To send funds from your BlackRock CollegeAdvantage 529 Plan account directly into your Backpack account, you'll need to add Backpack as a new bank account to your BlackRock CollegeAdvantage 529 account. This is a one-time setup that will make future transfers quick and easy.
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 Backpack as a new Bank Account
Overview of steps:
Go to your BlackRock CollegeAdvantage 529 and log in with your credentials.
Click Manage bank accounts
Find Automatic clearing house banks section and click Add a new bank
Select your 529 Plan account
Click next to verify with Plaid
Verification with Plaid
Click Connect a new institution
Select the Instant linking option
Search for Backpack 529 as your institution and select it.
Enter in the email address associated with your Backpack account
Enter in the code they sent to that email
Select your Backpack account. It should show up as an account option.
Now you are all set! Check to see if your Backpack account appears under the Automatic clearing house banks. It may show up as OMB BANK.
Note: The bank may show as “Old Missouri Bank” — Backpack’s banking services are provided through Old Missouri Bank (OMB), a chartered bank who hold Backpack's accounts.
Please note, if BlackRock CollegeAdvantage 529 is prompting you to provide additional information, you may need to complete and submit BlackRock Account Maintenance Form. You'll also need to attach a bank letter. To download a bank letter with your account information:
Visit your Settings tab in your Backpack account
Click "Download Bank Letter"
Funding your Backpack Account
Once your Backpack account (listed under Old Missouri Bank) has been verified by BlackRock, you’ll be able to transfer funds directly from your 529 plan.
Tip: Before starting, it’s a good idea to confirm with BlackRock that your Backpack bank account has been fully verified. If it isn’t, it won’t appear as a payment destination during the transfer.
Steps to transfer funds:
Log in to your BlackRock 529 portal.
Go to the “Trading” tab and select “Sell Fund.”
For the Recipient, choose “Distribute to the account owner.”
When asked if the funds will be used to reimburse for higher education expenses, select “Yes.”
This confirms the withdrawal is for a qualified education expense.Under Transaction details, choose your Backpack (OMB Bank) account as the payment destination.
➜ If the option doesn’t appear, the account is still being verified by BlackRock.Enter the amount you'd like to transfer and submit.
Once the funds arrive in your Backpack account, any pending tuition payment will be automatically completed and sent to the university, no further action is needed.