Cash Out Upromise Without a 529 Plan
Request a Check From Education Savings Account Program Upromise
Nov 14, 2009
College savings plans have gained popularity in the United States over the past decade. Upromise is a unique system designed to help provide micro payments to fund an educational savings account, called a 529 account, in an effort to make paying for school easier. When users sign up with Upromise, they register credit cards, grocery and pharmacy store cards and earn small amounts on everyday purchases of food, toiletries, gas, and so forth.
The money adds up in a specific fund, and can be transferred to a 529 savings plan established by a child's parent. While Upromise's advertising and marketing campaigns stress the 529 account approach, users can also simply cash out all or part of their funds in the form of a simple check.
Request a Check From Upromise and Skip the 529 Account
In the fine print of the Uporomise information there is a section on how to request a cash out of the accrued sum. Upromise users do not need to create a 529 account to forward accumulated rewards. By completing the Upromise check request form users can get up to $300 per quarter issued in the form of a check. Any amount over $300 required a notarized letter making the request and cannot be faxed.
Upromise patrons will need to submit the account number. Logging in to the website and finding the number on an individual's profile is the easiest way to locate the number.
Users have three choices when withdrawing from the account this way. They can request all of the money and close the account, withdraw all the money and keep the account, or withdraw some of the funds.
Limitations on Upromise and 529 Savings Plans
This form cannot be used to withdraw money from a 529 savings plan affiliated with a Upromise account. The check will take up to twelve weeks to arrive, and only one request per quarter will be honored.
Pros and Cons of Taking Money Intended for Educational Savings Accounts
While the purpose of such college savings plans is to keep the funds for future higher learning, in cases of financial emergency Upromise members can access these funds directly. The Upromise check request form can be difficult to find on their site, and the program does not encourage, nor discourage, cashing out.
To open a Upromise account and begin earning micro rewards, go to Upromise and register. To read more about Upromise, go to Upromise Rewards Program.
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