Make easy, convenient electronic withdrawals

Take measures now to ensure efficient and convenient electronic withdrawals from your my529 account.

Online withdrawals sent electronically go to either the account owner or beneficiary’s bank or credit union account. The process requires two steps: setting up two-factor authentication (2FA) on your my529 account and using an existing bank account or linking a bank account for that purpose.

Set up 2FA
2FA is an extra security measure to protect your my529 account information. It is also required to make withdrawals online.

To register for 2FA:

  1. Log in to your my529 account.
  2. When prompted, enter a phone number to register. You can use a landline or mobile phone.
  3. Select your preferred verification method: text, phone call, Authy™ Authenticator or other third-party authenticator application.
  4. Use 2FA to confirm your identity using a code sent by one of the options listed above.
    Once registered, you can enable the 2FA system to recognize your device for six months by clicking “remember this device.” During that time, you will not be asked for 2FA authorization at login.

Link a bank account
Electronic withdrawals can go either to you or your beneficiary’s bank or credit union account. If you have a bank account from which you are currently making contributions, you can request that an electronic withdrawal be sent to that bank account. If you want an electronic withdrawal to go to a different or new bank account, it must be linked first. To link a bank account to your my529 account, first, have the routing and bank account numbers ready:

  1. Log in to your my529 account.
  2. Under Manage Contributions, click on Manage Linked Bank Accounts.
  3. In the section Account Owner Bank Accounts, click on Add Bank Account OR in the section Beneficiary Bank Accounts, click on Add Bank Account.
  4. Fill out the required fields for Routing and Bank Account number for either you or your beneficiary’s bank account.

Note: New bank accounts require further verification to receive electronic withdrawals. my529 will send two small monetary deposits to the new bank account. After the my529 account owner confirms the deposits were received, my529 will verify the bank account for withdrawals. It may take up to 3-5 business days to validate a new bank account.

Please keep all receipts for proof that the withdrawal was used for qualified higher education expenses.
Once you have set up 2FA and linked the bank account(s), you will be ready to make electronic withdrawals by logging in to your account, clicking Withdrawals and following the prompts for an electronic withdrawal. Funds withdrawn from your my529 account will take two to three business days to arrive in your bank or credit union account.

You can also use a Withdrawal Request (Form 300) to request a check be sent to an account owner, beneficiary or directly to the school.