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How do I link to my 529 and withdraw?

Adding your Backpack account as a new bank or financial institution so that you can withdraw your 529 funds to your Backpack account

Updated over a week ago

You need to add your Backpack account as a new bank / financial institution to your 529 account. This is how you'll be able to seamlessly withdraw funds directly into your Backpack account, making them available for use.

A couple of quick tips:

  • Your Backpack account acts just like regular bank account e.g. Chase or Bank of America bank account.

  • Your Backpack account & routing number are unique to your Backpack account.

  • Don’t worry, this is a one time setup, making future tuition payments simpler.

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 new bank / financial institution to your 529 account

1. Log in to your 529 Plan’s Portal

2. Go to add a New Bank or Financial Institution

Some 529s link to this directly on the home page, for others you'll find it under your profile / settings.

  • Example: Texas College Savings 529 - "View/Add Bank Account" on the homepage

  • Example: Florida 529 - "Enter New ACH Financial Information" under your profile page

3. Enter your new Backpack Account and Routing numbers

Enter your Backpack account details as follows:

  1. Routing Number: 086518891

  2. Bank Name: OLD MISSOURI BANK

    1. Note the Bank name may auto-populate when you enter the routing number. Backpack's banking services are provided via OMB Bank, FDIC (formerly know as Old Missouri Bank).

  3. Bank Nickname: "Backpack" or up to you

  4. Bank Account Number: Your Backpack Account Number

    1. Note: Your Backpack Account & Routing numbers can be found on your Backpack Dashboard or under the Settings tab. For more information on how to locate your Backpack Account & Routing numbers see here.

  5. Bank Account Owner(s) Name: The name of the Backpack account owner i.e. your name if you created the Backpack account

  6. Bank Account Type: Select "Checking"

Withdrawing 529 Funds to Backpack

To fund your Backpack account and complete your tuition payment, you’ll need to withdraw money from your 529 plan. While each provider uses slightly different terms, like “sell shares”, “make a withdrawal”, or “trade”, the steps generally follow the same flow.

  1. Log in to your 529 Plan's portal.

  2. Navigate to the beneficiary’s plan details.

  3. Look for an option such as:

    • “Make a Withdrawal”

    • “Sell Shares”

    • “Trade” or “Distribute Funds”

  4. When asked who should receive the funds, select:
    “To Account Owner – Electronic payment to a bank account.”

  5. Choose your Backpack account, which may appear as Old Missouri Bank.

  6. Enter the amount you'd like to withdraw and complete the steps to submit the transfer.

Processing Time & Notes:

  • Withdrawals can take up to 4 business days to deposit into your Backpack account.

  • Before funds are sent, your 529 plan will often need to sell your investment holdings, this is a standard part of the process (takes 1-2 days).

  • You'll receive a notification from Backpack once the funds arrive.

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