, and by establishing, using or continuing to have a Card, you agree to be bound by the terms and conditions contained in this Agreement, including the Arbitration provisions and the Electronic Communication Disclosure Information and Consent, as may be amended. You also agree to pay all charges incurred as set forth in the “Fees and Charges” section and “Fee Schedule” of this Agreement, as well as any other fees applicable to your Card. You also agree to sign the back of the Card immediately upon receipt. The Card is not a credit card. The terms and conditions of the Card may vary depending on the types of transactions you use to fund and make purchases with your Card. The expiration date of your Card is imprinted on the front of your Card. The Card will remain the property of Sallie Mae Bank and must be surrendered upon demand. The Card is nontransferable, and it may be canceled, repossessed, or revoked at any time without prior notice subject to applicable law. By enrolling in this Card program, you are confirming that you have read the accompanying account documentation and everything you have stated is true and accurate and you agree that information you will provide us in the future regarding your Card and any transactions that will be conducted using your Card will also be true and accurate. If any provisions in other account documents are inconsistent with this Agreement, this Agreement governs. Please read this Agreement and all account documents carefully. You may print it for your future reference.

 

IMPORTANT LEGAL NOTICES

 1) ARBITRATION PROVISION. This Agreement contains an Arbitration Provision. Unless you reject the Arbitration Provision, it will govern all Accounts that are subject to the terms and conditions contained therein. The Arbitration Provision (including instructions for rejecting the Arbitration Provision and an explanation of how and when the Arbitration Provision will become effective if you do not reject it) is set forth at the end of this Agreement.

THE ARBITRATION PROVISION MAY SUBSTANTIALLY LIMIT OR AFFECT YOUR RIGHTS. PLEASE READ THE ARBITRATION PROVISION CAREFULLY AND KEEP IT FOR YOUR RECORDS.

 2) ELECTRONIC COMMUNICATION DISCLOSURE INFORMATION AND CONSENT: This Agreement contains an Electronic Communication Disclosure Information and Consent, which outlines the technical requirements for you to receive information in connection with your Account and outlines your consent to receive that information.

Table of Contents

1.        General
a.        Definitions for the Sallie Mae Debit MasterCard
b.        Your Debit Card and Account
c.        FDIC Insurance
d.        Business Days
e.        Changes to Address, Contact Information or Name
f.         Communicating with You
2.        Verifying Certain Information in Order to Open Your Account
a.        USA PATRIOT Act – Information About You that We Need to Verify
b.        Verifying Your Eligibility – Notice regarding Consumer Reporting Agency and Other Information
3.        Electronic Communication Disclosure Information and Consent
4.        Personal Identification Number (“PIN”)
5.        Adding Funds to Your Account
6.        Deposit Processing
7.        Pending Transactions and Pre-authorization Holds
8.        Withdrawals/Transfers
a.        General
b.        Insufficient Funds
c.        Notice of Intent to Withdraw or Transfer Funds
9.        Electronic Fund Transfer Services
a.        Stopping Preauthorized Payments
b.        Your Liability for Unauthorized Transactions, Reporting and Disputing Errors and MasterCard® Zero Liability Policy
c.        Our Liability for Failure to Complete Transactions
d.        Disclosure of Account Information to Third Parties
e.        Termination
10.      Minimum Deposit/Minimum Balance/Inactivity Fee
11.      Activating and Terminating Your Card
12.      General Use
13.      ATM Use
14.      Point-of-Sale Transaction Procedures
15.      Other Uses
16.      Card Use and Limitations
17.      Returns and Refunds
18.      Merchant Acceptance of Your Card
19.      Foreign Transactions
20.      Receipts
21.      Fees and Charges
22.      Protecting Your Privacy
23.      Periodic Statements
24.      Closing an Account
25.      Unclaimed Property Laws
26.      Assignment/Transferability
27.      Notice and Cure
28.      Jury Trial Waiver
29.      Credit Reporting/Notice of Inaccurate Reporting or Identity Theft
30.      Claims of Third Parties and Legal Action Taken Against Your Account
31.      Waiver of Liability
32.      No Fiduciary Obligation
33.      Choice of Law and Applicable Law and Rules
34.      Bank Legal Rights
35.      Right to Set-Off
36.      Enforceability/Severability
37.      Telephone Monitoring
38.      Death of an Accountholder
39.      Attorney in Fact/Fiduciary or Agency Account
40.      Amendment and Cancellation
41.      ARBITRATION
*          FEE SCHEDULE *

