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Are there limits on how many times I can withdraw money from my account?
No. There are no limits on how many times you can make withdrawals.
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As an ALR, can I open and/or manage more than one STABLE account?
Yes. As long as you meet the ALR qualifications, you can open and manage multiple STABLE accounts for beneficiaries as their Authorized Legal Representative. Remember that each STABLE account can be connected to one or more bank accounts, and each beneficiary can have only one account at a...
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Authorized Legal Representative
Bound by law and love An Authorized Legal Representative (ALR) can open an ABLE account for an eligible beneficiary. An ALR is anyone who is selected by the eligible beneficiary with legal capacity, anyone who has Power of Attorney, a conservator or legal guardian, a spouse, parent, sibling,...
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Benefits
Your benefits are here to stay When you open an account, you won’t lose your state or federal benefits. A STABLE account through ABLE New Mexico helps you supplement your current benefits in order to save for qualified expenses. If you’re receiving Supplemental Security Income (SSI), you can have...
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Can a Social Security Representative Payee open an account for a beneficiary?
If you’re an eligible beneficiary with a Representative Payee, you can open an account for yourself. If you have legal capacity, you may select a Representative Payee to open and manage an account for you. Otherwise, to have a Representative Payee open and manage an account for you, they must...
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Can an Authorized Legal Representative and beneficiary both have a STABLE Visa® Card?
If you’re the Authorized Legal Representative (ALR) for someone, you can order a card for yourself to make purchases for the beneficiary, a card for the beneficiary, or both. Each card has its own balance and spending controls, so you decide how funds will be used. The beneficiary will not have...
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Can employment earnings be deposited into my account through payroll direct deposit?
Yes! Instructions to set this can be found on here. Once this has been processed, your employer will deposit the specified amount from your employment earnings automatically into your STABLE account.
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Can I close and transfer my STABLE account through ABLE New Mexico to a different ABLE program?
Yes, but you can make only one rollover every 12 months. Use the STABLE Account rollover forms to start the process.
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Can I connect more than one bank account to a STABLE account?
Yes, you can connect multiple bank accounts.
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Can I contribute money with a credit card?
No. Contributions are made by mailing in a check or by transferring funds into your STABLE account from a bank account.