Why:
To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your NY's 529 College Savings Program
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 NY's 529 College Savings Plan:
Adding Banking Information
Log into your NY's 529 College Savings account
Go to "Profile"> "Bank Information"> "Add a New Bank"
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 NY's 529 College Savings account
Click “Withdrawal”
Select a relevant Withdrawal funds reason
Under “To whom should we send the funds” Select your Backpack account and click “Next"
Select "How much you would like to withdraw"
Select how you would like to withdraw the fund
Type the amount of the withdrawal. Review and Submit and receive confirmation. This will likely take 1-3 business days to reach your Backpack account. Please note, after adding your Backpack account you will need to allow 15 days for withdrawals by electronic transfer.