Why:
To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your Maryland 529 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.
Linking Backpack Account to your Maryland 529 Plan
Adding Banking Information
Log into your Maryland 529 Plan 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 Maryland 529 Plan
Under "View Details"
Click "Make a Withdrawal". Please note, there is a 15-day hold on withdrawals during initial set up.
