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:
Routing Number: 086518891
Bank Name: OLD MISSOURI BANK
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).
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 the Settings tab. For more information on how to locate your Backpack Account & Routing numbers see here.
Bank 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"
4. Withdraw 529 Funds to Backpack
In your 529, initiate a withdrawal to your Backpack account.
Note: Some 529 Plans will allow you to immediately withdraw funds to Backpack. Others may have a waiting period of up to 15 days (e.g. Texas College Savings). Others will require you to validate by making micro deposits to your Backpack account (e.g. Utah 529). So it's important to link your 529 to Backpack as soon as you can and complete the steps specific to your 529 plan before making a withdrawal.