Sallie Mae Prepaid MasterCard

Frequently Asked Questions

 

           Question                                                                                                                           Page #


1.       What is the Sallie Mae Prepaid MasterCard?...................................................................................... 2

2.       Is my Card a credit card?.................................................................................................................. 2

3.       Is a credit check required to receive a Card?....................................................................................... 2

4.       Can I receive a Card even if I don’t have a student loan with Sallie Mae?................................................ 2

5.       How long will it take to receive my Card?............................................................................................ 2

6.       How do I activate my Card?............................................................................................................... 2

7.       I just received my Card, activated it and selected my new PIN?  Do I need to wait to begin using my Card? 3

8.       What is a PIN?................................................................................................................................. 3

9.       What can I use the funds in my account for?....................................................................................... 3

10.   Where can I use my Card?................................................................................................................ 3

11.   When I’m making a purchase, should I select “Credit” or “Debit”?.......................................................... 3

12.   Can I make purchases over the Internet with my Card?......................................................................... 3

13.   Will I be charged a fee for using my Card at a participating merchant?................................................... 3

14.   Can I use my Card to make a purchase that is larger than the balance on my Card?............................... 4

15.   How can I check the available balance on my Card?............................................................................ 4

16.   How do I access funds or account information using an ATM?.............................................................. 4

17.   When I use an ATM, what account type should I select (“Checking” or “Savings”)?................................. 4

18.   Will I be charged a fee if I use my Card to withdraw cash at an ATM?.................................................... 4

19.   Can I make additional deposits into my account at an ATM?................................................................ 5

20.   May I let someone else use my Card?................................................................................................ 5

21.   Can I use my Card to request a cash advance at a bank?..................................................................... 5

22.   What if I have a small balance on my Card and want to access the remaining funds?.............................. 5

23.   Are there any daily limits on purchases or ATM transactions that I can make with my Card?................... 5

24.   Will I receive monthly statements?..................................................................................................... 6

25.   How can funds be added to my Card?................................................................................................. 6

26.   Can I use my Card outside the United States?.................................................................................... 6

27.   Are my funds protected by the Federal Deposit Insurance Corporation (FDIC)?....................................... 6

28.   Does my account earn interest?......................................................................................................... 6

29.   Does my Card have an expiration date?.............................................................................................. 6

30.   Will my balance expire if I don’t use the funds on my Card?.................................................................. 6

31.   What if the amount of my refund disbursement is incorrect?................................................................. 6

32.   How should I update my address or other personal information?............................................................ 7

33.   Who should I call if I have a question or problem such as a disputed charge or if my Card is not working properly?     7

34.   Can my Card be replaced if it is lost or stolen?.................................................................................... 7

35.   Are there places or merchants where I cannot use my Card?................................................................ 7

      Glossary

 

Sallie Mae Prepaid MasterCard

Frequently Asked Questions

 

1.  Q.   What is the Sallie Mae Prepaid MasterCard?

 

     A.   The Sallie Mae Prepaid MasterCard is a re-loadable MasterCard® card that facilitates the distribution of refund disbursements from your school.  Refund disbursements may now be automatically loaded onto your Card throughout the school year, as determined by your school.  You can use the funds in your account to pay for books, housing, meals, travel and any other expenses that you may have.  Simply use your Card to make purchases at MasterCard locations, withdraw cash at ATMs, shop online and through mail order, and pay your bills.  You can also give your parents and others the ability to load additional funds onto your Card by using a credit card.  Your funds are FDIC-insured up to $100,000, and, with the MasterCard Zero Liability policy, your funds are protected from theft or loss in the event that your Card is lost or stolen (see the Terms & Conditions for details).  Best of all, you no longer need to stand in line or wait for the mail to come to receive refund disbursements from your school.  The Sallie Mae Prepaid MasterCard provides a simple and convenient way to access your refund disbursements.

