Coverdell Sucks Customer Reviews and Feedback
A Coverdell education savings account (also known as an education savings account, a Coverdell ESA, a Coverdell account, or just an ESA, and formerly known as an education individual retirement account), is a tax-advantaged investment account in the U.S. designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, uniforms (for the same year as the distribution). It is found at Section 530 of the Internal Revenue Code (26 U.S.C. § 530). Coverdell ESAs were first introduced under the Taxpayer Relief Act of 1997.
Andrea Williams mentioned for U.S. News some of the cons of using Coverdell accounts for college savings such as, "There are age limits for beneficiaries. All funds in a Coverdell ESA must be disbursed to the beneficiary before he or she turns 30, which could be a problem if the child decides to take some time off from college or hopes to use the funds for graduate school. If the funds are not removed from the account, they will be forced out and a 10 percent penalty, as well as income tax, will be due.
There are yearly and income-based contribution limits. While the investment options within Coverdell ESAs are virtually unlimited, the amount that can be invested is not. Parents are only allowed to invest up to $2,000 per year, per beneficiary, and that contribution limit is lower if parents make more than a certain amount in income. "
Former Employee - Customer Service Representative says"I worked at Coverdell full-time for less than a year Cons: Takes months to see commission even though u earn it, they put way too much pressure on u to knw everything right away, management has terrible attitudes, if u live further south then downtown it will tak u two hrs to get to work and two hrs to get home! Not worth the drive or time."
Former Employee - Anonymous Employee says"I worked at Coverdell full-time Cons: Terrible work environment stressful no breaks supervisors very unprofessional especially KC"
says"I worked at Coverdell for more than 3 years Cons: There was no room for growth"
Former Employee - Anonymous Employee says"I worked at Coverdell full-time Cons: Poor communication, no opportunities for advancement, inflexible, old school management style - top down direction."
Former Employee - Anonymous Employee says"I worked at Coverdell full-time for more than 10 years Cons: Few or no long term challenges Lacks opportunities for growth Lacks training Slow computers due to remote monitoring Low pay"
Former Employee - Anonymous Employee says"I worked at Coverdell full-time Cons: Small company so it's all about who you know and who likes you. No advancement opportunities unless you're related to or friends with the CEO"
says"I worked at Coverdell for less than a year Cons: Management change things too frequently. Also, they need to be more organized and treat their employees with more respect."
Former Employee - Customer Service says"I worked at Coverdell full-time for less than a year Cons: Poor work environment QA team is awful and not coaching, just critical Poor feedback from management Lack of guidance on your role"
says"I worked at Coverdell Cons: New opportunities are in progress."
Client Services Member says"I have been working at Coverdell Cons: Atlanta office is shutting down and positions are being relocated to Chicago. With that said, cons: -Very clique-ish environment - especially from Director-level on up -Jobs generally pay less than the market -Work is tedious and implementation heavy - especially if you are on Client Services team -Marketing efforts are behind the times and there is little effort to change -Attitude of the Chicago office is piss-poor to say the least -Operations departments are less than cooperative when it comes to any type of change. You will experience push-back and tremendous tit-for-tat in EVERYTHING you do. Good luck. You will need it!!"
In The News
Eugene Weekly reports"Stolen Labor and Stolen Land"
Motley Fool reports"Ask a Fool: What's Wrong With Using a Coverdell ESA to Save for College?"
Yahoo Finance reports"American IRA Discusses How to Handle Self-Directed Coverdell Savings Accounts During a Crisis"
AZCentral reports"Group will ask Arizona voters to ban expansion of state's school voucher program"