I just opened an account for our new born daughter with Merrill Lynch through Bank of America.
I did this online, and the thought is when she gets birthday money or gifts for whatever, we can deposit that money into our account and do a transfer over to her 529.
But, when we tried this, the rep told us we couldn't because we opened the 529 under her plan. So everytime we want to transfer money to her 529 account, we have to call, wait for a rep to come on, and do the transfer.
Very inconvenient. Was going to go to BAC and chat with them but am now wondering is there a better option than the 529? Also, those that do have a 529 plan, is this what you have to do to?
I read a thread earlier about a Roth IRA instead, wanted to get some opinions.
I did this online, and the thought is when she gets birthday money or gifts for whatever, we can deposit that money into our account and do a transfer over to her 529.
But, when we tried this, the rep told us we couldn't because we opened the 529 under her plan. So everytime we want to transfer money to her 529 account, we have to call, wait for a rep to come on, and do the transfer.
Very inconvenient. Was going to go to BAC and chat with them but am now wondering is there a better option than the 529? Also, those that do have a 529 plan, is this what you have to do to?
I read a thread earlier about a Roth IRA instead, wanted to get some opinions.
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