Electronic 529 distributions now possible with participating universities
The name might be unfamiliar, but ACS provides many 529 services behind the scenes at some of the largest 529 Plans in the nation, including Plans offered by JP Morgan, The Hartford, and American Century. For ACS to offer an electronic payment solution through the school’s portal is a huge benefit for all parties involved, simplifying and expediting the withdrawal process.
Expect competitors to follow suit to create similar payment solutions. Those whose accounts are administered by Ascensus will see a more immediate benefit, but the convenience of online payments will set a precedent for other 529 providers.