 

General

Definitions for the Sallie Mae Debit MasterCard

“Account” means the underlying account at Sallie Mae Bank where your funds are held and includes the records we maintain to account for transactions associated with your Card.  
“Agreement” refers to this, the Sallie Mae Debit MasterCard® Terms and Conditions.
“Card” means the Sallie Mae Debit MasterCard issued to you by Sallie Mae Bank.
“EFT” means electronic funds transfer, a service available on your Account, which is described below.
“Issuer” means Sallie Mae Bank.
“Merchant” refers to any merchant or service provider that accept MasterCard® debit cards and at which your Card allows you to pay for expenses incurred.
“Network” refers to MasterCard®, Cirrus®, NYCE, AllpointTM, Presto!, SUMSM, or any other entity that we may select to provide ATM or Point-of-Sale transaction processing.
“Privacy Notice” means Sallie Mae’s Privacy Notice, which governs the Bank’s customer information-related operations and can be accessed through the methods described on the first page of this Agreement and as set forth in the “Protecting Your Privacy” section below.
“We,” “us,” and “our” mean Sallie Mae Bank, our successors, affiliates, assignees and service providers.
“You” and “your” refer to the person or persons to whom the Card has been issued and who are authorized to use the Card as provided for in this Agreement.
The use of headings is for ease of reference only. 

Your Debit Card and Account

This Card is a debit card and not a credit card. You acknowledge and agree that the funds available through or on  your Card and Account  at any time are limited to the funds that are in your Account. You will not receive any interest on your funds in the Account. 

FDIC Insurance

Funds deposited in an Account at Sallie Mae Bank are insured up to the applicable limit by the Federal Deposit Insurance Corporation (“FDIC”). The amount of insurance coverage available to you depends on the number of Accounts you have with us and the ownership of those Accounts. For additional information, you may visit the FDIC’s website at www.fdic.gov.

Business Days

Our normal business days are Monday through Friday, excluding holidays. Saturday, Sunday, and federal holidays are not considered business days, even if we are open. Our customer service facility can be reached by phone at 1-888-553-4108, 7 days a week, 24 hours a day. 

Changes to Address, Contact Information or Name

We will use the most recent contact information you have provided to us to communicate with you. You are responsible for notifying us of any change in your address, other contact information (including telephone number and email address) or your name. Unless we agree otherwise, all changes of address or name must be made in writing. You may notify us of any changes to your address or name by regular mail at Sallie Mae Bank, c/o Bankcard Services, P.O. Box 7237, Sioux Falls, SD  57117-7237. If you are notifying us of a change in your  name or address, you must include documentation demonstrating the change. Informing us of your address or name change in any other manner is not sufficient. Changes to your telephone number and/or email address can be communicated to us by regular mail or via telephone. IMPORTANT NOTE: If, in addition to your Account(s), you have another product or service with Sallie Mae, you must follow separate procedures as specified in the documentation for those products and services to inform Sallie Mae of changes to your name and/or contact information.

Communicating with You

As noted above, we will communicate with you using the most recent contact information you have provided. To the extent permitted by applicable law, and without limiting any other rights we may have, you consent to our communicating with you, in connection with this Agreement and/or your Card or any other account you may have with us, using any phone number or email address that you provided in your enrollment documentation, or using any phone number or email address that you provide in the future. You authorize us to communicate with you using any current or future means of communication, including, but not limited to, automated telephone dialing equipment, artificial or pre-recorded voice messages, SMS text messages, email directed to you at a mobile telephone service, or email otherwise directed to you. WE MAY USE SUCH MEANS OF COMMUNICATION EVEN IF YOU WILL INCUR COSTS TO RECEIVE SUCH PHONE MESSAGES, TEXT MESSAGES, OR EMAILS.

Verifying Certain Information in Order to Open Your Account

Below is important information regarding the verifications we perform during the Account opening process.

USA PATRIOT Act – Information About You that We Need to Verify

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. What this means for you: When you open an Account, we will ask for your name, social security number, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. 

