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, ABLE program savers were given the opportunity to sign up for the enhanced card, with nearly 150 account holders and their families opting to 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 enables cardholders to easily control their spending by loading the card with as little or as much as they’d like to spend, up to $20,000. The expense tracking process has been simplified, allowing cardholders to easily sort, filter and categorize their expenditures. Just like ABLE accounts, prepaid card funds do not impact benefits eligibility.
True Link Financial, Inc., the new card provider, is a California-based financial services company offering custom debit cards. An innovator in the investment space, True Link has developed fraud-detection algorithms that prevent common types of financial abuse. Cardholders now have access to custom features, including the ability to set up SMS alerts and restrictions on certain spending categories.
“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 savers the independence to take control of their financial future, and with the convenience of the new prepaid card they can also enjoy peace of mind knowing that their money is protected.”