Why:
To withdraw your 529 funds directly into your Backpack account, you need to add Backpack as a bank / financial institution on your Oregon College Savings Plan
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.
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.
Adding Banking Information
Log into you Oregon College Savings Plan account.
Log in to your account, go to the “Settings” tab, and click on the “Add New Bank” button.
Enter your Backpack account details into the "Add New Bank" section.
Routing Number: 086518891
Bank Name: OLD MISSOURI BANK
Note the Bank name should auto-populate when you enter the routing number. Backpack's banking services are provided via OMB Bank, FDIC.
Bank Nickname: "Backpack" or up to you
Bank Account Number: Your Backpack Account Number
Note: Your Backpack Account & Routing numbers can be found on your Backpack Dashboard or under Settings.
Account Owner(s) Name: The name of the Backpack account owner i.e. your name if you created the Backpack account
Bank Account Type: Select "Checking"
Verification of your account
Important: When using Plaid to verify, click "Continue as guest" instead of entering a mobile number. This avoids any issues with saved logins or email conflicts.
Oregon College Savings Plan uses Plaid to verify your new bank account
Note: Do NOT enter a phone number. Click "Continue as guest" instead (you can read more about why below)
Select “Backpack” as your institution.
Enter your email address associated with your Backpack account.
"Verify your identify" by inputting the verification code sent to the email
Confirm your Backpack account and click "Continue" to finish verifying your Backpack account through Plaid.
Congrats you have successfully linked your account!
Why “Continue as Guest” matters
Choosing “Continue as guest” helps ensure a smooth connection, especially if your email is already tied to a different financial institution login. It avoids linking issues and prevents errors due to previously saved credentials.
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 in to your Oregon College Savings Plan
Request a withdrawal.