Why:
To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your 529.
Benefits :
This easy setup will enable seamless future tuition payments and allow you to spend your 529 on textbooks, laptops, groceries, and more.
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.
Supported 529 Plans
Backpack connects directly to your 529 plan through Ascensus, the recordkeeper behind most state-sponsored 529 programs. If your plan is on the list below, the steps in this article will work for linking and withdrawing.
State | Plan name |
Alaska | Alaska 529 |
Alaska | T. Rowe Price College Savings Plan |
Arkansas | Arkansas Brighter Future Direct Plan |
California | ScholarShare 529 |
Colorado | CollegeInvest Direct Portfolio College Savings Plan |
Georgia | Path2College 529 Plan |
Hawaii | Hawaii College Savings Plan |
Idaho | Idaho College Savings Plan |
Illinois | Bright Start Direct-Sold College Savings Plan |
Indiana | Indiana529 Direct Savings Plan |
Iowa | Iowa College Savings Program |
Kansas | Learning Quest |
Kentucky | KY Saves 529 |
Maryland | Maryland College Investment Plan |
Michigan | Michigan Education Savings Program |
Minnesota | Minnesota College Savings Plan |
Missouri | MOST 529 Education Plan |
Montana | Achieve Montana |
Nevada | Future Path 529 Plan |
New Mexico | The Education Plan |
New York | New York College Savings Program |
North Dakota | North Dakota College SAVE |
Ohio | CollegeAdvantage Direct 529 Savings Plan |
Oklahoma | Oklahoma 529 |
Pennsylvania | PA 529 Investment Plan |
Rhode Island | CollegeBound Saver |
Tennessee | TNStars College Savings 529 Program |
Washington, D.C. | DC College Savings Plan |
West Virginia | SMART529 Select |
West Virginia | SMART529 WV Direct |
Wisconsin | Edvest College Savings Plan |
Note: Alaska and West Virginia each have two separate plans available. Make sure you're logging into the correct one for your account.
Don't see your plan? Not every state 529 program runs on Ascensus, and new plans are added over time. Reach out to support and we can confirm whether your plan is supported.
Adding Banking Information
Log into your 529 account
Head to "Profile & Documents"
Select "Bank Information"
Click "Add a New Bank" at the bottom of the screen
On the Bank Information screen you'll be asked to enter the below information
Log into your Backpack account to get your Backpack bank details
Backpack Account & Routing numbers can be found on the Backpack Dashboard or under Settings.
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
Click Next and review before submitting your new bank details
Congrats you have successfully linked your account!
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 529 account.
Select "View Details" for the beneficiary plan you wish to withdraw funds from
Select "Make a withdrawal" from the lefthand side menu
On the Make a Withdrawal page follow the instructions and under "To whom should we send the funds?" select "To Account Owner, Electronic payment to a bank account"
Select your Backpack account (typically named Old Missouri Bank). Note: Banking services for Backpack are provided by Old Missouri Bank (OMB).
Follow the remaining steps to enter the amount and submit the withdrawal.
Note:
Withdrawals from a 529 Plan can take up to 4 business days before they are deposited into to your Backpack account.
Withdrawing from your 529 Plan typically requires your 529 Plan to "sell" your investment position before they can initiate an ACH transfer.
Backpack will notify you when your funds are deposited into your Backpack account.