Selling shares
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Selling shares
You may withdraw money from your account at any time, although online and phone redemptions are not available for certain types of accounts. You should always talk to your financial professional before selling shares. He or she can offer advice and help you make decisions that fit your long-term financial plan.
You can sell shares on our website by visiting Your Accounts, by calling us or via mail. See Options for managing your account for details.
When you sell shares, the price you will receive is the next closing net asset value. This value may be more or less than your original purchase price, so please keep in mind that the sale may trigger a gain or loss for tax purposes.
The maximum daily redemption amount is $75,000 per Social Security number. Redemption checks will be mailed to the address on your account, provided that address has not changed in the last 10 days. If sending funds directly to a bank account, any new instructions or updates will be subject to a 10-calendar-day hold before using this option. It will be mailed the next business day if the request is received before 4 p.m. Eastern time, the close of the New York Stock Exchange®, or it will be automatically deposited into your bank account within three business days if you have enrolled in FundsLink®.
If your account value drops below the investment minimum after you sell shares, the fund may, with 60 days written notice, close your account.
Notes about selling Class B and Class 529-B shares
Class B and Class 529-B shares have a contingent deferred sales charge (CDSC) that you will pay only if you sell shares within the first six years of each purchase.
Class B and Class 529-B share
contingent deferred sales charges
| Year Sold | CDSC |
|---|---|
| 1 | 5% |
| 2 | 4% |
| 3 | 4% |
| 4 | 3% |
| 5 | 2% |
| 6 | 1% |
The CDSC for Class B shares is waived for death, disability, certain exchanges of shares, tax-free returns of excess contributions to IRAs, required retirement plan distributions (after age 70-1/2), the complete termination of a trust upon the occurrence of a particular event as specified in the trust document, the complete termination of a trust upon the death of the trustor/grantor or beneficiary, and only if such termination is specifically provided for in the trust document, and systematic withdrawal programs up to 12% of account value per year. The CDSC for 529-B shares is waived for the beneficiary’s death, post-purchase disability and receipt of scholarship. Class B shares are not available for certain types of employer-sponsored retirement plans.
If you specify a dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any CDSC, equal the amount requested.
Class B and Class 529-B shares carry higher annual expenses than Class A and Class 529-A shares for the first eight years. After eight years, Class B and Class 529-B shares convert to Class A and Class 529-A shares, respectively.
Notes about selling Class C and Class 529-C shares
Class C and Class 529-C shares have a 1.00% contingent deferred sales charge (CDSC) that you will pay only if you sell shares within the first year of each purchase. The CDSC for Class C shares is waived for death, post-purchase disability, certain exchanges of shares, tax-free returns of excess contributions to IRAs, automatic redemptions that do not exceed 12% of the account value, the complete termination of a trust upon the occurrence of a particular event as specified in the trust document, and certain retirement distributions (after age 70-1/2). The CDSC for 529-C shares is waived for the beneficiary’s death, post-purchase disability and receipt of scholarship.
If you specify a dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any CDSC, equal the amount requested.
Class C and Class 529-C shares carry higher annual expenses than Class A and Class 529-A shares for the first 10 years. After 10 years, Class C shares convert to Class F-1 shares. Class 529-C shares do not convert.
Establishing an automatic withdrawal plan
You can make automatic withdrawals of $50 or more as often as you wish. You can designate the day of each month for withdrawals and have them electronically deposited in your bank account, or you can request that checks be sent to you or to someone else.
To establish systematic withdrawals you first need to enroll in FundsLink by completing the FundsLink form for non-retirement accounts (
PDF*), retirement accounts ( PDF) or CollegeAmerica accounts ( PDF). This free service links your American Funds account(s) to your checking or savings account.
Once you have enrolled in FundsLink, you can contact your financial professional to set up an automatic withdrawal plan. You can also go to the Account Summary page in Your Accounts and click Services for this account to establish an automatic withdrawal plan. Or call a Shareholder Services Representative.
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Taking dividends in cash
You can have dividends paid directly to you or to someone else. With FundsLink, your dividends can be electronically deposited into a checking or savings account. To elect these options, please contact your financial professional, go to the dividend and capital gains options page in Your Accounts or call a Shareholder Services Representative.
Money market checks
You can write checks for $250 or more against your Class A share account(s) in these funds:
- The Cash Management Trust of America®
- The U.S. Treasury Money Fund of AmericaSM
- The Tax-Exempt Money Fund of AmericaSM (not available for certain retirement plans)
Your money continues to earn daily interest until the checks clear the fund’s bank. Each month, you will receive photo images of your cleared checks on 8" x 11" statements.
To set up check-writing privileges, please contact your financial professional, or call a Shareholder Services Representative. A book of 20 checks will be mailed, generally within three weeks. Check-writing privileges are not available for Class B or Class C share accounts.
Please note: for your security you must wait 10 calendar days to order money market checks after updating your address, name or other account registration information.
IRA distributions
You can sell shares from your Capital Bank and Trust Company (CB&T) traditional, Roth, SIMPLE and SEP/SAR-SEP IRA on our website by visiting Your Accounts, by phone or by mailing the appropriate distribution form from the Forms section. See Options for managing your account for details.
CollegeAmerica 529 distributions
You can sell shares from your CollegeAmerica 529 accounts on our website by visiting Your Accounts. You can also call us or mail the appropriate distribution form from the Forms section. See Options for managing your account for details.
For more information
If you have questions about buying shares, please contact your financial professional. You can also call a Shareholder Services Representative at 800/421-0180, from 8 a.m. to 8 p.m. Eastern time, Monday through Friday. If you are outside the U.S., contact your operator to call us collect at 757/670-4900 between 8 a.m. and 5 p.m. Eastern time, or 949/975-5000 between 11 a.m. and 8 p.m., Monday through Friday.
CollegeAmerica is sponsored by Virginia College Savings Plan. But you can invest no matter where you live, and your beneficiary can go to school in any state. However, if you reside in a state other than Virginia, there may be an in-state plan that offers tax and other benefits not available through CollegeAmerica. Before investing in any state’s 529 plan, you should consult your tax adviser.