To send funds from your John Hancock account directly into your Backpack account, you'll need to add Backpack as a new bank account to your John Hancock 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
Overview of steps:
Go to your John Hancock Portal and log in with your credentials.
To add a bank account to your John Hancock Freedom 529 Educational Trust of Alaska, you'll need to complete and submit 529 Account Features Form. You'll likely need to provide a voided check or a bank letter confirming your account details.
When prompted to Add Banking Details, 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]