Huntington National Bank has launched new Caregiver and Teen Banking tools, developed in partnership with True Link, to address the financial management needs of families supporting loved ones.
Over 100 million Americans assist an aging parent, support a family member with a disability, guide a teen, or help someone in recovery, facing common but often overlooked financial challenges, according to the 2023 RAND Caregiving Survey. Research commissioned by Huntington and conducted by The Harris Poll indicates that 86% of these individuals would find banking tools and resources helpful.
Huntington is now addressing this gap by becoming one of the first banks to offer dedicated Caregiver and Teen Banking services. These offerings integrate the platform of True Link, a company specializing in family banking experiences, directly into Huntington checking accounts, providing practical tools for safer and easier money management.
Kai Stinchcombe, co-founder and CEO of True Link, noted the company’s experience supporting over 250,000 families has shown that caregivers seek simple, proactive tools to protect loved ones while maintaining independence. He highlighted the particular importance of these tools for older adults to prevent fraud or costly mistakes. True Link, which has built a profitable business over 13 years by serving complex family financial needs and manages nearly $2 billion in assets through its subsidiary True Link Financial Advisors, LLC, was recognized in the Forbes Fintech 50 and Inc. 5000.
True Link’s technology enables caregivers to establish spending limits and block specific transaction types associated with scams or merchants that could pose risks. This system aims to reduce fraud and unwanted spending while preserving a loved one’s autonomy, allowing for scenarios such as a father with memory loss continuing to buy coffee or a young adult with special needs safely purchasing sneakers. The arrangement is white label, with True Link supplying the spending settings technology and user interface, while customers remain within their Huntington bank accounts.
Brant Standridge, Senior Executive Vice President and President of Consumer and Regional Banking at Huntington, emphasized the bank’s understanding that families often rely on their financial institution during challenging life moments. He stated that these new products deliver practical tools and resources, thereby deepening trust within the entire family unit. Huntington Bancshares Incorporated is a $208 billion asset regional bank headquartered in Columbus, Ohio, operating 968 branches across 13 states.
The demand for family banking solutions is expected to grow as more families take on these responsibilities. Financial institutions that cater to this need have the potential to strengthen primary customer relationships, enhance loyalty, and unlock new growth opportunities by offering impactful tools.
