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Frequently Asked Questions: Gift Services
01. What is Black Wealth Network Gift Services? What can I give and receive?
02. What are the advantages of giving a Black Wealth Network Savings Certificate?
03. What are the advantages to the recipient of receiving a Black Wealth Network Savings Certificate?
04. What do I do if my gift doesn't go through?
05. Can I send a gift to a minor?
06. What happens if my gift recipient doesn't accept the Savings Certificate or is out of town?
07. Can I give a gift from my own Investment Account?
08. Do I have to use a credit card?
09. How does the gift recipient redeem their gift?
10. How will I know when the gift recipient redeems their gift?
11. How long does the gift recipient have to redeem their gift?
12. Do I get to choose the mutual fund that my gift recipient may invest in?
13. Can I recommend a specific mutual fund for my gift recipient?
14. How much can I give?
15. What are the tax advantages to me of gifting?

Giving to a Minor:

01. If I send a gift to a minor how do they redeem it?
02. Do I need the guardian's email?
03. What information do I need to open up an account for a minor if they have received a gift?
04. If I give a gift to a child, is it possible for his/her parents to spend it, or is it the child's money?
What is Black Wealth Network Gift Services? What can I give and receive?
The Black Wealth Network is pleased to offer Black Wealth Network Gift Services, a unique, easy way to send and receive monetary gifts (called Black Wealth Network Savings Certificates) that can be converted into mutual fund shares. Giving Black Wealth Network Savings Certificates is a terrific way for grandparents, parents, aunts, uncles, and friends to transfer wealth to the younger generations. To give a gift of a Black Wealth Network Savings Certificate, simply fill out the online form by providing your credit card information and the amount of your gift (minimum of $25.00), and your gift will be delivered via email. If the recipient already has an Investment Account through the Black Wealth Network, the monetary gift will be redeemed right into their account. If not, the recipient of a Savings Certificate can open a new Investment Account and apply the monetary gift to a mutual fund. Please note that there is a small credit card processing fee associated with giving a gift.
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What are the advantages of giving a Black Wealth Network Savings Certificate?
  • You can help a friend or relative save towards an important goal such as starting a business, a college education, a new home, or a comfortable retirement.
  • You'll feel good about giving something of current (and potentially greater future) value, and you can share in their appreciation for the gift given.
  • You can help someone learn the benefits of disciplined saving, and the fundamental principle of compound interest.
  • By observing how well the recipient handles the investment, you can determine what types of gifts, if any, you will make in the future. It's a terrific way to check the recipient's financial thinking and maturity.
  • The gift you give is free from the claims of creditors.
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What are the advantages to the recipient of receiving a Black Wealth Network Savings Certificate?
  • The recipient can convert your gift into an investment in mutual funds, which represent a diversified investment, comprised of a variety of individual securities. Mutual funds are managed by a professional investment manager.
  • Once the gift is converted, the recipient's mutual fund investment will be an excellent vehicle for saving towards core financial goals such as college, retirement, or a first home.
  • The recipient can add to their investments themselves on an ongoing basis.
  • Recipients can avail themselves of the educational materials related to financial and investing concepts in the Black Wealth Network Educational area.
  • The recipient can add to their investments by shopping through SaveDaily's affiliated merchants. Shopping rebates from SaveDaily merchants may be transferred into the recipient's mutual fund account. See the Shopping FAQ for information regarding the timing of rebate payments.
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What do I do if my gift doesn't go through?
Call our toll free Participant Support hotline at: 877-728-3359 or email us at support@bwnonline.com.
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Can I send a gift to a minor?
Absolutely. And we would encourage you to do so. The sooner a child begins saving, the greater the opportunity for longer-term gains. Please see the "Giving to a Minor" section of the FAQ below.
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What happens if my gift recipient doesn't accept the Savings Certificate or is out of town?
The recipient will have 30 days to claim the gift. If the recipient does not claim the gift, then your credit card will be credited, and the gift will be considered null and void.
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Can I give a gift from my own Investment Account?
Not yet, but soon the Black Wealth Network will offer its Investment Account holders these 3 options for giving a gift; (1) by using proceeds from their own Investment Account, (2) by funding the gift directly from their registered checking account, and (3) by entering information from a credit card.
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Do I have to use a credit card?
Yes. At this time, you must use Visa, MasterCard, Discover, or American Express. Follow the instructions on the Gift Services homepage to enter your credit card information. See the above FAQ for additional future gift giving options.
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How does the gift recipient redeem their gift?
The Black Wealth Network will send a personalized email to the recipient. By clicking the link embedded within the email, the recipient will be directed to a web page displaying their Black Wealth Network Savings Certificate. They will be asked to validate that they are the designated recipient and to claim the gift. Then, they will be directed to open an Investment Account (if they have not done so already). If they already have an Investment Account, the web page will instruct them to simply apply their gift to their account.
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How will I know when the gift recipient redeems their gift?
You will receive an email informing you that the recipient has claimed the gift.
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How long does the gift recipient have to redeem their gift?
30 days from day the gift was sent.
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Do I get to choose the mutual fund that my gift recipient may invest in?
If you are the custodian of the account, then you may choose the desired investment on behalf of a minor. Otherwise, the choice will be left to the recipient of legal age. (Please note: You should always read the prospectus before investing in any mutual fund.)
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Can I recommend a specific mutual fund for my gift recipient?
You can recommend that the recipient convert the gift into a particular mutual fund allocation. However, the Black Wealth Network recommends seeking professional advice before investing in any mutual fund or allocation.
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How much can I give?
The minimum gift is $25. There is no maximum amount. See below for the tax implications.
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What are the tax advantages to me of gifting?
Your gift of a Black Wealth Network Savings Certificate is non-taxable as long as your gift does not exceed $10,000 per recipient each year. This is an excellent way to reduce your estate or potential estate tax. See your tax advisor for specific information.
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Giving to a Minor
Gifts to minors are covered by the Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minor Act (UTMA). Your gift, once converted by the account's custodian into mutual fund shares, is an example of a UGMA/UTMA gift. These mutual fund shares are registered in the name of the custodian who holds the property for the minor. Once the child reaches adulthood, the money belongs to the child. The custodian can't take it back. The child gets the money at ages 18 or 21, depending on the child's state of residence.
The following section contains information specific to this type of gift.

If I send a gift to a minor how do they redeem it?
A custodian (often the minor's guardian) must open an Investment Account on the minor's behalf. Once the Investment Account has been established, funds can be redeemed within 15 business days.
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Do I need the guardian's email?
Yes, so the guardian will know to establish an Investment Account on the minor's behalf.
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What information do I need to open up an account for a minor if they have received a gift?
You will be required to know their Social Security Number.
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If I give a gift to a child, is it possible for his/her parents to spend it, or is it the child's money?
Once a custodian for the child redeems your gift, the child is the legal account holder of record. The parents (or whoever is the custodian of the account) control the account on behalf of the child. Funds should be used for the benefit and purpose of educating and establishing a solid financial foundation, on which a minor can build toward a secure financial future.
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