Speed up withdrawals. Link a bank account to your my529 plan

The time has come to withdraw funds from your my529 account. The faster and more convenient way is through an electronic withdrawal rather than waiting for a paper check from my529.

Through Account Access at my529.org, an account owner can link his or her my529 account to the account owner’s — or the beneficiary’s — bank account.

To link a bank account

In Account Access, look on the left side for the Manage Contributions heading, and click on Manage Linked Bank Accounts.

The following page has two sections, one to link a bank account for the account owner, and one for the beneficiary.

When you click “Add a bank account link” for either the owner or beneficiary, a window pops up in which to enter bank information. Check the small box to initiate bank account verification. The verification process can take up to three business days to complete.

Electronic withdrawals

When you request a withdrawal, you will see an option to select an electronic withdrawal if a savings or checking account has been linked prior to the request.

Withdrawn funds via electronic withdrawal will appear in the bank account within three to five business days, as opposed to seven to 10 business days via check.

Note regarding K-12 tuition withdrawals

my529 funds can be used for kindergarten through 12th grade (K-12) tuition expenses at a public, private, or religious school. Withdrawals for K-12 tuition expenses cannot exceed a total of $10,000 per year per beneficiary from all 529 accounts (regardless of who owns the account).

my529 distributes withdrawals to pay for K-12 tuition expenses only to the account owner.