Dec 07
10
Upromise is promoted as a program to help save for college by sending earnings to a linked 529 college savings account. But what do you do if your 529 account isn’t affiliated with Upromise, or you just don’t care about saving in a 529 account? Luckily, you can request a check for the amount of your earnings to be sent to you, allowing you to add the contributions to a non-affiliated 529 plan or to even cash out. Here is the detail from their FAQ:
Can I withdraw company contributions from my Upromise account without transferring them to a savings plan, and if so, how?
You can withdraw your Upromise contributions at any time during your membership. To withdraw company contributions from your Upromise account, submit a letter in writing to Upromise requesting a withdrawal from your Upromise account. The letter must state your full name and exact amount that you would like to withdraw, up to total amount available in your account, pending contributions are not eligible for withdrawal.
For the protection of our members, we require that your letter either be notarized or contain a Signature Guarantee if the withdrawal request is in excess of $200. A Signature Guarantee is a guarantee you can obtain from a financial institution, such as your bank, that your signature is yours and that it is genuine.
Withdrawal letters should be sent to:
Upromise
ATTN: Customer Care
P.O. Box 55555
Boston, MA 02205-5555Download Withdrawal Request Form
Checks are sent once per calendar quarter, so you should typically receive your check within 12 weeks of your request being received.
To make your savings work for you, you may want to consider transferring your company contributions to an investing plan for a future college student.
The fact you can cash out without using a 529 plan makes the program much more appealing. Remember that for new accounts you can get a $25 bonus for signing up and making a single purchase through their online mall. For details, click here or on the Upromise logo on the left sidebar.