(CD) Certificate of deposit Account opening, closing, or management
Sallie Mae Bank account or service department,
(CD) Certificate of deposit Account opening, closing, or management Tennessee
I have CDs with Sallie Mae Bank. - CD matured -/-/17. I received no notification by mail but representatives insist I was sent an email. In reviewing all accounts for federal tax preparation I found - for many accounts except Sallie Mae which must be retrieved online only. In retrieving - I noted a CD matured 11 days previously and called Sallie Mae the first day it was open after the discovery. They simply say their policy is to have email only notification which one must agree to when establishing an account and since I contacted them at 11 days instead of the 10 day window I had no recourse except automatic renewal or pay a 3 month interest penalty. I understand policy but although I get a monthly email that says log in for account update I find no email showing renewal information plus a monthly repetitive email with the same info would increase the liklihood of missing an email with something of real importance such as maturing CDs. Even so I find email only policy inadequate and unfair to seniors who are more comfortable receiving paper renewal. In fact, I deal with numerous online banks and find this one to be the only bank I have refusing paper notification of maturing CDs.
Sallie Mae customer in Tennessee
Feb 20, 2017
* Source: CFPB Complaint Database
Sallie Mae response to complaint:
Closed with explanation
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