The information that follows is specific to employers offering CollegeBoundfund to employees with the help of a financial advisor.
The process of transferring account records and assets to Invesco and Ascensus College Savings will begin at the close of business on or about Friday, July 8, 2016 and is anticipated to be completed on or about Monday, July 11, 2016.
Account owners will provide the updated banking instructions to you in the two weeks before transition. Account owners contributing via payroll direct deposits will receive a letter in late June instructing them to update their banking instructions with their employer, either through their self-service payroll portal or by submitting a paper form. The form will be provided in the mailing.
Account owners will be able to update their payroll direct deposit amounts online in their account.
Your employee will notify you via the paper payroll direct deposit authorization form or by updating their banking instructions in your self-service payroll portal. Post transition you will no longer receive weekly emails for payroll withholding updates.
For service-related questions, Client Services Representatives are available at 877 615 4116 from 9 a.m. to 7 p.m. ET.
For sales-related questions, Invesco representatives are available at 800 410 4246 from 8:30 a.m. to 6 p.m. ET.
Employees who want to take part in this voluntary benefit must establish a CollegeBound 529 account and authorize payroll direct deposit contributions.
Post transition: Execute the direct deposit process by:
- Checking to be sure each payroll form has the employee's Social Security number, CollegeBound 529 account number and signature (required).
- Following your existing procedures for payroll direct deposit by entering the:
- Total dollar amount being contributed by the employee per pay period
- ABA routing number for Mellon Bank (CollegeBound 529's bank): 011001234
- Three-digit prefix, 548, followed by the first nine digits of the employee's CollegeBound 529 account number
- ACH transmittal code: "checking" account
For more efficient processing, remember:
CollegeBound 529 processes payroll direct deposit instructions received by the close of regular trading on the New York Stock Exchange. Contributions received after the close of regular trading will be invested at the closing unit value(s) of the next business day.
The closing unit value(s) will be used, as long as we receive instructions and account information "in good order." A contribution is considered "in good order" when:
- An employee's CollegeBound 529 account is established and payroll direct deposit allocations and instructions are set up for the account
- ACH instructions contain CollegeBound 529’s correct Mellon Bank ABA routing number (011001234) and the employee's correct account number with the 548 prefix.
Please note: Should an error occur in your ACH instructions, any resulting loss will be your responsibility. We will not process future contributions until the instructions are corrected. If you have additional questions, please call CollegeBound 529 at 877 615 4116 from 9 a.m. to 7 p.m. ET.