BGCB May 2021 Savings Match and Withdrawals

by | May 27, 2021 | Inversant Savings Accounts

These instructions are for Inversant families enrolled in the Boys & Girls Club of Boston program site.

We recognize the thought and planning it takes to save for higher education, especially during a pandemic. We know how difficult this last year has been and celebrate the time and care you’ve put into your child’s education. 

You can withdraw money from your Inversant savings account at Metro Credit Union after each deposit deadline. You may also leave it in your account for later use. The match dollars are available for approved higher education-related expenses.

When do I receive the savings match?

  • If you have not reached your savings goal of $1,000 by May 31, 2021, you may keep working on your goal through August 31, 2021. Inversant will match your first $1,000 in savings at that time.

How does the match work?

Inversant will match, dollar-for dollar, your first $1,000 saved. The match dollars are available in the form of reimbursements for approved expenses and as funds payable directly to your child’s college or university. 

Example A: You have saved $1,000. Inversant matches your savings with an additional $1,000. You purchase a $2,000 laptop for your child. 

You submit the laptop receipt and a BGCB Withdrawal Form to Inversant’s Boston Coordinator. Inversant mails you a $1,000 check, which comes directly from your match fund.

Example B: You have saved $1,000. Inversant matches your savings with an additional $1,000. You receive a $800 tuition bill from your child’s college. 

You submit this bill and a BGCB Withdrawal Form to Inversant’s Boston Coordinator. Inversant mails the college a $800 check with your child’s student ID number on it. The $800 comes out of Inversant’s match fund, leaving you with $200 remaining in match dollars and the original $1,000 in your Inversant savings account. Inversant draws from your match dollars until they are fully spent.

How do I access the match dollars?

Request reimbursement for approved expenses

1. Gather all receipts from higher education purchases, for example:

  • Transportation
  • Laptop
  • Semester fees
  • Tuition
  • Other expenses (expenses that might not fit in the general definition of college expenses need to be approved) 

2. Please make sure the amount paid for and description of each product or service purchased (i.e., books, computer, student housing) are legible on the receipt. Receipts that don’t clearly show the price paid and product or service purchased will delay the reimbursement process.  

3. Fill out and sign the BGCB Withdrawal Form. Click HERE to download the BGCB Withdrawal Form.

4. Submit the receipts and the BGCB Withdrawal Form to Inversant’s Boston Coordinator, Bianca Perez, at [email protected]

  • Receipts and withdrawal forms can be scanned or electronically photographed and emailed to Inversant’s Boston Coordinator.
  • Withdrawal forms can be signed electronically. 
  • Once the lockdown order is lifted, these documents can be dropped off at the Boston Coordinator office. Until then, documents will need to be emailed.  

5. You will receive a check at the address you specified on the BGCB Withdrawal Form. 

  • Please note that reimbursement checks can take up to three weeks to receive, once requests are submitted. 
  • Please do not wait until a bill is due to contact Inversant’s Boston Coordinator.

Request payment to your child’s college or university

1. Gather bills from your child’s college or university. 

2. Please make sure the bills show: 

  • the student’s name
  • student ID number
  • the date the bill is due. 

3. Fill out and sign the BGCB Withdrawal Form. Click HERE to download the BGCB Withdrawal Form.

4. Submit the bills and  BGCB Withdrawal Form to Inversant’s Boston Coordinator, Bianca Perez, at [email protected]

  • Bills and withdrawal forms can be scanned or electronically photographed and emailed to Inversant’s Boston Coordinator.
  • Withdrawal forms can be signed electronically. 
  • Once the lockdown order is lifted, these documents can be dropped off at the Boston Coordinator’s office. Until then, documents will need to be emailed.  

5. A check made payable to the institution will be mailed directly to the college or university. Your student’s ID number will be visible on the check.

  • Please note that checks can take up to three weeks to arrive at the college or university. 
  • We recommend calling the college or university to let them know a check is on its way and to ask someone to notify you once the check arrives.
  • Please do not wait until a bill is due to contact Inversant’s Boston Coordinator.

If you have any questions about the saving match or the expense reimbursement or payment processes, please contact Bianca Perez at [email protected].

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BY THE NUMBERS

  • 1,784 Student Graduates
  • 3,921 Family Program Completions
  • $1,729,844 Savings Matched
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