Verifying Your Eligibility – Notice regarding Consumer Reporting Agency and Other Information

In connection with verifying your identity and eligibility for the Card, we may review your consumer report, credit history or other information. By asking us to issue a Card to you, you authorize us to obtain a consumer report, credit history information or other information to process your Account request or for any other legitimate purpose. To be eligible for an Account, you must have a physical address in the United States among other requirements. We reserve the right to decline your Card request if we are not able to fully verify your personal information. We may also report the status of or the closure of your Account to such consumer reporting agencies.

Electronic Communication Disclosure Information and Consent

You need to have a computer that supports the use of web browser software, and that software must be capable of viewing Hyper Text Markup Language (HTML) files. 

Personal Identification Number (“PIN”)

We will provide you with an initial PIN which you will be required to change upon Card activation. Once you have selected your new PIN and activated your Card, you may use your Card to obtain cash from any Automated Teller Machine (“ATM”) that requires entry of a PIN and bears any of the Network symbols printed on the back of your Card. You may use your Card to obtain cash-back from any Point-of-Sale (“POS”) device where the MasterCard® or NYCE Merchant is properly equipped to facilitate a PIN-based transaction. All ATM transactions are treated as cash withdrawal transactions. You should not write your PIN where it can be discovered, give anyone your PIN, or keep your PIN with your Card. If you believe that anyone has gained unauthorized access to your PIN, you should advise us immediately, following the procedures in the section of this Agreement labeled “Your Liability for Unauthorized Transactions, Reporting and Disputing Errors, and MasterCard® Zero Liability Policy.”

Adding Funds to Your Account

Initially, your Account will contain funds that your school sends to Sallie Mae Bank. In addition to that initial amount deposited by your school, we may make available to you other options that will allow you to deposit additional funds into your Account.  In accordance with applicable law, Sallie Mae Bank reserves the right to withdraw or transfer funds from your Account that are deposited in error.

Deposit Processing

Currently, for Accounts with funding capability, funding is strictly limited to electronic deposits from a credit card or transfers from your educational institution. Funds you deposit in an Account will become available to you in accordance with the timeframes set forth in this section and are subject to the “Pending Transactions and Pre-authorization Holds” section below. Between the time when you deposit the funds and the funds become available to you, you may not withdraw the funds in cash and we will not use the funds to pay withdrawals or debits that you have authorized or made from your Account.

All deposits accepted from you or another source (your school) are subject to verification and may be delayed for certain reasons to the extent permitted by law, including if we suspect fraud. Your Account is credited for the amount shown on your deposit receipt or 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 in your deposit that we determine require special handling (e.g., verification of prior endorsements). 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.

Pending Transactions and Pre-authorization Holds

Pending transactions are debits and credits that have not yet posted to your Account, and any pre-authorization holds. We may debit or place a hold on your Account for a debit transaction either on the day it is presented to us for payment by electronic or other means, or on the day we receive notice of the transaction, whichever is earlier. Card transactions may take several business days to post. Even if we provisionally post pending transactions to your Account during the day, we may treat them as if we received all of them at the end of the day and process them in any order we choose. If a Merchant requests an authorization for a transaction you want to conduct (a pre-authorization request), we may place a hold on your Account for the amount of that pre-authorization request. Examples of Merchants that perform this preauthorization are hotels, car rental companies, travel agencies, etc.  Some Merchants may request pre-authorization of an amount either higher or lower than the actual transaction amount which ultimately posts to your Account. When the Card is used for rental car, hotel, or travel agency transactions, an additional 15% or more typically will be added to the Merchant authorization until the authorization is settled. When the Card is used for restaurant transactions, typically an additional 20% or more will be added to the Merchant authorization until the authorization is settled.

While we place a hold on the pre-authorized amount, your Account will be debited only for the actual transaction amount when the transaction is processed. However, if the Merchant’s preauthorization request varies from the amount of the transaction the Merchant subsequently submits to the Network, settlement of the transaction may not remove the hold, which may remain on the Card until the hold days have expired. While the hold remains on your Account, the balance available for some types of subsequent withdrawals (including additional card authorizations) may be reduced by the amount of the hold. The hold will not prevent the pre-authorized transaction from overdrawing your Account if sufficient funds are no longer available when the actual transaction is posted to your Account. We are not responsible for damages or losses of any type, including wrongful dishonor, if any transaction is not authorized or paid because of a hold.

