To send funds from your BlackRock CollegeAdvantage 529 Plan account directly into your Backpack account, you'll need to add Backpack as a new bank account to your BlackRock CollegeAdvantage 529 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 BlackRock CollegeAdvantage 529 and log in with your credentials.
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]
Please note, if BlackRock CollegeAdvantage 529 is prompting you to provide additional information, you may need to complete and submit BlackRock Account Maintenance Form. You'll also need to attach a bank letter. To request a bank letter, please click below.
Funding your Backpack Account
Once your Backpack account (listed under Old Missouri Bank) has been verified by BlackRock, you’ll be able to transfer funds directly from your 529 plan.
Tip: Before starting, it’s a good idea to confirm with BlackRock that your Backpack bank account has been fully verified. If it isn’t, it won’t appear as a payment destination during the transfer.
Steps to transfer funds:
Log in to your BlackRock 529 portal.
Go to the “Trading” tab and select “Sell Fund.”
For the Recipient, choose “Distribute to the account owner.”
When asked if the funds will be used to reimburse for higher education expenses, select “Yes.”
This confirms the withdrawal is for a qualified education expense.Under Transaction details, choose your Backpack (OMB Bank) account as the payment destination.
➜ If the option doesn’t appear, the account is still being verified by BlackRock.Enter the amount you'd like to transfer and submit.
Once the funds arrive in your Backpack account, any pending tuition payment will be automatically completed and sent to the university, no further action is needed.