Why:
To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your Stable Value Plus 529 College Savings Plan
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.
Do you use a Financial Advisor?
Financial Advisors are familiar with how to add a new bank account (like Backpack's) to investment accounts and will be able to assist with linking your 529 Plan to Backpack.
To help answer any questions your Financial Advisor might have, you can share this guide with them - What Financial Advisors need to know.
Linking Backpack Account to your Stable Value Plus 529 College Savings Plan:
Adding Banking Information
Log into your Stable Value Plus 529 College Savings Plan
Select Account Details from the top menu, then select "Bank Information"
Click “Add New Bank” under Manage Bank Information
Log into your Backpack account
Enter your Backpack account details into the "Add New Bank" 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
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 Stable Value Plus 529 College Savings Plan
Click "Withdrawals" and Select "Create a Withdrawal Request"
Select “Proceed to Withdrawal Request”
Withdrawal Request Type: Qualified Withdrawal
Payee Type: Educational Institution
Select Educational Institution Not Found
Enter the Backpack Address Details:
169 Madison Ave #2477
New York, NY 10016
Mail by Date
Amount Type
Click "Submit Withdrawal Request." Please note, there is a 15-day hold on withdrawals.