Withdrawals/Transfers

General

You can make a transfer by visiting our website located at www.salliemaebank.com. A request for a withdrawal or transfer is considered to be received on the same business day if it is received by 5:00 p.m. Central Time on that day.

Insufficient Funds

You may not make withdrawals in excess of the funds available in your Account, which includes the Account balance less any holds applicable to funds deposited into your Account. We will not be liable for dishonoring any withdrawals that would exceed the available funds in your Account. If we receive a withdrawal, transfer or related request and there are insufficient funds in your Account to pay the item, we will either return the item unpaid or pay the item and create an overdraft in your Account. If we pay the item and allow for an overdraft, we may hold balances in other Accounts that you may have with us until the overdraft is paid. In addition, if we choose to honor a request that overdraws your Account, you agree to promptly reimburse us for the amount of the overdraft along with applicable service fees, accrued interest, collection fees, and/or legal fees, if any. If we pay items by overdrawing your Account, we are not obligated to continue paying overdrafts in the future. We will process withdrawals, transfers or related requests received on the same day in the order we choose. You understand that we have no obligation to minimize the service fees or interest, if any, charged as a result of any overdraft and that the processing order we select may result in your incurring more fees than you would if we were to process the withdrawals, transfers or related requests in a different order.

Notice of Intent to Withdraw or Transfer Funds

Sallie Mae Bank reserves the right to require at least seven (7) days prior written notice of your intent to withdraw or transfer funds from your Account.

Electronic Fund Transfer Services

Sallie Mae Bank may provide you with electronic funds transfer or EFT services, including direct deposits into your Account, preauthorized transfers from your Account and telephone transfers. For these services, you authorize us to charge and deduct from your Account any and all charges applicable to the EFT service(s) we provided to you. Applicable fees are disclosed in the “Fees and Charges” section below and “Fee Schedule” to this Agreement. In addition, the rules set forth in the “Withdrawals/Transfers” section above under “Insufficient Funds” are applicable to any EFT service we may offer. We may offer each of the EFTs described below.
Transfers Online. You may transfer funds from your Account(s) online at www.salliemaebank.com.
Preauthorized Payments. Subject to the limitations disclosed in this Agreement, you may arrange to have preauthorized payments made from your Account.
Recurring Preauthorized Transfers. Recurring preauthorized transfers occur when you authorize a Merchant to automatically initiate a payment using your Card on a recurring basis or when you authorize a deposit be made into your Account automatically. If we issue you a new or replacement Card with a different number and/or expiration date, we may (but are not obligated to) provide your new Card number and expiration date to a Merchant or other party with whom you have set up a recurring preauthorized transfer. It is your responsibility to contact the merchant if you get a new Card number and/or expiration date.
Other EFTs. You may perform other transactions as we expand the type of available EFTs in the future.
For security reasons, we may place limitations on the number and dollar amounts of EFTs that you may perform.

Stopping Preauthorized Payments

Right and Procedure to Stop Preauthorized Payments. To stop payment on a single payment in a series of recurring preauthorized payments, discontinue a recurring preauthorized payment entirely, or if your Account to which it is linked is closed, you should contact the Merchant, allowing adequate time for that party to cancel the payment and for us to implement the cancellation request (which typically may take up to several days). We are not responsible for any failure by a Merchant to stop a payment or for your failure to notify the Merchant in time to stop any given payment. In addition, if you have instructed the Bank to make regular payments from your Account, you can stop these payments by: calling us at 1-888-553-4108, or writing us at Sallie Mae Bank, c/o Bankcard Services, P.O. Box 7237, Sioux Falls, SD  57117-7237, in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing in time for us to receive it within fourteen (14) days after you call.
Refusal to Pay a Preauthorized Transfer. If, because your Account has insufficient funds to cover a transfer, Sallie Mae Bank refuses to make a preauthorized transfer, we will mail or deliver to you, on or before the next business day, notice of our refusal to pay the transfer.
Notice of Varying Amounts. If regular preauthorized payments vary in amount, the institution or person that you are going to pay is required to inform you ten (10) calendar days before each payment, when the payment will be made and the amount of the payment. Applicable rules allow you to elect to receive such notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits set by you.

