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 Bloomwell 529 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 Bloomwell 529 Education Savings Plan:
Adding Banking Information
Log into your Bloomwell 529 Login
Under “Account” Select “Bank Information”
Click “Add New Bank for ACH”
Log into your Backpack account
Enter your Backpack account details into the "Add Bank Information" section.
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
Backpack Account & Routing numbers can be found on the Backpack Dashboard or under Settings.
Verification of your account
Select "Verify"
Bloomwell used Plaid to connect the account. Click "Continue"
Search “Backpack”
Select “Backpack” and enter your email address associated with your Backpack account.
"Verify your identify" by inputting the verification code sent to the email on file
Select your Backpack 529 account and click "Continue" to finish linking your Backpack account to Bloomwell
Once you have successfully linked your account the bank information will appear on your Bloomwell profile
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 Bloomwell 529 Login
Under "Investments", Click “Transact Online”
Click "Withdraw"