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A long, long time ago in a galaxy far, far away… I signed up for a Upromise account on a whim. I knew that it would never really make a dent in our college savings, but I’m a big fan of free money, so why not?
For the most part, I just ignore the fact that we even an account, but every once in awhile I log in and check out our balance. This past weekend I did just that, and discovered that we have $44.96 in savings built up. Woohoo! That’s enough money to go to the trouble of withdrawing it. What’s that you say? You didn’t know that you could just withdraw the funds rather than investing them through Upromise? Sure enough, you can do just that.
Here’s the scoop straight from Upromise:
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:
ATTN: Customer Care
P.O. Box 55555
Boston, MA 02205-5555
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.
So there you have it… Just whip up a letter including the requested information, send it to the above address, and then wait. As long as you’re withdrawing less than $200, there’s no need to deal with obtaining a Signature Guarantee. In my experience, it actually takes quite awhile to get your check — they say up to 12 weeks because checks are sent once per quarter, and it was at least that — but the check does come. You’re then free to do anything you want with the money.