Your Liability for Unauthorized Transactions, Reporting and Disputing Errors and MasterCard® Zero Liability Policy 

Your Liability for Unauthorized Transactions. Tell us AT ONCE if you believe your Card or PIN have been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your Card. To report unauthorized transfers, or if you believe your Card or PIN have been lost or stolen, call us immediately at 1-888-553-4108. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your Account. If you tell us within two (2) business days after you learn of the loss or theft of your Card or PIN, you can lose no more than $50 if someone used your Card without your permission.

If you do NOT tell us within two (2) business days after you learn of the loss or theft of your Card or PIN, and we can prove we could have stopped someone from using your Card or PIN without your permission if you had told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was made available to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Contact in the Event of Unauthorized Transfer. If you believe your Card or PIN has been lost or stolen, call: 1-888-553-4108 or write: Sallie Mae Bank, c/o Bankcard Services, P.O. Box 7237, Sioux Falls, SD  57117-7237.

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your Account without your permission.

Error Resolution Notice. In case of errors or questions about your electronic transfers telephone us at 1-888-553-4108 or write us at Sallie Mae Bank, c/o Bankcard Services,  Attn: Prepaid Disputes, P.O. Box 7237, Sioux Falls, SD  57117-7237, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. When contacting us for such purposes, we ask that you:

  1. Tell us your name and Account number (if any);
  2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we also require that you send us your complaint or question in writing within ten (10) business days.

We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your Account within ten (10) business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we do not receive your complaint or question in writing within ten (10) business days, we may not credit your Account.

For errors involving new Accounts , point-of-sale, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new Accounts, we may take up to twenty (20) business days to credit your Account for the amount you think is in error.                                                                    

 An Account is considered a new Account for the first 30 days after the initial funding from your school. 

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.    

Additional Limit on Liability for Sallie Mae Debit MasterCard®. In addition to the protections described above, as a MasterCard® cardholder, you will not be liable in the event of an unauthorized use of your Card. This coverage extends to purchases made in a store, over the telephone, by mail, or online. This additional limit on liability coverage is provided under the following conditions:

Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Card. This additional limit on liability does not apply to ATM transactions or to other transactions where your PIN is used as the cardholder verification method for the unauthorized transaction.

Our Liability for Failure to Complete Transactions 

If we do not complete a transfer to or from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  1. If, through no fault of ours, you do not have enough funds available in your Account to complete the transaction, including if there is a hold on your funds;
  2. If a Merchant refuses to accept your Card;
  3. If the automated teller machine where you are making a cash withdrawal does not have enough cash;
  4. If an terminal where you are making a transaction was not working properly, and you knew about the problem before you started the transaction;
  5. If access to your Card has been blocked after you reported your Card lost or stolen;
  6. If there is a hold or your funds are subject to legal process, other encumbrance restricting their use, other legal restrictions, or right of set-off;
  7. If we have reason to believe the requested transaction is unauthorized, including for fraud and related concerns;
  8. If circumstances beyond our control (such as fire, flood or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken; or
  9. For any other exception stated in our Agreement with you.

Disclosure of Account Information to Third Parties

In order that your privacy may be protected, we will only disclose information to third parties about your Account or the transfers you make:

  1. Where it is necessary for completing transfers;
  2. In order to verify the condition and existence of your Account for a third party, such as a credit bureau or merchant;
  3. In order to comply with government agency or court orders;
  4. To our employees, auditors, service providers, attorneys or collection agents in the course of their duties;
  5. As disclosed in Sallie Mae’s Privacy Policies; or
  6. If you give us your permission.

Termination

We reserve the right to terminate your use of our EFT services for any reason and at any time without notifying you. You also have the right to terminate your use of the EFT services described in this Agreement at any time online at www.salliemaebank.com or by calling us at 1-888-553-4108 at any time during our normal business hours, or writing to us at Sallie Mae Bank, c/o Bankcard Services, P.O. Box 7237, Sioux Falls, SD  57117-7237.
If you call, we may require you to put your request in writing and get it to us within fourteen (14) calendar days after you call. If you terminate your use of our EFT services and you have arranged for preauthorized transfers involving third parties, you are required to inform any third parties that the transfers will cease. Any termination of your use of our EFT services, whether initiated by you or us, will not affect any of your or our rights and obligations under this Agreement that have arisen before the effective date of such termination.

