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 (MACS) 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 Mississippi Affordable College Savings Program
Adding Banking Information
Log into your MS529
Select Profile from the top menu, then select Update 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 log into your MS529
Log into your Backpack account and find the two penny deposits made under the "Transactions" section of your 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”
Congrats you have successfully linked your account!
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 MS529 account
Under "Financials", Click "Withdrawals"
Request a Withdrawal
Populate the following details
Withdrawal Type
Select Recipient for your Withdrawal
Select Account Owner
Select the Reason for your Withdrawal
Select: Pay for Beneficiary’s qualified higher education expenses
Select the Method for Withdrawal
Select: ACH
Transfer my Funds to
Backpack account on file
5. Select the Type of Withdrawal
6. Select the Amount of Withdrawal
7. Confirm with 2FA Authorization and Submit
8. 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.