When you close your ABLE account, your prepaid card account will be closed as well. A check will be sent to your address on file with the remaining balance on the card. At this point, your card will no longer be active. For help managing your prepaid card account, check out these frequently asked questions.
Yes, monthly transfers are a great way to help an ABLE account grow and reach your yearly goal. Direct deposits, also known as monthly transfers, are automatic contributions that you can set up in just a few steps directly from your account. Look for the “Transfers” button once you’re signed in and follow the set up for Monthly Transfers.
Yes, we’ve made it even easier to access and handle ABLE funds by allowing you to securely login and connect multiple bank accounts. This makes it easier to manage and grow your ABLE account, and have more control over how to withdraw funds for eligible expenses.
Once you’re logged into your ABLE account, find your “Accounts” section in Your Profile and click on “Add a new bank account.” Follow the steps to connect a new bank account associated with either the beneficiary of the ABLE account or the Authorized Legal Representative’s name. Keep in mind that you won’t be able to withdraw money from a new bank added within 30 days so that we can verify the information you gave us.
You have plenty of options when it comes to managing multiple banks and/or beneficiaries. If you’re an ALR of more than one account, you can use the same banking information on multiple ABLE accounts as long as you own or are the Authorized Legal Representative on those ABLE accounts. Otherwise, each beneficiary can use one or more bank accounts that’s either in their or the ALR’s name.
Yes, you can have an ABLE account for yourself and/or open and manage multiple ABLE accounts for beneficiaries as their Authorized Legal Representative. Remember that each ABLE account can be connected to one or more bank accounts but can only be linked to one prepaid card. Remember that each beneficiary can only have one ABLE account at a time. See how to open additional ABLE accounts.
You can do this two ways.Logged out, from the sign-up page: Go to the ABLE for ALL website to sign up for a new ABLE account. During the first step of registration there will be a link to sign in. Log in and follow the steps to create an ABLE account for either yourself or your beneficiary. Logged in, from the dashboard of your account on a desktop or mobile device: In the upper right corner of the screen, or in the navigation on mobile, find the link that says “create new account.” Click it and follow the steps to create a new ABLE account.
No, tax benefits for ABLE accounts and 529 plan accounts are aggregated for tax purposes by contributor, not by ABLE account or 529 plan. Anyone who contributes to one or more ABLE accounts or 529 plans with beneficiaries under the age of 21, can receive tax benefits up to the maximum allowable amount for that tax year and the state you live in.
You can find all the information about an ABLE account on the account detail page. The account number is at the top of that page. The rest of the information about the beneficiary’s account can be viewed and edited from this page: the address, contact info, condition, customization, money allocation and yearly goal.
The next time you make a contribution or a withdrawal, the money will be distributed to help you reach your original target allocation.Let’s say your target allocation is 70% invested and 30% in cash. If you contribute $100 to start off the account, $70 will be invested. Overtime, that investment could grow to be $80. Now, your total balance is $110 and your allocations are 72% invested and 28% in cash, because an investment can grow quicker than cash. In this instance, money will be added to the cash option first to help it go back to 30%, and the rest of the money will be allocated based on your target allocation The same thing happens when you withdraw money. The goal is to maintain your original target allocation.
In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon their death and any premiums paid as part of the Medicaid Buy-In Program can be deducted from the balance left. The Medicaid recovery is calculated from the date the beneficiary opened the ABLE account.
The money in the account generally isn’t considered an asset for state and federal benefit purposes. For SSI benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 asset limit.
To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative is the manager. If you want to change the Authorized Legal Representative for the account, give us a call at 1-844-394-2253, 9-8 ET or 1-844-888-2253 for TTY, 9-8 ET.
You can make withdrawals of at least $10 at any time online. A transfer can take between 2-7 business days to complete, depending on how the money is allocated. With a prepaid card, withdrawing money is even faster. Any funds added before 4 p.m. on a business day will be available that day, otherwise they will be ready on the next business day.If you request a check, a $2.50 fee will be deducted from the check amount. You’ll get the payment in 5-7 business days. If you request a full withdrawal, your account will still be open and active, but the balance will be $0 until you add money to it. To close the account for good, give us a call.