 

2.   Q.  Is my Card a credit card?

 

      A.  No, your Card is not a credit card.  You can only spend the amount of funds that have been placed on the Card.

 

3.   Q.  Is a credit check required to receive a Card?

 

      A.  No.  Since this is not a line of credit or loan, no credit check is required to receive a Card.

 

4.   Q.  Can I receive a Card even if I don’t have a student loan with Sallie Mae?

 

      A.  Yes.  Any student enrolled at a participating institution may receive a Card. 

 

5.   Q.  How long will it take to receive my Card?

 

      A.  Typically, you will receive your Card within ten (10) business days from the date that your school provides us with the amount of your first refund disbursement.

 

6.   Q.  How do I activate my Card?

 

      A.  When you receive your Card, it will be accompanied by instructions on how to activate it.  You will be provided with an initial PIN which you will be required to change when activating your Card.  Simply call us toll-free at 1-888-553-4108 and follow the prompts to activate your Card and then sign the back.  It takes only a few minutes and then you’ll be ready to use it.

 

 

 

7.   Q.  I just received my Card, activated it and selected my new PIN?  Do I need to wait to begin using my Card?

 

      A.  No.  Upon activation, your Card is ready to use immediately for all transactions.

 

8.   Q.  What is a PIN?

 

      A.  A PIN is your secret four-digit Personal Identification Number that allows you to obtain cash from ATMs and make “Debit” purchases and receive “Cash Back” at select merchants.  Never write your PIN number on your Card.  Keep it separate from your Card and never tell anyone your PIN.

 

9.   Q.  What can I use the funds in my account for?

 

      A.  You can use the funds in your account to pay for books, housing, meals, travel and any other expenses that you may have.

 

10. Q.  Where can I use my Card?

 

      A.  Your Card can be used to make purchases anywhere MasterCard is accepted.  You can also use your Card to make PIN-based purchases at any merchant that displays the NYCE or Cirrus brandmarks, and to make withdrawals and balance inquiries at any ATM that displays the AllpointTM, Presto!, SUMsm, NYCE or Cirrus brandmarks.  To find a surcharge-free ATM, logon to the web address displayed on the back of your Card and follow the link to locate the surcharge-free ATMs closest to you.

 

11. Q.  When I’m making a purchase, should I select “Credit” or “Debit”?

 

      A.  You may choose either one.  If you select “Credit”, simply sign the sales receipt and go.  If you select “Debit”, you will be required to enter your PIN after your Card has been swiped.  When you select “Credit” and sign the sales receipt (instead of using your PIN), you will automatically receive the benefits of the MasterCard Zero Liability policy, which protects you against fraud and merchant disputes and is not offered on transactions made using a PIN.  Certain restrictions apply to Zero Liability.  See the Terms & Conditions for more information.

 

12. Q.  Can I make purchases over the Internet with my Card?

 

      A.  Yes, you can make purchases over the Internet with your Card up to the value loaded on the Card.  Remember:  Always protect yourself and your personal information when buying goods and services online.  Shop only with merchants you know and trust.  Make sure any Internet purchase activity you engage in is secured with encryption to protect your Card information.  Look for "secure transaction" symbols.

 

13.  Q. Will I be charged a fee for using my Card at a participating merchant?

 

       A. No, you will not be charged a fee for making a purchase at a participating merchant.

 

 

 

14. Q. Can I use my Card to make a purchase that is larger than the balance on my Card?

 

      A.  No, you cannot access more than the available balance on your Card.  However, when you present your card as payment, simply inform the cashier of the remaining balance on the card. Then, the remaining purchase amount can be supplemented with cash or another means of payment.

 

15. Q.  How can I check the available balance on my Card?

 

      A.  When your Card comes, make sure that you record your Account Balance and deduct each purchase and cash withdrawal in your personal register.  You can check your available balance by logging on to the website displayed on the back of your Card to access your account, by doing a balance inquiry at an ATM, or by calling us toll-free at 1-888-553-4108 and following the prompts to obtain your balance through the automated voice response unit.

 

16. Q.  How do I access funds or account information using an ATM?

 

      A.  Insert your Card into the ATM and follow the instructions for entering your Personal Identification Number (PIN).  Once your PIN has been entered successfully, you can choose to withdraw funds or perform a balance inquiry.  If you choose to withdraw funds, enter the amount you wish to withdraw.  The ATM will present the amount of cash you requested along with a printed receipt and return your Card.  Record the amount you have withdrawn in your Personal Register and subtract the amount from the previous available balance to determine how much money you have left on your Card.

