Health Savings Account Disclosure
HSA Checking Accounts
An HSA (Health Savings Account) Checking Account allows you to save and pay for future medical expenses. To be eligible for an HSA Checking Account with Missouri Credit Union (MCU), you must be a member of MCU, and must:
- Be covered by a qualified High Deductible Health Plan (HDHP);
- Not be covered by any other type of health plan that is not an HDHP;
- Not be enrolled in Medicare or Medicaid or Tricare (military insurance);
- Not be claimed as a dependent on another person’s tax return.
HSA Checking Account Features
Features of the HSA Checking Account include:
- No minimum balance required to open account;
- Check Orders: HSA checks available at Selection Price;
- MCU HSA VISA Debit Card Daily Limit is $2000;
- Free MCU Call24 phone banking at (573) 443-5880 Columbia or (573) 635-9853 Jefferson City or (800) 443-5880 Toll-free (Outside of Columbia and Jefferson City only); and
- MCU@Home —use internet banking to check your HSA Checking Account balance.
Please note: HSA Checking Accounts do not have any overdraft protection options.
Interest Rate Information
Your average daily balances above $1,000 earn the current interest rate. The interest rate and annual percentage yield is subject to change at any time as determined by MCU.
|Avg. Daily Balance ≥ $2,500||0.10%||0.10%|
This rate is effective as of 04/05/2016. Check our website for the most current rates and terms at https://missouricu.org/interest-rates.
Compound and crediting – interest compounds every month, and credited to your HSA Checking Account every month.
Interest period -The interest period is monthly. The interest posting date is the last day of the month. If you close your account before interest is paid, you will not receive the accrued interest nor will it be posted to your account on the last day of the month.
Minimum Balance Requirements
There is no minimum balance required to open a HSA checking account.
Average Daily Balance Computation Method
Interest is calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period MCU uses is the monthly statement cycle.
Accrual of Interest on Non-Cash Deposits
Interest will begin to accrue on the business day you deposit non-cash items (for example, checks) to your account.
Fees and Charges
There is no fee for each check/debit/ACH presented to the HSA Checking Account.
The HSA checking account does not have a monthly maintenance fee or a minimum balance requirement.
Any applicable fees are listed in the “Truth in Savings Fee Disclosure”
If there are not enough funds available in the HSA Checking Account to cover an applicable fee, the fee will be pulled out of your checking or savings account.
Any transaction limitations that are not listed above can be found in your “HSA Account Custodial Agreement”. Contributions and withdrawals are limited by law. Please seek advice from your tax professional. You have the right to withdraw your deposit plus interest at any time, however, you may be subject to certain penalties.