What is the maximum amount I can contribute every year?
You can contribute as much as you want until the account reaches its maximum balance of $400,000.
Are there any contribution limits?
Yes. There's a minimum $25 contribution to open an account, and subsequent transactions need to be at least $5 for each investment portfolio.
How do I make withdrawals from my account?
You can withdraw as little as $5 into any bank account linked to your Embark account, or request checks made out directly to your educational institution.
Are there any restrictions on making a withdrawal?
Making a withdrawal is easy, however in some cases there are restrictions on how soon you can access the funds in your Embark account.
How do I make contributions to my account?
You can make online contributions at any time, set up recurring monthly transfers from your bank account, or payroll direct deposits through your employer.
How do electronic payments to schools work?
Vestwell uses technology from Flywire to automatically send electronic payment transactions to any school that connects to the disbursement services.
What are typical processing times for electronic payments to schools?
An electronic payment to a school is typically delivered within 2-4 business days (the days on which banks are open).
Can I make direct payments from my account to my school?
Yes. You can have payments made directly to any eligible U.S.-based educational institution.
Can I cancel my electronic payment transaction to a school?
Payments can be canceled by 3:50 pm ET on the day of the payment request.
How can I recontribute funds back into my account if a course is dropped or scholarship is awarded?
If you receive a refund from an eligible educational institution, you can use our Contribution Form (PDF) to recontribute those funds back into your account without tax penalties or fees.
How do I set up payroll direct deposits?
Complete the setup process for payroll direct deposits to your Embark account in three simple steps.
If my beneficiary decides not to go to school or doesn't use all of their savings, what do I do with the leftover funds?
If you end up with excess funds saved in your Embark account, you have a few options.
How do I request a refund for an electronic payment to a school?
Refunds must be requested directly from your school.
What is a non-qualified withdrawal?
A non-qualified withdrawal is any withdrawal that is not considered a qualified expense, a taxable withdrawal, or a rollover.
Is there a mobile app for Embark?
Yes. If you already have an Embark account, you can download the Vestwell app for iOS or Android and take your account with you on the go.
Can I connect more than one bank account or type of account?
Yes, both checking and savings account types can be linked to your Embark account at the same time.