Why
Adding your Backpack account as a new bank to your Virginia529 so that you can withdraw your 529 funds to your Backpack account
Benefits
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.
Linking Backpack Account to your Virginia 529:
Adding Banking Information
Log into your Virginia529 Account
Select Manage My Accounts and click “Update Bank Information”
Log into your Backpack account
Enter your Backpack account details into the "Add Bank Information" section and Click "Submit"
Bank Name: [Backpack]
Bank Routing Number: [Your Backpack Routing Number]
Bank Account Number: [Your Backpack Account Number]
Bank Account Registration: [Your Name]
Bank Account Type: Select Checking
Backpack Account & Routing numbers can be found on the Backpack Dashboard or under Settings.
Withdrawing to your Backpack Account
It’s tuition time! Let’s withdrawal funds from your 529 into your Backpack account so you can make your tuition payment
Log into your Virginia529 Account
Under "Manage My Accounts" click "Withdraw Funds"
Click “Get Started”
Select the account from which you would like to withdraw funds.
Select a "Withdrawal Purpose"
For the Withdrawal Recipient, select Account Owner
Enter a Withdrawal Amount
Under Method, select "Bank Transfer" and then select your Backpack Bank Account
Note: Your Backpack account may appear as OMB Bank. Backpack's banking services are provided by OMB Bank.
If you have just added your Backpack account you may see a yellow warning that newly added bank accounts will result in a processing delay.
On the final page, review the withdrawal details before clicking "Request Withdrawal"
That's it. Your 529 typically takes 3-4 business days to process your withdrawal request and transfer to your selected bank account.