Health Savings Account Product Guide
We’ve created this easy-to-follow outline of services, fees, and policies to help you understand how your account works. For more information about deposit accounts, please read the Consumer Deposit Account Agreement available on bannerbank.com and the Health Savings Account Custodial document provided at the time of account opening. For questions, search bannerbank.com, call us at 800-272-9933 (7 a.m. to 7 p.m. PT weekdays), sign into Banner Bank Online Banking to chat with us, or visit any Banner Bank branch.
A Health Savings Account (HSA) is a custodial account which is created exclusively for the benefit for HSA tax-deductible contributions. These funds are generally used to pay qualified medical expenses to offset high-deductible insurance plans. Contributions can be made by the account owner, HSA beneficiary, or by an employer. The account is opened by the insured individual^.
Our Health Savings Account offers the following:
- Earns tiered interest with tax-fee earnings♦
- Unused contributions remain in the account for future expenses and earn interest year after year
- Check writing ability
To qualify for a Health Savings Accountϕ, a beneficiary must meet the following criteria:
- Be covered by a high-deductible health plan
- Not eligible for Medicare
- Cannot be claimed as a dependent on someone else’s tax return
- Beneficiary has no other health coverage as defined by www.IRS.gov
Account Opening and Usage
| Minimum opening deposit | $50 |
| Monthly service charge | $3 |
| Option to waive monthly service charge |
Monthly service charge waived when you meet the following criteria during that monthly statement cycle:
|
| Interest-bearing |
Yes Tiered interest rate. Compounded daily. Credited monthly. Contact your local branch for details. |
| ATM fees |
$0 when using a Banner Bank owned ATM and we don't charge you to use a non-Banner Bank owned ATM. The third party ATM owner may assess a fee disclosed at the time of the transaction (no surcharge rebates on this account). Please notify us if you plan to use your Banner Bank debit card when traveling internationally so we can adjust card restrictions. There is a 1.10% currency conversion fee based on the U.S. dollar amount when using your debit card outside of the U.S. |
The Bank encourages you to carefully track your balance. You can monitor your account with ease by using Banner Bank Online Banking or Banner Bank Mobile Banking~.
Statement Services
| Paper statement fee |
$0 You can also elect to receive electronic statements at no cost through Banner Bank Online Banking or Banner Bank Mobile Banking and access approximately 18 months of statements~. |
Additional features available on this account are:
- Debit card with Mastercard® Zero Liability Protection and debit card controls service available in Banner Bank Online and Mobile Banking♠Σ
- Includes digital services for Banner Bank Online Banking, Banner Bank Mobile Banking, text banking, and Bill Pay~
- Notary public services available at no cost
- 24/7 Bank-By-Phone at 800-527-6435
Payment Order of Items - The order in which withdrawals and deposits are processed:
We post transactions during nightly processing each Business Day (M-F except holidays). We first post deposits or credits received before the deposit cut-off time that day. We then post withdrawals or debits (such as ATM, debit card or check transactions) received for payment from your account.
We process withdrawals received for payment from your account in the following order:
- In-branch account withdrawals – in dollar order from lowest to highest.
- ATM and debit card – by type of transaction, and within each transaction type in dollar order, from lowest to highest.
- Account transfers and account withdrawals – by type of transaction, and within each transaction type in dollar order, from lowest to highest.
- Automatic payments (also known as ACH) and Banner Bank "electronic" Online Bill Pay payments – by type of transaction, and within each transaction type in dollar order, from lowest to highest.
- Checks, Banner Bank "check" Online Bill Pay payments, and similar items – based on check number, from lowest to highest.
After the above transactions are complete, we post automated internal transfers to and from linked accounts, such as to provide overdraft protection or to sweep excess balances to loans or other deposit accounts. You can find more details in the Understanding Overdrafts and Non-Sufficient Funds (NSF Returned Item), and How to Avoid Overdraft Fees section of the Consumer Deposit Account Agreement.
Deposit Hold Policy - When funds deposited to your account are available:
Our general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic direct deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the second business day after the day of the deposit. You can find more details in the Your Ability to Withdraw Funds section of the Consumer Deposit Account Agreement.
Dispute Resolution
In case of errors or questions, call us as soon as you can at 800-272-9933. To limit your liability, we must hear from you no later than 60 days after we sent the first statement on which a problem appeared. You can find dispute resolution details in the Consumer Deposit Account Agreement.
HSAs are taxable in California. For more details about HSAs, please refer to IRS publication 969 titled, "Health Savings Accounts and Other Tax-Favored Health Plans." For a complete list of IRS-qualified medical expenses, please refer to IRS publication 502 titled, "Medical and Dental Expenses." Banner Bank does not provide tax advice. Consult your tax professional for tax related questions.