Backpack Payment Technologies Inc. (”Backpack”) is a secure payments platform purpose-built for higher education. Backpack is a financial technology company, not a bank. Banking services are provided by OMB Bank, Member FDIC.
When you create a Backpack account, you’re actually opening a personal checking account that’s issued by OMB Bank. OMB was formerly known as Old Missouri Bank (OMB), which is sometimes auto-populated in the bank name field when entering your Backpack account number.
Other FAQs
Are these accounts FDIC-insured?
Yes. These accounts are FDIC-insured through OMB Bank and function like any personal bank account used for ACH withdrawals.
Who does Backpack partner with for banking services?
Backpack partners with OMB Bank and function like any personal bank account used for ACH withdrawals.
Whose name is the Backpack account in?
Backpack accounts are standard U.S. checking accounts held in the name of Backpack account owner.
What type of account are Backpack accounts?
Backpack accounts are standard, individually held personal checking accounts - no different to a Chase or Capital One checking account.
Who does the routing number belong to?
The routing number on Backpack accounts is the routing number for OMB Bank. This is why you may see OMB Bank appear as the bank on record when inputting or verifying the account information.
Is Backpack secure?
Yes. Backpack partners with OMB Bank, a state-chartered bank that adheres to strict regulation and requirements set by the FDIC. The FDIC regularly examines the bank, including Backpack’s program.
What are Backpack accounts used for?
529 plan owners link their Backpack account in order to:
Digitally pay tuition to colleges and universities
Avoid delays, errors, and risks associated with paper checks
Gain proof of delivery and payment for qualified education expenses
Backpack is often recommended by universities as a preferred digital payment method.