Why:
Use this article to learn how to link and withdraw your 529 funds directly into your Backpack account. Hint: you need to add Backpack as a bank / financial institution on your Bright Directions 529 account.
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 Bright Directions 529:
Adding Banking Information
Log into your Bright Directions 529 account
Under “Account” Select “Bank Information”
Click “Add New Bank for ACH”
Enter your Backpack account details into the "Add New Bank for ACH" section.
Routing Number: 086518891
Bank Name: OLD MISSOURI BANK
Note the Bank name should auto-populate when you enter the routing number. Backpack's banking services are provided via OMB Bank, FDIC.
Bank Nickname: "Backpack" or up to you
Bank Account Number: Your Backpack Account Number
Note: Your Backpack Account & Routing numbers can be found on your Backpack Dashboard or under Settings.
Account Owner(s) Name: The name of the Backpack account owner i.e. your name if you created the Backpack account
Bank Account Type: Select "Checking"
Once all information has been entered, click the "Verify" button on the bottom right of the form.
Bright Directions 529 used Plaid to connect the account. Click "Continue".
Search “BACKPACK” in "Select your institution"
Note: Make sure to search Backpack and NOT OMB Bank
Select “Backpack” as your institution
Enter your email address associated with your Backpack account.
"Verify your identify" by inputting the verification code sent to the email on file
Confirm your Backpack 529 account and click "Continue" to finish linking your Backpack account to Bright Directions 529.
Once you have successfully linked your account, you will be returned to the main page. Click SUBMIT to confirm adding your account.
Your Backpack bank information will appear on your Bright Directions 529 profile.
Congrats you have successfully linked your account!
Withdrawing to your Backpack Account
It’s tuition time! Let’s withdraw funds from your 529 into your Backpack account so you can make your tuition payment
Log into your Bright Directions account
Under "Investments", Click “Transact Online”
Click "Withdrawal"
Follow the steps to select your Backpack account as the withdrawal destination and enter the amount to withdraw
That's it. It typically takes 3-4 business days to process your withdrawal request - your investments are liquidated and then transferred electronically to your Backpack account via ACH.
Safari browser compatibility troubleshooting tips
If you're using Safari and the Plaid verification window isn’t opening during the verification step, Safari may be blocking pop-ups or content windows. Here's how to adjust your settings so the window opens properly:
Steps to Allow Pop-Ups in Safari:
Log in to Bright Directions
Open Safari Settings for This Website
At the top left of your screen, click on Safari in the menu bar.
Select Settings for portal.ubtrust.com... from the dropdown (as shown in the screenshot).
Disable Content Blockers
In the settings window that appears, uncheck the box labeled "Enable content blockers".
This allows Safari to open the pop-up window used for verifying your bank account.
Retry the Bank Verification
Go back to the Bank Information section in Bright Directions
Relaunch the bank verification step and the Plaid window should now open correctly.
