True Link Review

True Link Services

True Link Prepaid Card

The True Link Visa card is a reloadable prepaid card. Unlike credit cards, which allow users to buy now and pay later, purchases on a prepaid card can only be made using the money loaded onto the account. Cardholders can use a True Link card anywhere Visa cards are accepted, including to pay bills online.

I was blown away by the True Link system, especially the numerous ways to customize the cardholder’s access to cash, specific merchants, or entire spending categories. As a card administrator, I was able to set over 50 customizable spending rules for how the card can be used (more on these fantastic features later). We’ll take a look at the True Link Visa card features below.

Top-Line Protections

Older adults may not be as technologically savvy as the criminals who prey on them, so they’re more susceptible to devastating identity theft and fraud. The Federal Bureau of Investigation reports that seniors rack up more than $3 billion in losses annually. True Link’s top-line protections include a powerful ScamWatch database to help protect card users against fraud from suspicious merchants and scammers. In addition to ScamWatch, card administrators can allow or block online or phone purchases along with international transactions. You can also easily disable a lost or misplaced card to protect against fraud or prevent more transactions from taking place.

True Link top-line protections

Spending Monitor

The Spending Monitor feature allows card administrators to customize where the Visa card can and can’t be used to make transactions. You can block or allow over 50 spending categories, such as “allow pharmacies” or “block casinos.” You can even enable or prevent purchases at specific merchants, such as “allow Target” or “block QVC.” I found that solution especially useful since my relative tends to overspend when watching home shopping channels. Plus, you can set a curfew on spending so it can occur only during specific hours.

True Link spending categories

Access to Cash

With True Link’s Access to Cash feature, administrators can customize the cardholder’s cash access and set a dollar amount on cash withdrawals. Bank and ATM withdrawals or cash back in a store can be tailored to your loved one’s needs.

True Link access to cash

Customizable Alerts

True Link understands the urgency of keeping card administrators in the loop. Since my relative doesn’t live with me, I needed to know when and where they used their card. With True Link, administrators can receive real-time customized alerts via text or email (or both). Alerts include:

• Spending alerts for transactions over a certain amount
• Balance alerts when the account balance falls below a certain amount
• Cash alerts for cash withdrawals
• Funding alerts for when money is added to the account or a fund transfer has occurred
• Blocked transaction alerts identified by True Link’s Spending Monitor

True Link Investment-Management Services

In addition to their unique prepaid card, I discovered True Link provides investment-management services. Staffed with investment professionals and trust administrators, True Link offers tailored financial planning and investment resources for families caring for a loved one. Although some investment and retirement accounts require a minimum balance, True Link’s approach is inclusive to all, with no account minimums. That was a significant win in my book.

Getting Started With True Link

Navigating the True Link website was a breeze. I was interested in the True Link prepaid card for a family member, and the entire application process of signing up my loved one took less than five minutes! I clicked the “Get Started” button on True Link’s homepage and was taken directly to the card application.

Overseeing a family member’s finances is a major decision with many components that need attention. We often don’t have all the answers at once. I was pleased to see True Link doesn’t require you to load money onto the card at the time of application. That allowed me to sit down and discuss with my family what funds could be used to add money to the True Link card. It’s important to look at all income options, including drawing upon retirement investments, earnings from Social Security benefits, and family contributions.

Sign up on True Link's Website

The True Link card application process is straightforward. I answered several questions and provided information on me (the card administrator) and my family member (the cardholder). Based on the details I entered, True Link matched us with the best card program for our needs. That eliminated the guesswork and stress of choosing a card on my own.

True Link questionnaire

Getting started with True Link

Next I created a card administrator account using my email address and a secure password. I’ll use this account to manage my loved one’s True Link Visa card. The username and login allow me access to True Link’s comprehensive dashboard.

I created two profiles: one for myself and one for my family member. When I applied for the True Link card, I was required to provide my Social Security number and date of birth, because the USA Patriot Act requires all financial institutions to obtain, verify, and record information identifying each person who opens an account. It’s necessary even when you are opening and managing a card for someone else.2

Last but not least, I finalized the card order, which included deciding where to have the prepaid Visa card mailed. I had it sent to my address so I could activate the card before giving it to my loved one.

Is True Link Safe?

True Link is an established company with a decade in the financial industry, and I found their security promise impressive.

