Sallie Mae Saving - How long to verify?

[DrSavin]

Hello SA!

I have recently opened my high interest savings account I was talking about in another post! Sallie Mae had the highest interest rate (1.4% APY), and on Sunday I opened the account.

Originally my accounts were

Wachovia Checking - $485
Wachovia Saving - $300
Sallie Mae Saving - $0

There is no minimum for the account so I started small and set up a transfer of $100 to happen once verification is complete. Sallie Mae's verification process is pretty neat. They take your bank info and to be sure it is correct, they deposit $2 dollars into your account (how nice!). After you see the $2 dollars show up in your account, you return to the website to hit the verify button. After I have verified my own account, my original transfer of $100 dollars from Wachovia to SM will commence giving me:

Wachovia Checking - $387
Wachovia Saving - $300
Sallie Mae Saving - $100

My question is, how long does the verification deposit take to register? Once $485 goes to $487 I can hit verify, but it hasn't happened. I have reviewed the account information that Sallie Mae has for my Wachovia account, and it is spot on.

Should I just hit verify without waiting for their $2 deposit or should I wait? Does anyone have experience with Sallie Mae?

Thank you!!!

[DrSavin]

...

Disregard this thread, It finally went through. It takes about 2-3 business days.

They made two small (<$1) deposits. I returned to their website to confirm the amounts, this verified the account. My friend says this is also how PayPal works.

Anywho, my $100 dollar deposit is now in transfer and all is well with my accounts.

[Slug]

Know that Sallie May is linked to the Upromise program and will give you 10% on top of what you earn through Upromise. Might want to look into it. You don't have to have a kid or intend to go to college to participate.