To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a new bank within Fidelity. 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 withdrawals for tuition payments and more a one-click process.
Note: Fidelity offers an alternative way to setup a Bill Payee for your 529 account, however using Bill Pay results in your payments being sent via check in the mail. As such, we do not support linking your Backpack account using Bill Pay.
Follow our step-by-step guide below to link Fidelity to Backpack for electronic transfers:
Link a new bank
Login to your Fidelity account and you're going to "Link a bank".
Click this link to add your new bank - https://digital.fidelity.com/ftgw/digital/bank-setup/
Alternatively, once you login to Fidelity you can search in the top right corner for the quick link "Link a new bank account"
On the page "Link a bank" select the following:
How do you want to transfer money: Electronic funds transfer (EFT)
Who owns this bank account: Myself
Is this bank a business account: NO
How do you want to add bank information: Enter my bank information on my own
Click continue
On the next page "What transfer type would you like to enable for this account?" make the following selections:
What transfer type would you like to enable for this account?
Select Electronic funds transfer (EFT) from the transfer types
Which account would you like to link this bank to?
Select your 529 Account from the "Fidelity account" dropdown
Select the bank account you'd like to link
Select Link a new bank
Who owns this bank account?
Bank account owner: I am the owner
Account type: Checking or brokerage
What's your bank information?
This is where you're going to enter your Backpack account information. You can find your Backpack account & routing number on your Backpack Dashboard when your first login. See this article for more details on how to find your Backpack account & routing number
Routing number: Enter 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: Enter your Backpack account number
Click "Agree & Continue"
On the next page "Let's verify your account"
Fidelity uses micro-deposits to verify your newly linked account. You'll receive 2 small deposits within the next 3 business days.
Click Send deposits to continue
Verify your micro-deposits
Backpack will notify you via email once your account has received the micro-deposits
Next, you'll want to login to your Backpack account to see the deposit amounts
Then, login to Fidelity and go to the "Linked accounts & banks". You can click this link to take you directly there - https://digital.fidelity.com/ftgw/digital/bank-information/
Note: You will see the new Bank is shown as “Old Missouri Bank”. Banking services for Backpack are provided via Old Missouri Bank (OMB).
Click Verify deposits to enter the deposit amounts you received in your Backpack account
Confirm your deposit amounts
Enter your micro-deposit amounts and click Confirm
Transferring to your Backpack account
To initiate a transfer from your Fidelity 529 to Backpack visit this link https://digital.fidelity.com/ftgw/digital/transfer/
Which account do you want to move money from?
Select your 529 account
Where will the money be transferred to?
Select your newly added Backpack account i.e. "Old Missouri Bank"
Enter your transfer details, specifying the amount you wish to transfer
Click Continue and then on the following page review your transfer and select submit
Backpack will notify via email you when your funds have been deposited into your Backpack account
