FAQs
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- ALR
- Benefits
- Contributions
- Eligibility
- Fees
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Info
- How do I manage different bank accounts with multiple beneficiaries?
- You have plenty of options when it comes to managing banks and/or beneficiaries. If you’re an Authorized Legal Representative (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 ALR on those ABLE accounts. Otherwise, each... Read more
- How do I add multiple bank accounts?
- Once you’re logged in to 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... Read more
- What type of bank accounts can I add?
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You can connect a checking or savings account.
- Can I open a new Oregon ABLE Savings Plan account if my previous Oregon ABLE Savings Plan account was closed?
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Yes, log in to your closed account using your email and password, then find the “Create new account” link to get started.
- What is ABLE to Work?
- Employed people with disabilities can save more than the annual contribution limit thanks to ABLE to Work. For 2024, they can save $18,000 as a standard contribution. With ABLE to Work, they can save an additional amount up to either (1) $14,580; OR (2) the beneficiary’s wages for the year –... Read more
- Can I make a direct deposit into an ABLE account?
- Users can contribute to their accounts using fast, secure direct deposits from either the Social Security Administration or their paycheck. Complete the setup process in three simple steps: Log in to your ABLE account and click on “Direct Deposit” on the Total Balance tile. Or, once logged in, go... Read more
- How long do transfers take?
- It takes 2-3 business days to transfer funds between your ABLE account’s Cash Option and your bank account. It takes 5-7 business days to transfer funds between your ABLE account’s investment options and your bank account. For existing ABLE Prepaid Card customers, funding scheduled before 4 pm PT... Read more
- Are contributions considered to be an asset?
- The money in the account isn’t considered to be an asset for state and federal benefit purposes. This includes SSI, Medicaid, HUD housing assistance, SNAP, FAFSA applications, and more. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the account before the funds... Read more
- What’s the difference between an investment and saving in a Cash Option?
- Money saved in the Cash Option could earn minimal interest. The numbers will fluctuate slightly based on the federal interest rate. Money saved in the Cash Option is FDIC-insured up to $250,000, which means the money you save will be there when you want to take it out. It takes 2-3 business days to... Read more
- What is the Cash Option?
- The Cash Option is a conservative alternative to investing. It is most similar to a savings account that you would find at a local bank or credit union. Your assets (up to $250,000) are protected in an FDIC-insured account, which means the federal government guarantees you will not lose the money... Read more
