Wisconsin CUs Get A Slice Of 529 CollegePlans
MADISON, Wis. - (06/14/06) Credit unions around the statehave tapped a new source of funds with Mondays decision bythe states EdVest panel to allow 529 college plan funds tobe invested in federally insured CDs at credit unions and banks.The EdVest panel, which overseas the state-sponsored collegeprogram, voted unanimously to allow CDs, in addition to the mutualfunds now permitted. The CDs will be advertised at credit unionsand banks across the state, but the deposit must be made throughWells Fargo Funds Management, which runs the EdVest program under afive-year contract. Wells Fargo will place the funds in creditunions through Wisconsin Central CU, in Hales Corner, and in banksthrough Bankers Bank, in Madison. The CDs will pay a rateequivalent to the six-month Treasury bill, minus fees. Wells willget a 0.3% fee and Corporate Central and Bankers Bank willget 0.25%.