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
Visit the Florida 529 Savings Plan website.
Log in to your account using your username and password.
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
You will see fields where you can enter your Backpack OMB bank account information
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.