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How to Withdraw Money from Upromise

This article was written by in Education, Investing. 8 comments.


Upromise is a loyalty rebate program which rewards its members by investing a percentage of purchases into accounts for education expenses, namely 529 College Savings Plans. Just register your credit cards and your supermarket membership cards and the different rebates are credited to your account to be invested at a later date. These rebates are in addition to any you may receive from your credit card.

The primary intent with Upromise is to use the cash back savings and investment to pay for your children’s education. Some lenders also allow you to apply Upromise’s balance directly to your own student loan.

Personally, with no children, I prefer to receive my rebates in the form of cash back. Upromise doesn’t publicize this option much as they would prefer you invest directly in the accounts from brokerages who have negotiated a partnership with the company. Hidden deep within Upromise’s website are the instructions for requesting a check for the balance of your rebate to be sent to you within 12 weeks. Here are the instructions, out in the open, for everyone to see:

You can withdraw your Upromise contributions at any time during your membership. To withdraw company contributions from your Upromise account, submit a letter in writing to Upromise requesting a withdrawal from your Upromise account. The letter must state your full name and exact amount that you would like to withdraw, up to total amount available in your account, pending contributions are not eligible for withdrawal.

For the protection of our members, we require that your letter either be notarized or contain a Signature Guarantee if the withdrawal request is in excess of $200. A Signature Guarantee is a guarantee you can obtain from a financial institution, such as your bank, that your signature is yours and that it is genuine.

Withdrawal letters should be sent to:

Upromise
ATTN: Customer Care
P.O. Box 55555
Boston, MA 02205-5555

Checks are sent once per calendar quarter, so you should typically receive your check within 12 weeks of your request being received.

Updated March 21, 2011 and originally published March 5, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 8 comments… read them below or add one }

avatar dimes

Gosh I wonder if savings theft is a real problem. I suppose it could be.

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avatar Liz J

Thanks so much! Mailed them a letter today.

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avatar Cents You Asked

I had no idea that you could get cash from UPromise. I have mine setup to help pay off student loans with 4% interest, not the best investment but not bad either. I’ll look into this and see if I can divert money the money to a Roth instead.

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avatar Shawna

Wow, I had no idea! Thanks for the heads up, now I can use that towards my higher interest debt since my student loans are my lowest interest rate.

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avatar Ben

Excellent, I dind’t know you could get your cash out, thanks for the heads up.

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avatar Evie

Great tip, I’ll use it.

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avatar KJT

I came across the Sallie Mae high yield checking account (at the time, I think it was 1.4% APY with some extra added into the account by Upromise (up to a certain amount). You can tell I do not know much about this account, but it has been a long time ago that I read about it and the Upromise contribution went right over my head. I have an ING Direct account (Orange Savings) which over the last year has continued to go down in value as I see them investing more and more in to advertising. That was a great investment option until they became so large and well-known that they decided to spend a large part of their revenue in to advertising. When I first signed up, for the first 5 years, it was great, they really focused on the customer and did everything they could to keep the highest rates in the market, but as I said, I am lucky if I can even get somebody to help me who will treat me like a human being.

Back to my request here. Anybody know where I can find out how to become invested with the 1.40 or so savings account and the Upromise account through Sallie Mae. Maybe this is already gone, but I am here to see if it is still around or the high-rate checking account.

Thanks for any help.
KJT

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avatar Linda Almonte

I had upromise accounts years ago for my four kids I had thought they went out of business I should have some money in them and don’t know how to check. I went to their website and it asked for the email registered which was an old work email that I can’t access and the phone number I have no idea what it would have been. How can I get access to the four accounts.

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