Benefits of Using True Link Visa® Prepaid Cards for Older Adults
According to the United States Census Bureau, 16.5% of the American population is over 65. This number is expected to reach 22% by 2050. As one of the largest generational groups in the U.S. – the "baby boomers" - continues to age, millions of Americans will need the support of loved ones and professionals to manage day-to-day responsibilities like their personal care and finances.
At True Link Financial*, we understand that helping loved ones manage their finances can be challenging. We specialize in providing expert investment management and financial services like the True Link Visa® Prepaid Card to help families safeguard the finances and independence of the people they support. Below we’ll look at the many benefits of using a True Link Visa Card to manage the finances of an elderly parent or loved one.
How the True Link Visa Card Can Give Your Parents’ Financial Independence
Research has shown that preserving an older adult's financial independence is critical to keeping them happy and healthy. However, when managing aging parents' finances, many families struggle to find the right balance between autonomy and security. To do this, families need financial resources that enable them to protect the assets of their loved ones while giving them the independence to spend safely in their day-to-day lives.
The True Link Visa Card can be a safe alternative to traditional debit cards. These prepaid Visa cards are easy to set up and can be used everywhere Visa debit cards are accepted. Using the True Link platform, families can set custom spending rules, block high-risk stores, and stay informed of a loved one's spending via the online spending monitoring system. This financial management resource helps protect elderly users against fraud and enhances their overall quality of life by providing them with some financial independence.
True Link's Visa Cards Allow You to Set Spending Rules
Conducting simple daily transactions like buying groceries or paying for a bus pass is essential to your loved one’s financial autonomy. True Link's online platform allows the account administrator to set up custom spending limits and rules to help protect them during their daily spending activities and assist in prudent financial decision-making. The card administrator can adjust the card settings to allow or block spending categories like "Allow Pharmacies" or "Block Casinos." You can even block specific vendors by setting up rules like "Allow Amazon" or "Block Home Shopping Network."
Block Unwanted Purchases
According to the National Council on Aging, older adults lose an estimated $3 billion each year to financial abuse and fraud. As a result, many family's top concern is protecting their loved ones from financial scams. True Link's Scamwatch system uses algorithms to spot trending elder financial scams and preemptively blocks payments to predatory merchants and businesses. Card administrators can also block direct access to cash in various ways, including blocking withdrawals at ATMs, blocking cash-back at time of purchase, and setting daily or monthly cash withdrawal limits.
Keep an Eye on Purchases and Spending
True Link’s platform spending monitor allows families to monitor where, when, and how the True Link Visa Card is used. Email and text alerts help you stay informed of daily spending and notify you of any suspicious activities in real-time or as a daily digest of card activity. The spending history function allows users to view a detailed record of transactions. Additional caregivers or family members can also be added to account alerts so that everyone's in the loop.
Easy Funding from Checking Account or Social Security Direct Deposit
Card administrators can easily fund the true Link Visa Prepaid Card via True Link's online platform by scheduling one-time or recurring transfers. Funding can come from monthly Social Security payments, existing bank accounts, or other outside sources. Families who activate the low balance feature will also receive a notification when the account balance is low so that their loved ones can continuously maintain access to funds.
About the True Link Visa Card
The True Link Visa Card is a convenient way for families to help elderly loved ones manage their finances. It helps to give them financial independence to make simple transactions while keeping them protected with the card's customizable settings and spending monitoring system.
The fastest and easiest way for families to get started with a True Link Visa Card is to order a card online. Click here to learn more and get started today.