On top of releasing its first mobile banking application, Sallie Mae Bank’s iPhone app comes with a highly-demand feature.
Sallie Mae Bank, the online banking division of Sallie Mae (NYSE: SLM), has launched the Sallie Mae Mobile Banking application for the iPhone.
The app is currently available for customers with high-yield savings, money market, CD, and no-fee student checking accounts from Sallie Mae Bank – not student loan accounts through the education loan servicing unit of Sallie Mae.
In addition to standard mobile banking capabilities such as viewing account balances, history, and transactions, transferring funds, paying bills, and locating nearby in-network ATMs, Sallie Mae Bank’s iPhone app comes with account alert push notifications and the popular mobile check deposit feature.
Alerts can be set up for to show the daily balance and notify customers of low balances, checks cleared, and when thresholds on withdrawals and deposits are exceeded.
The E-Deposit feature allows customers to remotely deposit checks by submitting images of the front and back sides of endorsed paper checks that were taken with the iPhone.
According to a Sallie Mae Bank representative, the daily deposit limit is $500 and monthly deposit limit is $1,000 for checks deposited via E-Deposit into all Sallie Mae Bank accounts except CDs.
Read: Sallie Mae Launches Location-Based Upromise Mobile App
“We’ve been working on developing our mobile banking features for quite some time,” says a Sallie Mae spokesperson. “We wanted to simplify online banking for Sallie Mae customers and make it easier to save and benefit from faster access to their money.”
Sallie Mae Bank is partnering with Clairmail, a provider of mobile solutions for banking, payment and card services, to develop its mobile functionality. Clairmail is also driving mobile solutions for big names such as PNC Bank, Fifth Third Bank, and Bank of the West.
The Sallie Mae Bank mobile banking app is currently only available on the iPhone, but an Android version is surely on its way.
“We’re working on the Android version and it will be available this winter,” says the Sallie Mae spokesperson.
Sallie Mae Bank
Sallie Mae Bank makes education loans to students and their families as part of Sallie Mae's overall education loan business. Established in 2005, State-chartered Utah industrial bank.
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