True Link Prepaid Card Security

All True Link Visa cards are protected from fraud under Visa’s Zero Liability Policy and Regulation E. Your funds are FDIC insured up to $250,000 through Sunrise Banks (N.A., member FDIC). True Link goes the extra mile to safeguard you and your loved one’s identity and funds by:3

• Requiring two-factor authentication for all administrator access
• Providing strong encryption for secure communications between you and True Link
• Implementing security best practices to secure all data storage
• Protecting servers with network and host-based firewalls

True Link Investment Security

True Link’s investment-management services fall under True Link Financial Advisors LLC. They are registered with the U.S. Securities and Exchange Commission (SEC). The purpose of this SEC-required registration is to prohibit deceit, misrepresentations, and other fraud in the sale of securities.4

True Link Fees

True Link Prepaid Card Fees

Almost every prepaid card comes with fees, but not all fees are the same. Before you choose a card, the Consumer Financial Protection Bureau (CFPB) recommends thinking about how you plan to use the card and comparing the fees on different cards for those particular uses.5 I reviewed True Link’s fee structure and appreciated the lack of activation and transaction fees. Some other prepaid cards, such as Netspend, have more extra fees with transactions. An overabundance of costs can certainly deplete an account, and that’s the last thing we wanted.

The biggest hit to a True Link prepaid account is the recurring monthly service fee of $12. There are a few prepaid cards without monthly fees, such as Bluebird. I’ve compiled the most common services and related fees in the chart below. You’ll find a complete list of costs associated with True Link’s prepaid card on their schedule of fees and charges page.

True Link Investment Fees

Your loved one’s finances and investment-management needs are unique, so speaking with a True Link adviser about options and related fees is the ideal choice. True Link’s team of advisers can be reached at 1-866-984-8576.

True Link Customer Support

True Link offers multiple ways to get in touch with customer support.

• Email: Email True Link’s customer-care team when it’s convenient for you.
• Phone: Speak to an actual person (not a frustrating robot) by calling anytime between 7 a.m. and 5 p.m. PT Monday through Friday.
• Automated assistance: If your card is lost or stolen, True Link offers a 24/7 automated phone system so you can immediately disable the card to prevent additional transactions and protect against fraud.
• Chat bot feature: It’s not a live chat with a real human, but you can get questions answered through the chat feature 24/7.

True Link vs. the Competition

There are countless prepaid cards to choose from, but I found True Link’s prepaid card features to be unmatched. Standard prepaid cards, such as Netspend and Bluebird by American Express, are reloadable cards that can be used anytime and anywhere.

Bluebird has no monthly fees, free cash reloads at Family Dollar, and free activation when you get it online. Customers also get free ATM withdrawals at over 37,000 MoneyPass ATM locations (out of network is $2.50) and there’s no fee to withdraw from a bank teller. ATM balance inquiry and card replacement is free. The card is issued by American Express, however, which isn’t accepted at nearly as many places as Visa and Mastercard.

Netspend’s prepaid card has a fee of $9.95 per month (or pay as you go) and has no credit check, no minimum balance, and no activation fee if purchased online or via the mobile app. You can reload your card at over 130,000 locations nationwide. Although it has lower starting monthly fees than True Link, Netspend has several extra fees for certain transactions, such as an inactivity fee, that can make it a more expensive option.

True Link’s customizable controls and monitoring capabilities make it stand out. Since I needed to play an active role in safeguarding my family member’s finances, I realized a basic prepaid card wouldn’t meet the requirements. True Link’s fees are higher than some traditional prepaid cards, but I found the overall value and customizable features outweighed the cost.

Final Thoughts on True Link Financial

True Link Financial is a strong ally in safeguarding a loved one’s finances. With standout features such as Spending Monitor and ScamWatch, True Link’s prepaid Visa card runs circles around other prepaid cards. Their unique combination of benefits offers critical financial protection without eliminating a person’s independence.

True Link Financial has a few drawbacks to consider though. Their business is 100 percent online, so they won’t fit the bill if you’re looking for a brick-and-mortar location. If you have trouble with your card outside of True Link’s business hours, you won’t reach a live customer-service agent by phone unless it’s a weekday. Overall, however, True Link Financial is a promising option for family members and caregivers who need financial solutions for the people they care for.

Along with considering True Link for keeping your loved one’s finances protected, it’s important to learn how seniors are targeted by scammers. Watch our video below to learn more.