Sallie Mae has unveiled mobile banking to customers of its certificate of deposit, savings, checking and money market accounts.
The education-focused financial services company, which serves about 500 credit unions through its student loan referral program, Smart Option Student Loan, announced that its CD, money market, high-yield savings and no-fee student checking account holders can now check account balances, deposit checks, pay bills and transfer funds on their mobile devices.
Mobile banking features are available for free via an iPhone app and mobile Web.
Functionality includes text banking, which allows users to send and receive text messages to view transaction history, transfer funds or receive customized alerts; e-deposit, which lets customers use an iPhone or home scanner to deposit checks and an ATM locator for no-fee student checking account holders.
“Sallie Mae’s new mobile banking options make it easy for our customers to make informed decisions on saving and spending anytime, anywhere,” Sallie Mae Senior Vice President Kelly Christiano said. “Our simple and secure technology offers parents and students more options to successfully manage their money and achieve their education goals.”
Sallie Mae, which manages or services $234 billion in student loans through its subsidiaries, made a shift to retail banking last year with its introduction of high-yield, online savings accounts and online CDs.
This year, it launched its no-fee student checking account, which students can obtain through schools and use for direct disbursement of financial aid and tuition refunds.