To send funds from your Merrill Lynch account directly into your Backpack account, you'll need to add Backpack as a new bank account to your Merrill Lynch account. This is a one-time setup that will make future transfers quick and easy.
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 Backpack as a Bank Account
Merrill Lynch offers two ways to add an external bank account, (1) Instant Verification and (2) Deposit Verification.
You will use the (micro) deposits method to verify your Backpack account.
Backpack is a passwordless account (using your phone number to log in), which enhances security but does not provide you with a traditional username & password that the instant account link requires. Entering any details into the username / password in instant verification will fail and bring you to the manual verification method.
Overview of steps:
Go to your Merrill Lynch Portal and log in with your credentials.
Go to the "Transfers" or "Move Money" section from the homepage.
Click on "Add an External Account".
Select Manual Verification
Enter Your Backpack Account Details (found on your Backpack Dashboard):
Bank Account Owner: [Your Name]
Bank Account Type: Checking
Routing Number: [Your Backpack Routing Number]
Note: The bank may show as “Old Missouri Bank” — Backpack’s banking services are provided through Old Missouri Bank (OMB), a chartered bank who hold Backpack's accounts.Account Number: [Your Backpack Account Number]
Verifying Backpack Using Micro-Deposits
Merrill Lynch will send two small deposits (typically a few cents) to your Backpack account within 1–2 business days. Once you receive the deposits, login to your Merrill Lynch account and go to verify