Why:
To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your 529.
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.
Adding Banking Information
Log into your 529 account
Head to "Profile & Documents"
Select "Bank Information"
Click "Add a New Bank" at the bottom of the screen
On the Bank Information screen you'll be asked to enter the below information
Log into your Backpack account to get your Backpack bank details
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
Click Next and review before submitting your new bank details
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 529 account.
Select "View Details" for the beneficiary plan you wish to withdraw funds from
Select "Make a withdrawal" from the lefthand side menu
On the Make a Withdrawal page follow the instructions and under "To whom should we send the funds?" select "To Account Owner, Electronic payment to a bank account"
Select your Backpack account (typically named Old Missouri Bank). Note: Banking services for Backpack are provided by Old Missouri Bank (OMB).
Follow the remaining steps to enter the amount and submit the withdrawal.
Note:
Withdrawals from a 529 Plan can take up to 4 business days before they are deposited into to your Backpack account.
Withdrawing from your 529 Plan typically requires your 529 Plan to "sell" your investment position before they can initiate an ACH transfer.
Backpack will notify you when your funds are deposited into your Backpack account.