Frequency or price change and interest rate setting – At our discretion, we may change the interest rate on your account at any time. Minimum balance to avoid fees – A maintenance fee of $3.00 (plus applicable VAT) is levied after the first three payment cycles of each billing cycle, unless you maintain a minimum daily balance of $500 per day for the monthly billing cycle. These maintenance fees will not be charged during the first three billing cycles after opening your account. The interest deduction on non-cash deposits – interest begins to be incurred no later than the business day we receive a credit for depositing non-solvency items (for example. B checks). Compounding and frequency of credit – interest is paid monthly. Interest is credited to your account each month. Termination fee – If the account is closed, the termination fee is $25. Relationships with other agreements – The terms of this disclosure must work in conjunction with the application of health savings accounts and the consumer conditions available to you.
In case of conflict, the conditions of control of the application of health care account account. See also the service charge plan that will be communicated to you in conjunction with this information for a pricing plan that may be linked to the account. Health Advantage Card (Debit Card) and Electronic Transactions – We allow certain electronic transfers to and/or from your HSA. The electronic transfers we allow are offered for the convenience of managing your HSA. The electronic transfer of funds to or from your HSA -. B for example, depositing more than the authorized amount or returning extra money on an HSA debit card transaction – can raise a lot of tax concerns. Therefore, before you access an account with us electronically, it is recommended that you make sure you are using the right access device (for example. B a card) or you access the corresponding account for the transaction. In addition, it is your responsibility to ensure that contributions, distributions and other acts related to your HSA comply with the law, including federal tax law. We advise you to consult a legal or tax expert if you have any questions regarding the management of your HSA.
The Internal Revenue Service (IRS) defines an overdraft on a health coverage account (HSA) as a prohibited transaction. According to the IRS code, if an HSA owner is involved in a prohibited transaction, the HSA will cease to have an HSA on the first day of the year in which the prohibited transaction took place. In addition, the bank must treat HSA as if all assets were distributed on the first day of the year in which the prohibited transaction took place. All overdrafts, including those generated by a transaction, a tax or an error, are prohibited. If an overdraft occurs on HSA, the bank is required to close the account and declare the January 1 balance as an unqualified payment. Unqualified distributions are excluded from your gross income and may be sanctioned. If items are returned without pay (returned item) four or more times during a 12-month rolling period, your HSA will be closed, whether or not the transaction has resulted in an overdraft on HSA. Bankers Trust urges you to exercise extreme caution in managing your HSA account to avoid any overdrafts and possible account closures. Contributions – All deposits (or transfers that lead to a credit on your account) are considered contributions for the current year.