Which accounts are eligible for one-time and automatic electronic payments?
Most banks allow electronic debit from a checking or a non-passbook savings account. All electronic payments must be made in U.S. funds drawn on a U.S. bank. Some small banks and credit unions may have restrictions on electronic payments. Money market and investment accounts may have similar restrictions. We strongly suggest that you contact your financial institution if you are uncertain whether the account chosen is eligible for electronic payments. Accounts that cannot be accessed for one-time and automatic electronic debit may delay payment processing on your tuition payment plan account. Sallie Mae is not responsible for one-time and automatic electronic debits that are not honored or accepted by your financial institution.
