FAQ
- Why wouldn't I send a check to the child instead?
- How do I know the child will receive the money?
- What is a 529 account?
- Where is the money invested?
- Does this have to go into college savings?
- Can I still send a check?
- What will the child receive?
- How do we satisfy children who are accustomed to immediate gratification?
- Is there any way I can reduce my per transaction fee?
- How can I have two separate college funds for the same child?
Why wouldn't I send a check to the child instead?
GreenDreams offers automated email reminders (birthday's, holidays, special events). By simply clicking on the contribute button, contributions are stored in our database permanently to be reviewed and remembered by the child and member for years to come. GreenDreams services are much faster than traditional shipping of gifts or cards as well.
How do I know the child will receive the money?
Both the contributor and recipient will receive email notifications regarding the contribution within minutes. The electronic transfer of funds can take 5-7 business days. The contribution can be verified by visiting the contributor or the child's home page.
What is a 529 account?
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by state governments, state agencies, or educational institutions. Learn more on the "Introduction to 529" page of the US Securities and Exchange Commission Web Page. http://www.sec.gov/investor/pubs/intro529.htm GreenDreams contributions may not be directly deposited into a 529 account at this time. Account managers may transfer the GreenDreams contributions into a 529 account if they choose to do so. Please consult your financial advisor for more information.
Where is the money invested?
This is up to the account manager. GreenDreams can link to any checking or savings account which resides in a federally recognized financial institution. GreenDreams does not limit or recommend a specific investment strategy. Please consult your accountant or financial advisor to learn what might be best for you.
Does this have to go into college savings?
The intent of this service is to help students save money for college. GreenDreams does not limit the use of the funds. This will be managed by the account managers, typically the parents or guardians of the child.
Can I still send a check?
When using the GreenDreams services, our database will track all contributions made to your network, year after year. When sending a physical check, the GreenDreams database will not be able to recognize the contribution.
What will the child receive?
The child can log into his/her GreenDreams home page and see the contributions accumulating in their account. A personalized e-card will be sent from the Contributor to the child containing details on the contribution.
How do we satisfy children who are accustomed to immediate gratification?
After each contribution, the child will receive a personalized eCard from the Contributor. The child and parents can review the value of this contribution, as well as the total contributions made to the account over the years.
Is there any way I can reduce my per transaction fee?
GreenDreams is developing a service whereby members can make periodic contributions (i.e. Monthly). With this service, GreenDreams will offer lower transaction fees.
How can I have two separate college funds for the same child?
GreenDreamslinks a single email address to a single college savings account. If you would like multiple accounts for the same child, each account must have a unique email address.