Minimum Deposit/Minimum Balance/Inactivity Fee

There is no minimum deposit required to open an Account. There is also no minimum balance requirement. However, if you have an active debit card that has a balance on it and you do not use the card for a certain period of time, you will be charged the inactivity fee set forth below in the “Fees and Charges” section and in the “Fee Schedule.”

Activating and Terminating Your Card

For your protection, when we send you a Card, the Card is not activated for your protection. Before using your Card, you must activate it by calling the number on the sticker affixed to your Card and you must sign the back of your Card. If you do not wish to use your Card or if at any time you no longer want to continue using your Card, please cut it up and carefully dispose of it. In addition, if you have activated your Card but no longer wish to use your Card, please call us to ensure that your Account is properly closed and any remaining funds in your Account are distributed to you.

General Use

You may use your Card to:

ATM Use

To access your Account through an ATM, use the following steps:

Point-of-Sale Transaction Procedures

Except as otherwise provided herein, you may use the Card at any Point-of-Sale location displaying the Network symbols printed on the back of your Card. When making purchases of goods or services, you may select the “Credit” option or ask the cashier to process the transaction as a credit transaction. Sign the sales receipt and retain a copy for your records. If you select the “Debit” option at the Point-of-Sale location, you will be asked to enter your PIN and may be given the option to receive cash back.

Other Uses

You may use the Card by placing an order by telephone, by mail, or over the internet and quoting or providing the number printed on the Card. The Bank will deduct from the funds in your Account the amount of any such transaction authorized in such a manner.  

Card Use and Limitations

Following are the limitations on dollar amounts and frequency of transactions that will be imposed on the Card on a daily basis (additional transactions will be denied once the daily dollar limit or the daily transaction limit has been met):

Activity

Daily Limit

Minimum Deposit ($):

No Minimum

Maximum Deposit (#):

5 transactions

Maximum ATM Withdrawal ($):

$500.00

Maximum ATM Withdrawals (#):

5 transactions

Cash Advance (Teller-Assisted) ($):

Lesser of $5,000.00 or Available Balance

Cash Advance (Teller-Assisted) (#):

2 transactions

Signature-Based Transaction Limit ($):

$5,000.00

Signature-Based Transaction Limit (#):

20 transactions

PIN-Based Transaction Limit ($):

$3,000.00

PIN-Based Transaction Limit (#):

15 transactions

Self- or Third-Party Funding ($):

$500

Self- or Third-Party Funding (#):

1 transaction (per funding device)

When the Card is used for gasoline transactions, you will be required to present your Card to the store clerk to complete a signature-based transaction for the exact amount of the purchase. “Pay at the Pump” gasoline transactions will not be permitted. Use of the Card for gambling is not permitted. Also, you may not use your Card for any illegal transaction including, but not limited to, internet gambling. We reserve the right to refuse authorization approval for prohibited transactions.

You may use your Card to purchase or lease goods or services wherever our selected Networks’ cards are accepted as long as you do not exceed the funds available in your Account. You are responsible for all authorized transactions initiated by use of your Card. If you permit someone else to use your Card or Card number, we will treat this as if you have authorized such use and you will be responsible for any transactions made subject to such use. Some Merchants do not allow cardholders to conduct split transactions where you would use the Card as partial payment for goods and services and paying the remainder of the balance with another form of legal tender.

If you use your Card number without presenting your Card (such as for a mail order, telephone, or Internet purchase), the legal effect will be the same as if you used the Card itself. For security reasons, we will limit the amount or number of transactions you can make on your Card. Your Card cannot be redeemed for cash. You may use your Card to access cash at an ATM.

Each time you use your Card, you authorize us to reduce the funds available in your Account by the amount of the transaction and any applicable fees or charges. You are not allowed to exceed the available amount in your Account through an individual transaction or a series of transactions. Nevertheless, if a transaction exceeds the balance of the funds available on your Card, you shall remain fully liable to us for the amount of the transaction and any applicable fees or charges. We may automatically deduct any amount you owe under this Agreement from any transfer of funds in your Account.

