Personal Health Account

Account Information

  • Contributions to an HSA may be made by any person (an employer, a family member, or any person) on behalf of an eligible individual.
  • Initial 25 checks/10 deposits provided.
  • Unused balances may be carried from year to year during the participant's lifetime.
  • Fees: A per check/debit fee of $.25 will be charged for each check/debit in excess of 15 during a statement cycle.
  • Distributions for non-qualified medical expenses, prior to age 65 are generally subject to federal income tax and a 20% tax penalty.
  • Distributions for non-qualified medical expenses, after age 65 are taxed as ordinary income.
  • If we retain your checks or any other evidence of debit or credit entries to your account and do not return them to you, we may destroy them and use reasonable care to maintain legible copies for seven years. Copies are available to you for a fee. Our responsibility for furnishing copies of items is limited to those, which are available and legible on media.
  • Closing a Health Savings Account within one year of initial deposit will result in a $25.00 charge. If not collected at closing the fee will be collected at account reopening.
  • Transfers to another Financial Institution within one year of initial deposit will result in a $50.00 charge.
  • Rate Information - Your interest rate and annual percentage yield may change.
  • Frequency of rate changes - We may change the interest rate on your account at any time.
  • Determination of rate - At our discretion we may change the interest rate on your account. Tiered interest rate, based on account balance.
  • Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
  • Effect of closing an account - If you close your account and there is accrued but uncredited interest earned, you will not be paid that interest.
  • Minimum balance to open the account - You must deposit $100.00 to open this account.
  • Monthly fee- A service fee of $2.50 will be imposed every statement cycle.
  • Average daily balance computation method - We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
  • Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).


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