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 NJBEST 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 NJBEST 529 College Savings Plan
Adding Banking Information
Log into your NJBEST 529 College Savings Plan account
To add bank information 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 NJBEST 529 College Savings Plan
To sell fund shares:
Scroll down to your "Education Savings Portfolios", and from the drop down, choose "Sell Shares"
Please note: For your initial distribution directly to a school, you must call NJBEST 529 or submit your request in writing. After this initial request, you may make future distributions via your online account.