Last August I wrote about managing your loved one’s financial affairs from a distance (When you can’t Be There: Managing Money from Afar). Since then, I have learned of a new tool that can help adult children and their parents manage spending money. The True Link pre-paid VISA debit card is designed specifically for seniors and their families.
The True Link Card lets a family member (or other trusted individual) fund the debit card and monitor activity on line. Intended to help protect seniors from financial exploitation and give family members peace of mind, the True Link Card offers customizable account settings. The person managing the account can:
- Set dollar limits on transactions
- Block types of transactions such as TV and over-the phone purchases, sweepstake entries, and donations to charitable organizations
- Allow and block purchases from specified merchants
- Set limits on ATM withdrawals
The True Link Card can provide individuals with cognitive impairment some independence while keeping them safe from overspending and scams. Families can provide funds to caregivers for groceries while setting controls on where the caregiver can use the card and how much can be spent. Even though it is designed for elders, parents may find this pre-paid debit card useful to teach children money skills.
The True Link Card has a flat fee of $10 a month and it takes about five minutes to enroll. For more information or to sign up, visit www.truelinkfinancial.com or call 800-299-7646.
I have not yet personally used the True Link Card and thus cannot endorse this product. It does provided a needed service, however, and I want to let my readers know it is available.
Have you tried the True Link Card? What is your experience?