LivingSocial $24 for $50 into a 529 Plan

My $50 just transfered into my Iowa 529 plan through collegesavingsiowa.

Received on Tue Jan 29 to my son's 529 managed by Fidelity Investments.

Tried to do a 5X entry. One worked.

5 x 24 deal bucks = 120 deal bucks expended.

1 x $50 grad save deposit received.

Net loss = $70.

Oh, well. Rolled the dice on picking up $250 for my son's college education. Came up snake-bitten.

Quote from 1dash1 : Tried to do a 5X entry. One worked. 5 x 24 deal bucks = 120 deal bucks expended. 1 x $50 grad save deposit received. Net loss = $70. Oh, well. Rolled the dice on picking up $250 for my son's college education. Came up snake-bitten.

This should not be a loss. I presume the certificates can be used as gifts to others to help set up their 529 plans for their kids.

You are now in a position to make $50 gifts to friends and relatives,which is what GradSave intended. This can make you look generous.

With some work, they can even make another $50 using the Merril $50 for a $5000 plan.

Just watch the deadlines so they do not become worthless before your friends or relatives can use them. It might be nice to offer to help these pick suitable plans, so as to get state tax benefits, and/or avoid annual fees etc.

Quote from ProfessorEd : This should not be a loss. I presume the certificates can be used as gifts to others to help set up their 529 plans for their kids. You are now in a position to make $50 gifts to friends and relatives,which is what GradSave intended. This can make you look generous. With some work, they can even make another $50 using the Merril $50 for a $5000 plan. Just watch the deadlines so they do not become worthless before your friends or relatives can use them. It might be nice to offer to help these pick suitable plans, so as to get state tax benefits, and/or avoid annual fees etc.

Thanks for the tip. I'll give it a try.

Repped.

Quote from ProfessorEd : This should not be a loss. I presume the certificates can be used as gifts to others to help set up their 529 plans for their kids. You are now in a position to make $50 gifts to friends and relatives,which is what GradSave intended. This can make you look generous. With some work, they can even make another $50 using the Merril $50 for a $5000 plan. Just watch the deadlines so they do not become worthless before your friends or relatives can use them. It might be nice to offer to help these pick suitable plans, so as to get state tax benefits, and/or avoid annual fees etc.

Can you please explain when you realized that you were bitten by Gradsave snakes? Was it when you tried to do the transfer to the 529?

Well, according to Gradsave it was transferred to my CA ScholarShare account on 1/11/2013 but I don't see any sort of deposit in my ScholarShare account history.

Anybody else having a hard time seeing where this $50 actually goes?

Quote from coronakid : Well, according to Gradsave it was transferred to my CA ScholarShare account on 1/11/2013 but I don't see any sort of deposit in my ScholarShare account history. Anybody else having a hard time seeing where this $50 actually goes?

If it hasn't made it there by now you should contact them, since they are claiming everything from 1/11 should be there by now. Many have reported at least some money made it there (even if not all that should have arrived). I presume you did click Redeem.

Wow it worked, just got the funds transferred into my account, cha-ching!

I have quite a few extra unused vouchers. Please PM me if anyone is interested. Thanks.

Quote from leftright : I have quite a few extra unused vouchers. Please PM me if anyone is interested. Thanks.

Were you able to use more than one yourself?

Quote from adamant : Were you able to use more than one yourself?

No I am not able to use more than 1 myself.

Forgot to check my accounts. I received the $50 on 1/29 (as others have reported).

Did anyone get transfers in end of Feb/early March go thru ?