To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your CollegeAmerica 529 account. This easy setup will enable seamless future tuition payments and allow you to spend your 529 on textbooks, laptops, groceries, and more with just one click.
Adding Backpack as new bank account
To add your Backpack account as a new bank within your CollegeAmerica 529, you need complete the following CollegeAmerica form:
Add/Update Bank Information form (PDF): https://www.capitalgroup.com/individual/pdf/shareholder/editable/mfgefm-028_eftchgfm.pdf
Steps on completing the form:
Complete the “Information about you” section, making sure to fill in your American Funds account number associated with your 529.
Under “Link bank information to purchase and sell shares” select Both.
Under “Bank information” ****section:
Select the option The bank information below is in addition to the bank information currently on file
Enter your Backpack account details (these can be found on your Backpack Dashboard when you first log in to Backpack):
Bank Name: [Backpack]
Bank Routing Number: [Your Backpack Routing Number]
Bank Account Number: [Your Backpack Account Number]
Bank Account Registration: [Your Name]
Bank Account Type: Select Checking
Backpack Account & Routing numbers can be found on the Backpack Dashboard or under Settings.
Along with your form, you’ll need to submit a bank letter with your Backpack account credentials such as routing and account number. Click below to request a bank letter from Backpack.
Sign and date the first line under Signature of fund account owner.
You can submit your form online using Capital Group’s online submission tool - www.capitalgroup.com/submit
Note:
Once Capital Group receive and process the request, there is a 10-calendar-day hold before you can withdraw to your new Backpack Account. After this initial hold is over, you’ll then be able to withdraw to your Backpack Account at anytime.
For more information about withdrawals on the Capital Group website, visit here.
Backpack's banking services are provided via OMB Bank. When you add your Backpack account it will be shown as OMB Bank in Capital Group.
If you want to confirm that Backpack has been successfully added to your Capital Group account, you can initiate a withdrawal (see below) and should see "OMB Bank" as an option to transfer to under payment options.
Making withdrawals to Backpack
Login to your Capital Group account
Go to your 529 Account and click Sell
Under Payment Method, select "Deposit in: OMB Bank Checking"
Note: Backpack's banking services are provided via OMB Bank. When you add your Backpack account it will be shown as OMB Bank in Capital Group.
Click Submit
Note:
Withdrawals to your Backpack account can take up to 3 business days to be deposited. You will receive an email once your funds have been received.
If you are still within your 10 day hold period, you will not be able to select "Deposit in: OMB Bank checking".