 

17. Q. When I use an ATM, what account type should I select (“Checking” or “Savings”)?

 

      A.  Always select “Checking.”

 

18.  Q.  Will I be charged a fee if I use my Card to withdraw cash at an ATM?

 

      A.  You will not be charged a fee if you use one of the 32,000+ surcharge-free Allpoint ATMs, an ATM bearing the Presto! or SUMsm brandmarks, or an ATM that is owned by Sallie Mae Bank.  Logon to the web address displayed on the back of your Card and follow the ATM locator link to find the surcharge-free ATMs closest to you.

 

Note:  At Allpoint ATMs, if the surcharge screen appears during a transaction, enter “YES” to accept the surcharge and proceed with the withdrawal.  You will not be charged the surcharge.  You can verify this by reviewing the ATM transaction receipt.  If you are inadvertently charged a fee by an Allpoint ATM, contact us through our toll-free number to request reimbursement.

 

      If you choose to use a non-participating ATM, the financial institution that owns and operates the ATM may charge you a fee to process your transaction.  They must disclose any such fee for each ATM transaction before that transaction is completed.  You can decide to accept the fee and continue the transaction, or cancel the transaction.  The ATM fee imposed by the bank that owns the ATM is different from, and in addition to, the fee for using a non-participating ATM listed in the Schedule of Fees.

 

19.  Q.  Can I make additional deposits into my account at an ATM?

 

      A.  No.  ATM transactions are limited to balance inquiries and withdrawals only.

 

20.  Q.  May I let someone else use my Card?

 

      A.  No.  You should NEVER let another person use your Card.  Keep your Card, and the Card account number under your control at all times.  Do not tell anyone your PIN or write your PIN on the back of your Card.

 

21.  Q.  Can I use my Card to request a cash advance at a bank?

 

      A.  Yes.  You can visit any bank displaying the MasterCard brandmark and request a teller-assisted cash withdrawal.  The amount of the withdrawal will be limited to the available balance on your Card and will be subject to a daily limit.

 

22.  Q. What if I have a small balance on my Card and want to access the remaining funds?

 

      A.  You are able to remove funds from your Card by asking for “Cash Back” when making a “Debit” PIN-based purchase at select merchants.  We also offer you the ability to transfer funds, free of charge, from your Card to an external deposit account.  Access your account online and follow the link “Card to Account Transfer” to move funds from your Card to your checking or savings account.

 

      You can also use the card in a “split tender” purchase.  What this means is that you can use the remaining value of your card in a restaurant or at another MasterCard merchant location, supplemented with cash or another means of payment for the remaining amount due.  Simply tell the merchant that you would like to use the remaining value from your Prepaid card and then present another form of payment (cash, credit card, etc.) for the remaining balance.  Keep in mind that some merchants may not allow cardholders to conduct split tender transactions.

 

      In addition, you may also visit any bank displaying the MasterCard brandmark and request a teller-assisted cash withdrawal of the remaining value on your Card.  You may also contact us and request that the remaining funds be sent to you by check.  Note that you will be charged a fee by Sallie Mae Bank for completing a teller-assisted cash withdrawal or if you request disbursement of your remaining Card funds via check.  See the Schedule of Fees for more information.

 

23.  Q.  Are there any daily limits on purchases or ATM transactions that I can make with my Card?

 

      A.  Yes.  See the Terms & Conditions to learn more about the number of transactions permitted per day as well as the dollar limits for those transactions.

 

 

 

 

24.  Q.  Will I receive monthly statements?

 

      A.  Yes.  Monthly statements will be made available to you online free of charge.  Just logon to the web address displayed on the back of your Card.  You may print statements from your web browser.  If you request them, we can provide you with hardcopy statements that will be mailed to you for a fee.  See the Schedule of Fees for more information.

