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Reply to "Processing time for 529"
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[quote=Anonymous][quote=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.[/quote] 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. [/quote]
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