October 31, 2022 – SACRAMENTO – California State Treasurer Fiona Ma announced that the U.S. Bank Solutions Premier Visa Card is now available to persons with disabilities who hold CalABLE accounts. CalABLE, which stands for California Achieving a Better Life Experience, is a tax-advantaged savings program for people with disabilities run by the State of California. The Solutions Card is a prepaid debit card that allows CalABLE account holders to access their funds anywhere Visa® debit cards are accepted.
“This is a big step forward in the evolution of CalABLE accounts,” said CalABLE Board Chairman, Treasurer Ma. “The new prepaid card is one of the most convenient ways to access funds in a CalABLE account.”
Account holders and their legal representatives may choose to receive a card, which may be requested at the time of account opening or at any time thereafter. Account holders can load funds onto the card by logging into their CalABLE accounts, requesting an ACH withdrawal, and selecting “US Bank Solutions Premier Visa Card” as their target account.
This new card is an improvement of the previous prepaid card offered by CalABLE. Account holders or their representatives can apply for cards, view their card balance and perform transactions from the CalABLE Website. Plus, they can check their balance and view their statements using the US Bank mobile app. There are no monthly fees for the card and no transaction fees. Additional charges may apply.
“CalABLE allows account holders to use funds in their accounts for the day-to-day expenses of living with a disability”, said Dante Allen, executive director of CalABLE. “The new prepaid card makes it easy and convenient for account holders to pay for eligible expenses where they already live, work and shop.”
To open a CalABLE account or apply for a Solutions Premier card, visit www.calable.ca.gov. US Bank Solutions Premier Visa Card is issued by US Bank National Association pursuant to license by Visa USA Inc. © 2022 US Bank. FDIC member.
Note: CalABLE is the state of California’s tax-advantaged savings and investment program that benefits people whose qualifying disability began before age 26. Based on the federal Achieving Better Life Experiences (ABLE) Act, the program saves eligible individuals up to $16,000 per year. in an ABLE account and access the money at any time without taxes or penalties when the money is used to maintain or improve the account holder’s health, independence or quality of life. Up to $100,000 of funds in an ABLE account do not count against the resource limits of federal and state benefit programs like Supplemental Security Income (SSI) and Medicaid. Established in December 2018, CalABLE has enrolled over 8,000 account holders who have saved and invested over $77 million, making CalABLE one of the fastest growing ABLE programs in the nation.
Source: CA. Office of Treasures