HEALTH SAVINGS ACCOUNT TRUTH-IN-SAVINGS DISCLOSURE
Interest Rates and Annual Percentage Yields (APY) – The interest rates and the annual percentage yields for the accounts about which you have inquired are shown below in the chart titled, I.E. Interest Rates and Annual Percentage Yields (APY). The interest Rate is the rate at which interest is paid on the ledger balance of a Health Savings Account. The annual percentage yield (APY) is the rate at which an account would earn interest over a one year period if the stated interest rate remained in effect throughout that period and all interest paid on the account were left in the account. The interest rates and the annual percentage yield for your account is subject to the Variable Rate Information section.
VARIABLE RATE INFORMATION - The interest rate of your account will be determined by the rate in effect when funds are deposited to the account, however the interest rate and annual percentage yield may change.
- Determination of Rate – At our discretion we may change the interest rate on your account.
- Frequency of Rate Changes – We may change the interest rate on your account at any time.
- Limitations on Rate Changes – There are no maximum or minimum interest rate limits.
- Tiered Interest Rate – Interest is paid on the amount of funds within each defined tier, creating a blended interest rate for the entire balance
COMPOUNDING AND CREDITING – The annual percentage yield calculation assumes interest will remain on deposit. A withdrawal will reduce earnings. If you close your account before interest is credited, you will not receive the accrued interest. Please see the interest accrual and compounding methods below.
|Type of Account||Interest Crediting||Interest Compounding|
BALANCE COMPUTATION METHOD – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the ledger balance of your Health Savings Account.
ACCRUAL ON NONCASH DEPOSITS – Interest begins to accrue on all non-cash deposits (such as electronic transfers) no later than the day the transaction is posted to your account.
All credit transactions are processed first. Debits, or withdrawals, from your account will be processed as follows: electronics items such as preauthorized transactions then checks. The items are processed in the order received within each category.
1Reduced to $5.00 per 18/65 MA law.
2Reduced to $20.00 per 18/65 MA law.
FEES AND CHARGES
The following fees and charges may be assessed against your account:
|Fee effective 7/1/18|
|Paper Checks (Book of 25 checks)||$8.00|
|Trustee to Trustee transfer or Rollover
|Monthly paper statement*||$1.25|
|Monthly investment account (when account balance is less than $3,000)||$2.50|
|Non-Sufficient Funds (NSF) (can be created by check or other electronic means)||$30.00|
As of July 1, 2018
* Paper statement fee charged monthly - Please Note you may opt-in to receive free electronic statements online by choosing HSA Statements and setting your preference.