Processing time for 529

[Anonymous]

Just curious how quickly the financial institutions process their requests to mail tuition payments to university bursar offices. If it matters, we're using Vanguard.

This is my first time and it's more stressful than paying taxes.

The fees are due August 22.

[Anonymous]

Morgan Stanley took 2 whole days.

[Anonymous]

Mine was MD 529, and they only take requests by phone or mail then mail a check to the institution. It was credited on our bill in about a week-10 days from when I phoned in.

Should be fine if you request now.

[Anonymous]

Just did it now for a MD 529 and it is still in limbo. I added a new account to have the 529 deposit and it has taken days to verify and then it will take 5 business days to distribute the amount. So, I would start early in case you have any problems. Unfortunately, I started too late and tuition was due August 1.

[Anonymous]

Utah indicates it sends within 3-5 business days. I received confirmation today so they got it out in 2 business days. I’m pretty sure it is snail mailed though? So don’t know when the school actually receives it ?

[Anonymous]

I scheduled a transfer from MD529 to our checking on a Friday morning and had the funds on Monday (they said it would be Tuesday). I prefer this to having them mail a check, which we’ve never done. We always have the paperwork from the school confirming our out of pocket expense. We can initiate the transfer online. I’ll do this at least a week prior to the due date all the same.

[Anonymous]

Anonymous wrote:Mine was MD 529, and they only take requests by phone or mail then mail a check to the institution. It was credited on our bill in about a week-10 days from when I phoned in.

Should be fine if you request now.

Are you sure that MD won’t mail to the account owner?

[Anonymous]

Anonymous wrote:I scheduled a transfer from MD529 to our checking on a Friday morning and had the funds on Monday (they said it would be Tuesday). I prefer this to having them mail a check, which we’ve never done. We always have the paperwork from the school confirming our out of pocket expense. We can initiate the transfer online. I’ll do this at least a week prior to the due date all the same.

This is what we do. Much easier.

[Anonymous]

Thanks all. Appreciate the info.
-OP

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mine was MD 529, and they only take requests by phone or mail then mail a check to the institution. It was credited on our bill in about a week-10 days from when I phoned in.

Should be fine if you request now.

Are you sure that MD won’t mail to the account owner?

You can designate where it goes (either owner or institution) if redeeming by phone/mail. If doing online, it can only go to owner. Seems a little strange that you can send to college via phone but not online, but of well!

[Anonymous]

Our check arrived at the school within a week.

[Anonymous]

Anonymous wrote:I scheduled a transfer from MD529 to our checking on a Friday morning and had the funds on Monday (they said it would be Tuesday). I prefer this to having them mail a check, which we’ve never done. We always have the paperwork from the school confirming our out of pocket expense. We can initiate the transfer online. I’ll do this at least a week prior to the due date all the same.

Same. They do an electronic transfer to my account, and then I do an electronic transfer to the school. It takes 2-3 full business days to get the cash in my account, but the credit to the school from my account is immediate. The school made it clear that they prefer electronic transfer, as especially during Covid, they couldn’t guarantee how quickly mailed checks would be received and processed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I scheduled a transfer from MD529 to our checking on a Friday morning and had the funds on Monday (they said it would be Tuesday). I prefer this to having them mail a check, which we’ve never done. We always have the paperwork from the school confirming our out of pocket expense. We can initiate the transfer online. I’ll do this at least a week prior to the due date all the same.

This is what we do. Much easier.

Same here.

[Anonymous]

Anonymous wrote:Our check arrived at the school within a week.

Yep, that’s what we do as well. Makes it easier since it goes directly to the school. Turnaround time can be tight for spring term, though, b/c payment has to be same tax year.

[Anonymous]

For me, I have both Maryland 529 investment and prepaid. The investment transfer to my bank account was quick, but the prepaid directly to the university took almost 2 weeks.