 

25.  Q.  How can funds be added to my Card?

 

      A.  Refund disbursements may now be automatically loaded onto your Card throughout the school year, as determined by your school.  You can also give your parents and others the ability to load additional funds onto your Card by using a credit card.  Please note that the contributing party may be charged a convenience fee by the credit card merchant which will be disclosed at the time of authorization.  Visit the web address printed on the back of your Card for more information on how to register for this feature.

 

26.  Q.  Can I use my Card outside the United States?

 

      A.  Yes.  You can use your Card to make purchases, perform ATM transactions and request cash advances from banks in many countries throughout the world.  Simply look for the MasterCard or Cirrus brandmark when traveling abroad.  Note that you may be charged higher fees when using your Card to make transactions in a foreign country, including a currency conversion fee that is determined by MasterCard.  See the Schedule of Fees for more information.

 

27.  Q. Are my funds protected by the Federal Deposit Insurance Corporation (FDIC)?

 

      A.  Yes.  All funds on your Card are insured by the FDIC up to $100,000.

 

28.  Q.  Does my account earn interest?

 

      A.  No.  Your account does not earn interest.

 

29.  Q.  Does my Card have an expiration date?

 

      A.  Yes.  Your Card is valid for two years from its issue date.  The expiration date is imprinted on the front of your Card.

 

30.  Q.  Will my balance expire if I don’t use the funds on my Card?

 

      A.  No.  Your balance will not expire if you don’t use the funds on your Card.  However, you may be charged an inactivity fee if your Card remains inactive for a specified period of time.  See the Schedule of Fees for more information

 

31.  Q. What if the amount of my refund disbursement is incorrect?

 

      A.  Since the amount of your refund disbursement is determined by your school, you should contact your school immediately if you believe there is an error.  At your school’s request, we will promptly make any necessary adjustments to your account balance.

 

32.  Q. How should I update my address or other personal information?

 

      A.  To notify us of an address change, you can call the Sallie Mae Bank Prepaid MasterCard Center toll-free at 1-888-553-4108.  For all other changes (i.e., name, school information, etc.), please call the Sallie Mae Payment Advisor Center toll-free at 1-800-239-4211.

     

33. Q.  Who should I call if I have a question or problem such as a disputed charge or if my Card is not working properly.

 

      A.  Call us toll-free at 1-888-553-4108 anytime 24 hours a day, seven days a week.  Follow the prompts to speak with a customer service representative.

 

34.  Q. Can my Card be replaced if it is lost or stolen?

 

      A.  Yes.  If your Card is lost or stolen, notify us immediately by calling us toll-free at 1-888-553-4108.  There will be a fee to replace your Card.  You are protected by the MasterCard Zero Liability policy if you notify us immediately, meaning that your funds are protected in the event that your Card is lost or stolen.  Certain restrictions apply to Zero Liability.  See the Terms & Conditions for more information.

 

35. Q.  Are there places or merchants where I cannot use my Card?

 

      A.  Yes.  You are not permitted to use your Card for gambling, either online or in-person.  In addition, “pay-at-the-pump” gasoline purchases are restricted on the Card.  When purchasing gasoline, you will need to present your card to the station attendant to complete your purchase.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glossary

Key Words

Reference

Activation                                             

6

Address Update

32

Allpoint

10, 18

ATM

1, 8, 16, 17, 18, 19, 23,

Available Balance

15

Card Use

1, 7, 9, 10, 11, 12, 14, 16, 17, 20, 21, 23, 26, 35

Cash Advance

21

Cash Back

8, 17, 22

Deposits

19

Eligibility

3, 4

Error Resolution

31, 33

Expiration

29, 30

FDIC

27

Fees

13, 18, 24, 30, 34

Funding

25, 31

Gambling

35

Gasoline

35

Insurance

27

Interest

28

International

26

Internet

12

Limits

23

Loan Relationship

4

Lost

34

Mail Time

5

Overdraw

14

Pay-at-the-Pump

35

Personal Information Update

32

PIN

6, 8, 12, 16, 20

Product Description

1, 2

Redemption of Unused Funds

14, 22

Reloadable

25

Restrictions

35

Statements

24

Stolen

34

Surcharge-Free

18

Zero Liability

1, 11, 34