OT - Upromise

[TEK224]

Does anybody here belong to Upromise for college savings? Not too long ago I read a post where somebody said you can have Upromise send a check for the amount in your account. But I can't remember where I saw the post. I thought it might have been here.

I've looked on the Upromise site and can't find anywhere that gives directions on how to have a check sent. Nowadays you never know how long these sites will be in operation, so I want to cash out most of the money to put in my ING account. Then I can start over again with Upromise.
Has anyone done this? Any help would be appreciated.

Terri

 

[missmulan]

Go to the "site map" and find "help"...here's what I came up with:

How do I close my Upromise account?

To close your Upromise account, please call Customer Care.

By Mail
Upromise Customer Care
PO Box 55555
Boston, MA 02205-5555

By Fax
781-707-8876

By Telephone
Customer Care is available from 7:00 AM to 11:30 PM EST,
Monday through Friday and 9:00 AM to 9:00 PM EST weekends.
Please call 1-888-434-9111.

 

[wdwpluto]

I recently did this and it takes quite a while to actually get your check. But you do get it! I think they say it can take 10-12 weeks, so be prepared to wait patiently (something I'm not so good at ) After maybe 6 weeks I got an email saying that they'd received my request. I got the check maybe 3 weeks after that.

 

[stacieps]

I had seen the same thread. I just sent a letter requesting a "withdrawal" on 3/16. In the FAQ section of the Upromise site there is a section about withdrawing money from the Upromise account. It gives the cusomter care address given above (PO Box 55555 Boston) and says that your letter must contain your full name and the exact amount that you would like to withdraw (up to the total amount available). Requests over $200 require a "signature guarantee." Also, it says checks are sent once per calendar quarter, so you should receive your check within 12 weeks of your request being received.

I had $100 and some change available so I requested $100; it's only been a week so I haven't heard anything yet.

 

[TEK224]

Thanks! I'm up to a little over $200 and I just want to play it safe!

Terri

 

[j's m]

I only have a little over $ 10.00. What have you been doing to get $ 200.00 if I may ask? Any special ideas will be appreciated.

 

[TEK224]

That $200 has accumulated over 1 1/2 years. Some of it has been from gas and supermarket purchases. Some from on-line shopping. Got some bigger amounts when I had some large purchases from Staples (computer) and Best Buy (electronics).

Then there was the double offers where AOL would double the contribution from Exxon gas purchases and McDonalds GC's.

Over time it does add up. It's not gonna pay full tuition or pay off the mortgage, but it's relatively easy money, so why not get it?

Terri

 

[RichNKatHolly]

Just curious, Isn't there a penalty for withdraw of the funds? I thought it was supposed to only go for kid's college. We've accumulated almost $750 since DS was born in 2000 but it goes into both kid's NY Saves accounts whenever it gets above $20.

Can you tell I shop online (or anywhere) too much??? I figure at least with Upromise we're getting something back that the kids can use

 

[wdwpluto]

Just curious, Isn't there a penalty for withdraw of the funds? I thought it was supposed to only go for kid's college. We've accumulated almost $750 since DS was born in 2000 but it goes into both kid's NY Saves accounts whenever it gets above $20.

I have no kids and therefore no 529 plan. My upromise money was never invested, so there is no penalty for withdrawing it. YMMV.

 

[NancyIL]

The Bright Start Savings program for the state of Illinois is no longer one of the 529 plans linked with Upromise, so I will have to write to Upromise to request a check for the money. I will continue to keep my account open, just to let those pennies trickle in.

 

[RobinMarie]

I have withdrawn twice now, and both times it took quite a bit of time to receive the check. I don't want to open a 529 account, I have an INGdirect account designated for college.

Make sure all your cc are attached. I realized recently there was a local pizza place I can get 3% from so I switched from the other pizza place. Every little bit adds up!

My phone bill, grocery cards, and all online shopping I go through UPromise.

 

[RichNKatHolly]

Thanks for the info. I just assumed you could never withdraw it. Nice to know!

 

[momoftwins]

because I have another question for those that have requested a check. Do you have to pay taxes on the money you withdraw?

I only have about $30, but hey a counter service meal at WDW!

Thanks!

 

[RobinMarie]

They do not remove taxes when they cut you a check. They cut checks at the end of each quarter, therefor the check will be sent out at the end of June.

All income should be reported to the IRS.