What is a True Link Card and Should My Loved One with Special Needs Have One?
An important part of special needs planning is protecting individuals from financial abuse. According to United States Department of Health and Human Services National Center on Elder Abuse, financial abuse costs vulnerable Americans more than $2.6 billion every year. A True Link card is a prepaid, reloadable debit card designed to help people who may be at risk of exploitation or financial abuse – including adults with disabilities – manage their money.
If you want to monitor your loved one’s finances while helping protect their eligibility for government disability benefits you can set customizable spending rules made from their account. Examples of spending rules available include:
Limiting the amount spent at specific retail stores or on certain types of products.
Blocking or allowing access to cash back or ATM withdrawals.
Along with spending rules, True Link also lets its customers set alerts to monitor any suspicious activity. Examples of customizable alerts a caregiver can place on an individual’s account include:
Balance alerts when the account balance is lower than a specified amount.
Cash withdrawal notifications.
Spending alerts for transactions over a set limit.
Deposit alerts.
Notifications of blocked transactions.
Alerts for suspicious purchases or activity.
Although there are many upsides to individuals with disabilities using a True Link card, there are some downsides, too. Cardholders of True Link Visa cards may pay higher fees than with competitors and may have fewer available in-network ATMs.
If you are interested in learning more, individuals can start a True Link account and order a card on the True Link website. For beneficiaries of a special needs trust, the card account can be set up to receive deposits directly from the special needs trust.
This post is for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue or problem. Nothing herein creates an attorney-client relationship between Hallock & Hallock and the reader.