Cashier’s checks, money orders, cash withdrawals, and 3rd party transfers are prohibited to open a Coverdell 530 Eductaional Savings Plan.
Most banks will not accept funds directly off of a debit card to be placed in a 530 account. Finding a financial institution that will accept the funds can be a challenge. When contacting your financial institution or financial advisor, please make them aware of this fact so that they can help steer you in the right direction.
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