BALTIMORE — The issues with Maryland 529 Prepaid Trusts aren't over, after showing six percent interest compounded since the beginning of the account at the end of 2021.
The former board decided to freeze everything but the principal people put in.
The legislature dissolved the previous board and gave the 529 program to the Treasurer's Office.
Then Treasurer Dereck Davis announced last month the accounts would be getting their six percent interest payments from the time the account was open.
RELATED: Treasurer announces retroactive 6% earnings rate for prepaid college trust
But some people aren't seeing that money.
"What does your account say when you go online," we asked Isabel Cumming, Baltimore City Inspector General and an account holder.
"It says canceled and under interest it says unavailable and those are scary scary terms," said Cumming.
Cumming is part of a smaller group of account holders that took the rollover early.
"They needed the money, that's rightfully theirs to pay for school, because of the mess with 529, they're having to go through a claims process to get their interest payments," Cumming said.
"We don't know when the claims process is going to be up and running so now we wait for the claims process to be up and running and they ask us please have patience. You know what, we've had patience for two years now, enough is enough this money is rightfully ours," said Valerie Dyer.
Both accounts have about $30,000 in interest that the parents can't access.
They've covered this fall's bills but both kids have more college to get through.
Parents are anxiously awaiting the money to hit the account.
"January, we definitely, absolutely need the money by January," said Cumming.
"It's going to be very tight, we'll make it happen somehow we're not going to take that away from her it'll be a struggle," said Dyer.
The Treasurer's Office says these accounts will be credited with the six percent but account holders want their money now.