Aside from your rights as specified in the “Electronic Funds Transfer Services” section under the heading “Recurring Preauthorized Transfers”  above, you do not have the right to stop payment on any purchase or payment transaction originated by use of your Card. If you authorize a transaction and then fail to make a purchase of that item as planned, the approval may result in a hold for that amount of funds for up to thirty (30) days on normal transactions and up to ninety (90) days on car rental, hotel, travel agency, and other similar merchant categories.
Cards will be valid for use through the expiration date imprinted on the front of the Card. You should sign and activate the new Card immediately upon receipt, following the instructions provided in the accompanying materials.

Returns and Refunds

If you are entitled to a refund for any reason for goods or services obtained with your Card, you agree to accept credits to your Account for such refunds.

Merchant Acceptance of Your Card

We have no liability or responsibility if, for any reason, your Card, Card number or PIN is not honored for all or part of a transaction at any establishment or the Merchant fails to abide by the applicable network rules and regulations when accepting your Card.

Foreign Transactions

If you obtain your funds (or make a purchase) in a currency other than the currency in which your Card was issued, MasterCard will convert the amount of the transaction into an amount in the currency of your Card; that converted amount will then be deducted from your funds. The exchange rate that MasterCard uses will be either a government-mandated exchange rate or a wholesale exchange rate, whichever MasterCard selects for the applicable currency on the date that the transaction is processed. That exchange rate may differ from the rate selected on the transaction date or on the posting date.  You agree to the deduction of that converted amount from your Account.  To each deduction, we will add a fee for foreign currency conversion.  Refer to the “Fees Schedule” section below for an explanation of this fee.

Receipts

You can get a receipt at the time you obtain cash using your Card at an ATM network listed on the reverse side of your Card.  You should also get a receipt any other time you make a transaction or obtain cash using your Card.  To the extent permitted by law, you agree to retain your receipts to verify your transactions.

Fees and Charges  

The fees set forth in the Fee Schedule will be charged for the maintenance and use of your Card. You agree that these fees may be deducted from the amount currently in your Account or that is to be transferred to your Account.

Protecting Your Privacy

The privacy and security of your information is important to us. As noted above, Sallie Mae’s Privacy Notice is set forth in the “Privacy Notice” link that is located on the enrollment website and can also be viewed by logging on to the debit card access website provided on the reverse side of your debit card, by clicking the Privacy Statement link located at the bottom of the page, or by going to the following web address: http://www.salliemae.com/about/privacy.html.

Periodic Statements

Statements in electronic format will be made available at no charge and will post by the 5th business day of each month. You may view your statement by accessing your Account at www.salliemaebank.com. You may choose to have a paper statement mailed to you. However, there is a fee for this service as set forth in the “Fees Schedule”.

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. As mentioned in the “Deposit Processing” 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 you chose to cancel this Agreement by returning the Card to us we will close your Account, in which case you are required to dispose of your Card as set forth in the “Activating and Terminating Your Card” section above. Your termination of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination. 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 establish procedures under which unclaimed property must be surrendered to the state. Federal law also establishes procedures under which certain student loan funds that are not successfully disbursed must be surrendered to the lender, Department of Education or other agency or appropriate party. Generally, the funds in your Account are considered unclaimed if you have not had any activity or communication with us regarding your Account over a period of months or years depending upon the applicable law. Ask us if you want further information about the period of time or type of activity that will prevent your Account from being considered dormant or your property unclaimed. 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

You may not assign, convey, subcontract, sell or transfer any of your rights or obligations with regard to the Card to a third party without our prior written consent. However, we may assign, convey, subcontract, sell or transfer any of our rights or obligations with regard to the Card.

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 South West Temple, Suite 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: Sallie Mae Bank, c/o Bankcard Services, P.O. Box 7237, Sioux Falls, SD  57117-7237. In your letter be sure to include:

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 any funds we may be required to pay out leave insufficient funds to pay any other withdrawal or debit you have authorized or initiated.

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.  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.

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 fees paid by you to us 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.

No Fiduciary Obligation

Sallie Mae Bank 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 Law 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.

Bank Legal Rights

We do not waive our rights by delaying or failing to exercise them at anytime.

Right to Set-Off

By opening an Account with Sallie Mae Bank, you agree that we have the right to set off with respect to your Account(s). If you owe Sallie Mae Bank 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. 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. Our failure to demand payment does not waive our rights hereunder. See also the “Withdrawals/Transfers” section above regarding “Insufficient Funds.” 

