To fund your Backpack account and complete your tuition payment, you’ll need to withdraw money from your 529 plan. While each provider uses slightly different terms, like “sell shares”, “make a withdrawal”, or “trade”, the steps generally follow the same flow.
Key things to know:
The withdrawal must be electronic (ACH)
Funds should be sent to the 529 account owner
The receiving bank account should be your Backpack account (listed as Old Missouri Bank)
General steps to withdraw:
Log in to your 529 Plan's portal.
Navigate to the beneficiary’s plan details.
Look for an option such as:
“Make a Withdrawal”
“Sell Shares”
“Trade” or “Distribute Funds”
When asked who should receive the funds, select:
“To Account Owner – Electronic payment to a bank account.”Choose your Backpack account, which may appear as Old Missouri Bank.
Enter the amount you'd like to withdraw and complete the steps to submit the transfer.
⏱ Processing Time & Notes:
Withdrawals can take up to 4 business days to deposit into your Backpack account.
Before funds are sent, your 529 plan will often need to sell your investment holdings, this is a standard part of the process (takes 1-2 days).
You'll receive a notification from Backpack once the funds arrive.