To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a new bank / financial institution on your my529 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:
Adding Backpack as a Bank Account
Log in to your my529 Utah Account:
Visit the my529 Utah website and log in using your credentials.
Navigate to "Payments" tab:
From the home page, go to the Payments tab on the left.
Add Bank Account Details:
Click on “Add Bank”.
Enter your Backpack account details (these can be found on your Backpack Dashboard when you first log in to Backpack):
Account Holder: [Your Name]
Bank Account Type: Checking
Routing Number: [Your Backpack Routing Number]
Note: When you enter your routing number, you will see the Bank name auto-populate as “Old Missouri Bank”. Banking services for Backpack are provided via Old Missouri Bank (OMB).
Account Number: [Your Backpack Account Number]
Account Nickname: Something easy to distinguish, like “Backpack”
Click “I Agree”
Above: Your Backpack account & routing number can be found on your Dashboard
Above: Enter your Backpack account & routing number when adding a new Bank account in my529 Utah
Verifying Backpack as a new Bank Account
my529 uses micro-deposits to validate new bank accounts. Two small amounts will be deposited into your Backpack account (typically 1-2 business days) and you will be asked to confirm the $ amount (usually a couple of cents) of the two deposits.
Login to your my529 account and go back to the Payments tab.
Click on "Deposits Received" from My Bank Accounts
Note: Your Backpack account may show as “Old Missouri Bank”. Banking services for Backpack are provided via Old Missouri Bank (OMB).
Click “Begin” to start the validation
Enter the micro-deposit amounts you received in your Backpack account and click "validate".
You'll then be able to make a withdrawal to your newly verified Backpack account.
Make a withdrawal to your Backpack account
Login to your my529 Utah account
Click the Transactions tab ($ symbol) on the left hand side
Click the Withdrawals button
Select the beneficiary “Who is this for?”
Select the Withdrawal type e.g. Higher Ed
Under Recipient, select “Account Owner”
Enter the amount
Select "Electronic Funds Transfer"
Under "Select Method", choose your Backpack account. The last 4 digits should match your Backpack account number.
Follow the remaining steps to review and submit your withdrawal