To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a new bank / financial institution on your Texas College Savings 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.
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 Bank Account
Log in to your Texas College Savings Account:
Visit the Texas College Savings website and log in using your credentials.
Navigate to "View / Add Bank Account":
From the home page, click on “View / Add Bank Account” in the left hand menu
Click "Add New Bank for ACH"
This will open a new window
Note: If a new window/tab does not open and you are using Safari, see the instructions below for how to troubleshoot.
Texas College Savings uses Plaid to verify your new bank account
Click "Continue as guest"
Search for your bank and type "Backpack"
Enter the email address associated with your Backpack account
Check your email for an OTP code and enter the code to verify your identity
Confirm your Backpack account and select "Continue"
You should see your newly added Backpack account below any existing bank accounts
Withdrawing to your Backpack account
Click "Monetary Transactions" from the left hand side menu
Select Withdrawal
Select "Qualified Withdrawal" and if only withdrawing part of your 529 funds to Backpack, then select "Partial"
Next enter the amount you want to withdraw, typically your tuition bill amount
Then under "Select Payee", select your Backpack bank account.
Confirm the Backpack account belongs to you, the Account owner
Finally, review the withdrawal before clicking "Submit"
That's it, the funds are on their way to your Backpack account. If you have already created a pending Tuition payment in Backpack, when your funds are deposited the payment will be automatically completed.
Note: Funds typically take 3-4 business days to be deposited. 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. But don't worry, as soon as your funds are deposited you will get a notification from Backpack
Safari browser troubleshooting tips
If you're using Safari and the Plaid verification window isn’t opening during the CollegeCounts account setup, Safari may be blocking pop-ups or content windows. Here's how to adjust your settings so the window opens properly:
Steps to Allow Pop-Ups in Safari:
Log in to CollegeCounts
Open Safari Settings for This Website
At the top left of your screen, click on Safari in the menu bar.
Select Settings for portal.ubtrust.com... from the dropdown (as shown in the screenshot).
Disable Content Blockers
In the settings window that appears, uncheck the box labeled "Enable content blockers".
This allows Safari to open the pop-up window used for verifying your bank account.
Retry the Bank Verification
Go back to the Bank Information section in CollegeCounts.
Relaunch the bank verification step and the Plaid window should now open correctly.