Enforceability/Severability

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 Communication Monitoring and Contacting You

 

You agree that your telephone communications with us may be monitored and recorded, by our employees or agents, to improve customer service and security. You agree, in order for us to service the Account or any other loan or account you may have or obtain from Sallie Mae now or in the future, or to collect any amounts you may owe, that we may from time to time contact you using any means of communication including, but not limited to, making calls and sending text messages to you, using prerecorded/artificial voice messages and/or through the use of an automatic dialing device, at any telephone number associated with your Account, including mobile telephone numbers that could result in charges to you. You also expressly consent to Sallie Mae sending email messages regarding your Account to your email address and any email address you provide to us in the future.

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 Accounts (disallowing any withdrawals or transfers). 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 the 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 and Cancellation

The Bank 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. 

A. RIGHT TO REJECT:  You may reject this Arbitration Agreement by mailing a signed rejection notice to Sallie Mae Bank, Attention Chief Compliance Officer, 175 South West Temple, Suite 600, Salt Lake City, UT 84101 within 60 days after the date of your first disbursement. Any Rejection Notice must include your name, address, telephone number and Account number.       

B. 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.

C. DEFINITIONS:  In this Arbitration Agreement, the following definitions will apply:
“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.

D. “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.

E. 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.

F.  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.

G.  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.

H.  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.

I.  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.

J.  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.

K.  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).

L.  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 2010 by Sallie Mae, Inc.  All rights reserved.  09/2010

I also acknowledge receipt of the Privacy Notice that is displayed in the link
http://www.salliemae.com/about/privacy.html.

 

*     FEE SCHEDULE     *

 

Please note that you do not have to have a loan with Sallie Mae or one of its affiliates to use this service and that your school does not receive any portion of any of these fees or of any interchange fees that we earn as the result of your use of your Card.

Transaction / Service

Fee

Monthly Servicing Fee:

None

Signature Transaction:

None

PIN-Based Debit Transaction:

None

Reload Fee

3% of transaction amount charged to depositor

AllpointTM, Presto! or SUM ATM Withdrawal:

None

AllpointTM, Presto! or SUM ATM Balance Inquiry:

None

Electronic Transfers (Out):

None

Online Statement:

None

Other Domestic ATM Balance Inquiry:* (SVC CHG BALANCE INQ)

$0.50

International ATM Balance Inquiry:* (SVC CHG BALANCE INQ)

$1.00

Other Domestic ATM Withdrawal:* (SVC CHG ATM WITHDRAW)

$1.50

International ATM Withdrawal:* (SVC CHG ATM WITHDRAW)

$3.00

Foreign Currency Conversion: (SVC CHG INTRNTL TRAN)

1% of transaction amount after conversion to USD

Paper Statement:     
You can see all account activity online for free. If you choose to have a paper copy mailed to you, you will be charged $3.00 for each paper statement mailed to you.

$3.00 each statement

Document Copy Request:
This would include copies of transaction records, correspondence related to disputed transactions, etc. For example, if you purchased a bike using your debit card and lost the sales receipt from the bike shop, you could contact us to obtain a copy of the record of the transaction. We would charge you a $5.00 fee to provide the copy. Often, store Merchants require proof of purchase before issuing credits, making repairs to or replacements of purchased items, etc.

$5.00

Lost/Stolen Replacement Card: (SVC CHG REPLACE CARD)

$15.00

Overnight Delivery for Replacement Card: (SVC CHG EXPED CARD)

$35.00

Check Requests:**

$10.00

 

 

Inactivity Fee: If you have an activated debit card that has a balance on it and you do not use the card or access your account for a period of 9 consecutive months, you will be charged $3.00 per month starting in the 10th month.

$3.00 per month after 9 consecutive months of inactivity

*If you use an ATM that is not part of a surcharge-free network offered through this card program for any transaction, including balance inquiry, you may be charged an additional fee by the ATM operator even if you do not complete a withdrawal. This ATM Fee is a third-party fee assessed by the individual ATM operator only and is not assessed by us. This ATM Fee will be charged to your Card.

**If you request that any or all of the funds on your Card be distributed to you via a check, a fee of $10.00 will be assessed. There is a minimum 7-day processing period from the date of request until the check is produced and mailed. You can place your request by calling the toll-free number located on the reverse side of your debit card which is 1-888-553-4108.