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 Putnam 529 for America
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 Putnam 529 for America
Adding Banking Information
Log into your Putnam 529 for America account
To add bank information, on the left-hand side menu, select “Account options” and click on “Bank Information” and choose “Add bank account.”
Log into your Backpack account
Enter your Backpack account details into the Alaska 529 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
7. Submit to complete account linking.
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.
Initiate distribution online by signing in to your Putnam 529 for America
To sell fund shares:
If you have multiple accounts, select the desired account.
From the left-hand menu, select "Move my money” and then “Sell."
Select whether you want to sell by dollar, percent, or by shares.
Select the fund(s) you want to sell and click “Select fund.”
Enter the amount you want to sell and where you would like the proceeds to be sent.
Choose “Continue,” review the summary, and then select “Submit.”