Why:
Use this article to learn how to withdraw your 529 funds directly into your Backpack account. Hint: you need to add Backpack as a bank / financial institution on your VHEIP account.
Benefits:
This easy setup will enable seamless future tuition payments and allow you to spend your 529 on textbooks, laptops, groceries, and more with just one click.
Linking Backpack Account to your VEIHP 529:
Adding Banking Information
Log into your VHEIP Account
Select Profile from the top menu, then select "Manage Bank Information"
Click “Add Bank Information”
Log into your Backpack account
Enter your Backpack account details into the VHIEP Add Bank Information section. Backpack Account & Routing numbers can be found on the Backpack Dashboard or under Settings.
Bank Name: [Backpack]
Bank Routing Number: [Your Backpack Routing Number]
Bank Account Number: [Your Backpack Account Number]
Bank Account Registration: [Your Name]
Bank Account Type: Select Checking
Verification of your account
After 1-2 business days log in to your Backpack Account to verify your bank account with VHEIP
Log into your VHEIP Account
Go to the “Profile” menu, select “Bank Information” and click the “Verify" Button next to the bank account.
In the “Verification” box, please enter the deposit amounts from number one above. Click “Submit."
Withdrawing to your Backpack Account
It’s tuition time! Let’s withdrawal funds from your 529 into your Backpack account so you can make your tuition payment
Log into your VHEIP Account
Click "Withdrawals" under "Financials"
Request a Withdrawal
Please note the following hold periods may apply to your withdrawal:
Withdrawals including funds from a recent contribution will be processed on the applicable trade date, but funds may not be sent for ten (10) calendar days to allow sufficient time for the contribution to clear.
Changes to a mailing or email address, or directing a withdrawal to a new bank or other financial account require fifteen (15) calendar days before any withdrawals are sent to you.
If the account has been transferred to a new Account Owner, the new Account Owner must be in effect for at least fifteen (15) calendar days before a withdrawal can be requested.