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Florida Investment 529 Plan

Updated over a week ago

To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your 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.

Don’t worry, this is a one time setup, making future tuition payments and the ability to spend your 529 on Textbooks, laptops, groceries and more a one-click process.

Follow our step-by-step guide below or you can also watch the video walkthrough below.

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.

Step-by-step guide:

Step 1: Log in to Your Florida 529 Plan Account

Step 2: Click on "Payments"

  • Once logged in, click on your Payments menu item located at the top of the page.

Step 3: Click on "Manage Financial Institutions"

  • On the payments page, click the "Manage Financial Institutions" tile to be taken to the page which has all your existing linked bank accounts

Step 4: Add Financial Institution

  • Click the yellow button to add a new financial institution

  • You may already have a bank account linked, your Backpack account will be added in addition to your existing linked accounts

Step 5: Add Your Backpack Bank Account Information

  1. You will see fields where you can enter your Backpack OMB bank account information

  2. Enter your Backpack account details (these can be found on your Backpack Dashboard when you first log in to Backpack, see screenshot below):

    • Financial Institution: Backpack

    • Routing Number: 086518891

    • Account Number: [Enter your Backpack account number]

    • Account Type: Checking

    • Click Save Changes

Backpack Account & Routing numbers can be found on the Backpack Dashboard or under Settings.

Note: Your Backpack account may show as OMB Bank. Backpack is a financial technology company, not a bank. Banking services are provided by OMB Bank, Member FDIC.

Step 6: Verification Period

  • The Florida 529 plan takes up to 15 days to verify your newly added bank account.

  • Once you have added your Backpack account to your Florida 529, make sure to confirm in Backpack that you've linked by clicking "I've linked my 529". This step is found by going through the "Link 529" flow.

  • Backpack will notify you once your 15 day hold is over and you can make a withdrawal to your Backpack account.

Making a Withdrawal

Step 1: Select Student / Beneficiary

  • On the left hand side menu, select the student (beneficiary) account that you wish to make a withdrawal for

Step 2: Select Use Plan

  • On the plan overview page, in the middle of the screen click "Use Plan"

Step 3: Use Investment Plan

  • Under use my student's plan, click the yellow button to "Use Investment Plans"

Step 4: Make an Investment Plan Withdrawal

  • Fill in the details for your withdrawal:

    • For the benefit of = select "Beneficiary"

    • Pay Method = "Electronic Funds Transfer (ACH)"

    • Pay To = Select your Backpack bank account

    • Enter the withdrawal details including amount

    • Click "Review & Finalize"

Step 5: Review your withdrawal

  • Review the details of your transfer before clicking "Complete Withdrawal"

Step 6: Funds transfer takes up to 3-4 business days

  • Note, the transfer may take up to 3-4 business days to complete

  • 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

  • Don't worry, as soon as your funds are deposited you will get a notification from Backpack

  • If you haven't already, setup a pending tuition payment. This will be automatically completed when once your funds are deposited into your Backpack account.

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