Adding convenience for your clients (FAN Fall 2023)

my529 unveils two new withdrawal offerings

The new features provide security and convenience when clients access the funds they have been saving for years.

Advisors cannot manage these functions on behalf of their clients. However, please inform your clients that these convenient tools may give them peace of mind when withdrawing their money for qualified education expenses.

Electronic payments to schools coming this fall

New functionality for your clients

Introducing my529’s direct-to-school payment service that allows account owners to send an expedited withdrawal to a participating higher education institution. It’s fast, convenient and trackable.

Secure electronic payments arrive at the institution within approximately two to three business days. Account owners can even monitor the status of a payment.

The functionality costs $3.50 per transaction. The service fee will be added to the withdrawal amount and deducted from the my529 account.

K-12 schools are not eligible.

Can advisors perform electronic payment withdrawals?

The electronic payment service is not available in the FA portal or to advisors or RIAs with limited power of attorney access. Account owners must request a withdrawal themselves within their online account. This process cannot be completed via paper form.

A new way to pay: the my529 Access Discover® Prepaid Card

The my529 Access Card is a prepaid card that can be used at select merchants for in-store or online purchases where Discover is accepted. The card provides a simple way to access money invested in a my529 account.

Funds can be withdrawn online from an account owner’s my529 account and transferred to their my529 Access Card. After that, users are able to click, swipe, or tap the card to use the money when paying for fees, books, supplies, and other qualified education expenses.

The my529 account owner controls the Access Card account. Once funds are transferred to the my529 Access Card, they are considered withdrawn from my529 and are no longer invested in the account owners’ my529 accounts.

The my529 Access Discover® Prepaid Card is issued by Central Bank of Kansas City, Member FDIC. Discover and the Discover acceptance mark are service marks used by Central Bank of Kansas City under license from Discover Financial Services. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and Fee Schedule at http://my529accesscard.com. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us 24/7/365 toll-free at 1-844-545-0805.

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Important Legal Notice

Investing is an important decision. The investments in your account may vary with market conditions and could lose value. Carefully read the Program Description in its entirety for more information and consider all investment objectives, risks, charges and expenses before investing. For a copy of the Program Description, call 800.418.2551 or visit my529.org.

Account Value. Investments in my529 are not insured or guaranteed by my529, the Utah Board of Higher Education, the Utah Education Savings Board of Trustees, any other state or federal agency, or any third party. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-Insured investment option. In addition, my529 offers investment options that are partially insured for the portion of the respective investment option that that includes FDIC-insured accounts as an underlying investments. Units in my529 have not been registered with the United States Securities and Exchange Commission or with any state securities commission.

FDIC insurance is subject to limits set by federal law. Click here for more information about FDIC Insurance.

Non-Utah Taxpayers and Residents. The state in which you or your beneficiary pay taxes or live may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds, and protection from creditors, not otherwise available to you by investing in my529. You should consider such benefits, if any, before investing in my529.

Consult an advisor. my529 does not provide legal, financial, investment, or tax advice, and the information provided on this website does not contain advice and cannot be construed as such or relied upon for those purposes. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation.

Morningstar rating. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions. Morningstar does not represent its analyst ratings to be guarantees. Please visit Morningstar.com for more information about the analyst ratings, as well as other Morningstar ratings and fund rankings.

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Information on this website is believed to be accurate when posted and is qualified in its entirety by the Program Description.