Texas Comptroller’s Office Announces Prepaid Debit Card for Texas ABLE® Program
(AUSTIN) — Texas Comptroller Glenn Hegar announced on Nov. 30 the launch of the U.S. Bank® Focus Card — a new prepaid debit card for Texas ABLE® Program account owners. With the Focus Card, Texas ABLE account owners can pay for qualified disability expenses on the go or online — anywhere nationwide that accepts Visa® debit cards.
“This is a powerful tool that gives Texas ABLE account owners a convenient new way to use the funds in their accounts,” Hegar said. “This increased flexibility will help account holders manage their personal finances and become more financially independent.”
The Focus Card is a reloadable prepaid debit card funded by withdrawals from the Texas ABLE account. Account owners can transfer money from the account to the card and use it when needed. Balances on the card are covered by the Federal Deposit Insurance Corporation (FDIC).
Texas ABLE account owners can log into their account at any time and request a Focus Card on the “Profile” tab. New enrollees can request a card at the time of enrollment. Beneficiaries of the Texas ABLE account can request a card for themselves; authorized legal representatives on the account can request a card for themselves or for the beneficiary, but not both. Go to the Comptroller’s website for more information about the Focus Card.
There is no cost to enroll in the Focus Card Program, but some fees may be assessed based on how the card is used. Please refer to the Fee Schedule for details regarding fees associated with the Focus Card Program. Account balance and transaction history are available anytime via the U.S. Bank Mobile App or online at usbankfocus.com.
Established by the Texas Legislature and administered by the Texas Comptroller’s office, the Texas ABLE Program allows Texans with disabilities to save in a tax-advantaged account while preserving eligibility for certain means-tested state and federal programs. Texas ABLE is open to eligible Texans who experience the onset of a disability before the age of 26 and are entitled to Supplemental Security Income or Social Security Disability Insurance benefits or have a condition on the Social Security Administration’s list of Compassionate Allowances Conditions or a physician’s diagnosis of a qualifying condition.
For more information on Texas ABLE, including how to request a Focus Card, visit TexasABLE.org or call 844-4TX-ABLE (844-489-2253).
The Focus Card is issued by U.S. Bank National Association pursuant to a license from Visa U.S.A. Inc. © 2020 U.S. Bank. Member FDIC. Use of the Focus Card is subject to the terms and conditions of the Cardholder Agreement and related documents.
Other than FDIC insurance for the Bank Savings Account Option, accounts are not insured or guaranteed and could lose money (including the principal invested). Before investing in the Program, investors should carefully consider the federal and state tax consequences, possible negative effects on eligibility for federal or state benefits, possible Medicaid recapture, investment objectives, risks, administrative fees, service and other charges and expenses associated with the Program. The Program Disclosure Statement and Participation Agreement contains this and other information about the Program and may be obtained by visiting TexasABLE.org or by calling 844-4TX-ABLE (844-489-2253). Investors should read the Program Disclosure Statement and Participation Agreement carefully before investing.