Bangor Savings Bank introduced its newest product, the first of its kind in the nation, Maine ABLE Benefit CheckingSM. The account was created for people with disabilities to allow greater accessibility to financial products and services, while protecting eligibility for federal and State of Maine means-tested benefits.
Historically, individuals receiving benefits such as Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) are limited to $2,000 in resources. ABLE Accounts provide new avenues for financial health, planning, and empowerment for individuals with disabilities and their families.
The Federal “Achieving a Better Life Experience” Act of 2014 (ABLE Act) created a new option for qualified individuals living with disabilities and their families. Most ABLE programs follow an assets-under-management model. Maine has chosen a different approach and account structure to meet the more immediate needs of participants for whom longer term investment and saving is not a primary goal.
ABLE accounts originate from the Federal ABLE Act and are established and managed at the state level. In partnership with the Office of the Maine State Treasurer, which oversees and maintains the program locally, Bangor Savings Bank serves as the administrator of the ABLE ME program.
ABLE ME, with Bangor Savings Bank’s Maine ABLE Benefit CheckingSM account as the sole deposit instrument, was announced in September by Maine State Treasurer Henry E. M. Beck, Esq., and is the first of its kind in Maine and the nation.
“The State is grateful to partner with Bangor Savings Bank to offer this first-in-the-nation, simple ABLE checking account product,” said Beck. “When we first began developing this program, we listened to Mainers who live with disabilities who told us having access to a respected brick-and-mortar Maine-based financial institution was paramount. I encourage Mainers to take advantage of the protections and dignity an ABLE account can provide.”
“Our partnership with the Office of the State Treasurer is a unique public-private collaboration that allows us to increase access to banking.” said Bob Montgomery-Rice, president and CEO of Bangor Savings Bank. “Creating and offering this program supports the financial independence and well-being of Maine’s residents with disabilities and reflects our ongoing commitment to provide better banking experiences for all community members.”
“Partnering with the State Treasurer’s Office to innovate this first-in-the-nation Bank-administered ABLE Program has been incredibly rewarding. It wouldn’t have come to fruition without the vision and commitment of former State Treasurer Terry Hayes and current State Treasurer Henry Beck, as well as the unshakable support of our President and CEO Bob Montgomery-Rice,” said Joyce Clark Sarnacki, Bangor Savings Bank Foundation chair and a member of the ABLE ME development team.
The Maine ABLE Benefit CheckingSM can be opened at any Bangor Savings Bank branch and is available to qualifying Maine residents. For more information about ABLE Programs across the country, visit the National Association of State Treasurers at https://nast.org/able/
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