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Author: KMQA One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 24252  
Subject: Sallie Mae MMA Date: 11/25/2012 5:06 AM
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Hello,

I'm wondering if anyone here has a Sallie Mae MMA (https://www.salliemae.com/savings-and-cds/money-market/).

I was looking on bankrate.com for higher interest online savings accounts, and found it listed (currently 1.05% APY).

From googling, it appears that:

+ it's FDIC insured
+ there is no minimum balance, no monthly fee
+ you can write 6 checks per month against this account
+ (I think) you can have in total 6 transactions per month (either transfers to linked accounts or checks written)


Here's a few online reviews:

http://www.depositaccounts.com/blog/2012/08/another-money-ma...
http://www.depositaccounts.com/banks/sallie-mae-bank.html#he...

http://www.reuters.com/article/2011/12/22/idUS167154+22-Dec-...

http://www.consumerismcommentary.com/sallie-mae-bank-savings...
[this is actually about opening a high-yield savings account, but seems relevant]


Additionally, the problems mentioned online:

+ long holds on transferred money
[5 business days on transfers under $5K, 10 business days on transfers >= $5K ]
+ 1099 statement online only & not in PDF or other easily retrievable format (discussion from 2010, so maybe has been fixed)
http://www.depositaccounts.com/forum/thread/3685-sallie-mae-...
+ problems updating account alerts, possibly suggesting poor online site design
http://www.depositaccounts.com/forum/thread/9540-technicals-...


I didn't find Sallie Mae discussed in this Online Banking board, so thought I would open a discussion thread.

Regards,

KM

p.s. Not to be alarmist, but I wonder, IF (big if here) the student loan market were to melt down the way that the home mortgage loan market did, how would Sallie Mae's FDIC insurance hold up, given that student loans are the bread & butter of this bank.

This link -- http://www.depositaccounts.com/banks/sallie-mae-bank.html#he... -- discusses a little about Sallie Mae Bank's balance sheet, but I'd appreciate if anyone had any direct links to this type of balance sheet information.
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