Checking or savings account -- Closing an account -- Complaint #9210913
Complaint Overview
Complaint ID: 9210913
Company: SLM Corporation
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-Issue: Fees charged for closing account
State: Florida
ZIP Code: 32225
Date Received: 2024-06-07T12:00:00-05:00
Date Sent to Company: 2024-06-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
This is the second time since XXXX that Sallie Mae has done an automatic rollover of a cd at a lower rate than premium and also rolled over against my wishes. Basically their process is predatory by not allowing you to opt out of automatic CD roll overs, and the process doesn't allow for you to call in to close your account less than 30 days when it is due. Considering that most cds are long term and the bulk of their consumer base investing in this product is going to be elderly, this really seems set up so Sallie Mae can trick customers into forgetting to close out their CD to the renew the CD at a rate lower than what is offered if you rolled the CD over yourself. They also then hold your money XXXX by charging you a 6 month penalty to close out the CD if you miss a 10 day window out- doesn't matter their window was 365 days. Basically, I was going to pay down my heloc with this money, lmao, the representative decided to rub salt in the wound and mentioned that not only are they either keeping my money for another year at a measly 4.8 % and forcing me to pay the 8.5 % interest on the loan instead, but then decided to be XXXX and mention that a rate on their loan product would've been lower lmao.
Frequently Asked Questions
What is Complaint #9210913 about?
Complaint #9210913 was filed against SLM Corporation regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2024-06-07T12:00:00-05:00.
How did SLM Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against SLM Corporation?
Yes, visit the SLM Corporation company profile at readthecomplaint.com/company/slm-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.