It’s tuition time! Let’s withdraw funds from your 529 into your Backpack account so you can complete your tuition payment
Key things to know:
The withdrawal must be electronic (ACH)
Funds should be sent to the 529 account owner
The receiving bank account should be your Backpack account (listed as Old Missouri Bank)
Here's what you need to do:
Log into your College Counts 529 account
Under "Investments", Click “Transact Online”
Click "Withdrawal"
Select "Qualified Withdrawal"
Select "Withdrawal Option" > "Partial" or "Full"
Select "Amount"
Scroll down and choose your Backpack account, which may appear as Old Missouri Bank.
Select the "Bank Account" to "Account Owner"
Click Submit
That's it. Funds typically take 3-4 business days to complete, depending on the 529 Provider. 529 Plans typically take 1-2 days to liquidate the investment and initiate the transfer and then 1-2 days to complete the ACH transfer to your Backpack account. But don't worry, as soon as your funds are deposited you will get a notification from Backpack