Sallie Mae to Launch Student Checking Accounts
Education-focused financial services company Sallie Mae announced Monday that it will begin offering no-fee student checking accounts into which colleges and universities can directly disburse financial aid and tuition refunds owed to students.
The FDIC-insured checking accounts will be offered through Sallie Mae Bank and allow student account holders to withdraw cash surcharge-free using a Sallie Mae debit MasterCard at one of 35,000 ATM locations nationwide. Other account features will include full online access, refund disbursement tracking, bill pay, check writing, transfers and links to other bank accounts. Minimum account balances will not be required and fees will not be charged for inactivity, low balances or PIN and signature transactions.