Upromise Withdrawal question

[cruisnfamily]

I am withdrawing funds from my children's upromise account to add to their investment accounts. I'm unsure whether I need the letter to be notarized. The website says this:
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.
Do you think it only needs to be notarized if over $200? Or do you think it needs to be notarized no matter what and signature guaranteed over $200? The amount I'm withdrawing is less than $200 and I don't know whether to bother with the notary or not. Your opinions please.

 

[Focusdude]

If I remember correctly - it needs the signature guaranty - no matter how little you are taking out. Also - a signature guaranty and a notarization are two different things I think. I remember having to go to my bank to get the signature guaranty when I withdrew some funds from my UPromise (it was a while ago) - if a notarization would have worked, I'm sure I would have done it that way, because I worked in a law firm with many notaries who would have done it for free!

Good luck!

 

[cruisnfamily]

It clearly says notary or sig guarantee. As in either or. I'm just not sure how that applies to the $200 thing....Is it notary below $200 and sig guarantee over $200? Or either/or over $200 and nothing required below $200?

 

[Focusdude]

I just went to their site - it says if the withdrawal is in excess of $200 - so if it is under $200 - you don't need a signature guaranty or notarization.

 

[leight]

it looks like a notary if it is under 200 but a sig guarantee if over 200. Wow- banks often charge up to 25.00 for the guarantee- !

 

[stacieps]

I've made 2 withdrawals of about $100 each (one this year, one last) - just sent a letter, no notary, no signature guarantee and a received check each time, no questions. It can take several weeks to get a check, I believe they only write checks once per quarter.

 

[cruisnfamily]

it looks like a notary if it is under 200 but a sig guarantee if over 200.

This is how I read it too


But it's possible that they mean:

I just went to their site - it says if the withdrawal is in excess of $200 - so if it is under $200 - you don't need a signature guaranty or notarization.

Here is the quote from the website:
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

 

[dcfromva]

The amount I'm withdrawing is less than $200 and I don't know whether to bother with the notary or not. Your opinions please.

cruisnfamily,
We did a withdrawl last year. It was just under $200.00 and no notary/Signature Guarantee was required.

-DC

 

[cruisnfamily]

cruisnfamily,
We did a withdrawl last year. It was just under $200.00 and no notary/Signature Guarantee was required.

-DC

Thank you!
Sending my letter off tomorrow!