Sallie Mae announced 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 from ATMs surcharge-free by using a Sallie Mae debit MasterCard. 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.
The checking accounts will be available to college and university students beginning in summer 2011 and are a part of Sallie Mae's Campus Solutions product suite, which includes student loans, tuition refund disbursement, tuition payment plans and electronic billing and payment processing.
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