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.
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.
Adding Banking Information
Log In: Visit the MI 529 Advisor Plan account portal at miadvisor-529.com and log in with your credentials.
Navigate to Bank Information: Once logged in, go to the section for managing bank information or recurring contributions.
Add Bank Details: Log into your Backpack account to get your Backpack bank details Enter your new bank account information, including:
Bank Name
Account Type (Checking or Savings)
Routing Number
Account Number
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
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