New Prepaid Card Brings Improved Access to ABLE Savings for Disability Community
Launch of enhanced ABLE Visa Prepaid Card provides flexibility and security to Oregon savers.
The launch of the new and improved ABLE Visa Prepaid Card by the Oregon ABLE Savings Plan and the ABLE for ALL Savings Plan has been met with enthusiasm by the disability community. Starting in December, Oregon ABLE and ABLE for ALL program savers were given the opportunity to sign up for the enhanced card, with nearly 150 account holders and their families opting to take advantage and gain access to their ABLE funds on the go.
“Three years after the launch of the Oregon ABLE and national ABLE for ALL Savings Plans, thousands of Oregonians experiencing disabilities are now on the path to financial security,” said Treasurer Tobias Read. “The launch of the new ABLE Prepaid Card is the latest step to improving the services Oregon State Treasury offers to the disability community and a key part of our efforts to ensure that all Oregonians have access to a simple and secure means to save for their future.”
The new ABLE Visa Prepaid Card can be used anywhere Visa is accepted. It enables cardholders to easily control their spending by loading the card with as little or as much as they’d like to spend, anytime, up to $20,000. The cards are FDIC insured and there are never any overdraft fees. The process of tracking expenses has been simplified for cardholders, allowing people experiencing a disability, or their Authorized Legal Representative (ALR), to easily sort, filter and categorize their expenditures. Just like the funds in an ABLE account, the funds on an ABLE Visa Prepaid Card do not impact benefits eligibility.
True Link Financial, Inc., the new provider of the ABLE Visa Prepaid Card, is a San Francisco, California-based financial services company with custom debit cards and investment advisory services. An innovator in the investment space, True Link has developed specialized fraud-detection algorithms that prevent common types of fraud and financial abuse.
By partnering with True Link, ABLE Visa Prepaid Card holders have access to custom features and controls. Cardholders are able to set up restrictions on certain spending categories—important functionality for the population served by this card—and turn on SMS alerts to notify cardholders of a range of activity for added protection.
“We’re proud to be able to offer our account holders improved flexibility and greater control over how and where they spend their ABLE funds,” said Michael Parker, executive director for the Oregon Treasury Savings Network. “ABLE accounts give our participants the independence to take control of their financial future, and with the added convenience of the new prepaid card they can also enjoy peace of mind knowing that their money is protected.”
Before Congress and the Oregon State Legislature paved the way for the creation of ABLE plans, people living with disabilities were functionally forced to live in poverty if they wanted to remain eligible for vital means-tested benefits, which required the individual to have less than $2,000 in their name. Now, under state and federal programs, Oregonians with disabilities have a safe mechanism to save money without jeopardizing their benefits and a convenient way to manage their expenses with the ABLE Visa Prepaid Card.
SALEM, Ore., February 19, 2020
Oregon ABLE Savings Plan is a state-sponsored savings program that allows people with disabilities and their families to save money for day-to-day expenses and future needs without disqualifying them from critical state and federal benefits, like Social Security and Medicaid. ABLE funds can be used for anything that helps improve the health, independence or quality of life of a person with a disability. To learn more and to open an account, please visit www.oregonABLEsavings.com or call 844.999.2253 or TTY 844.888.2253.
The Oregon Treasury Savings Network was launched in January 2001 to administer the Oregon College Savings Plan. It has since expanded to administer the Oregon ABLE Savings Plan, the national ABLE for ALL Savings Plan, and the first state-run retirement program, OregonSaves.
