Q: What is the difference between HSA Checking, HSA Savings and HSA CDs?
Farm Bureau Bank offers our customers the opportunity of choosing the account type that meets their individual needs:
Q: How can I make contributions to my FBB HSA?
Deposits can be made by mail, direct deposit, electronically via ACH, wire transfer, or you can utilize Farm Bureau Bank's Internet Banking System to initiate transfers from a non-Farm Bureau Bank account.
Farm Bureau Bank currently offers an HSA Certificate of Deposit. You must retain a least $2,000 in your Farm Bureau Bank HSA Checking or HSA Savings account. Current CD rates and terms apply.
Farm Bureau Bank will furnish the tax forms 1099-SA and 5498-SA. The 1099-SA reports distributions and is sent out in January. The 5498-SA reports contributions and is sent out in May.
You can utilize all of the features and functions of Farm Bureau Bank's Internet Banking System to manage your HSA. This includes:
You may contact us by phone, mail, email or fax to request an additional Debit card or order more checks.
Farm Bureau Bank charges a monthly administration fees on the HSA Checking and HSA Savings accounts due to the IRS reporting and additional maintenance of these accounts. However, in most cases your HSA can be exempt from the fee after the first year by maintaining a minimum balance in the account. (See disclosures)
For a full description of HSAs please refer to IRS Publication 969.
You will need to contact us detailing the issue and we will work within the Federal guidelines to find a solution that meets your needs. Please notify us as soon as you become aware of the issue.
You can complete and send us the following form or simply put your request in writing and fax it to us at 1.866.913.5087 or mail it to us:
Q: How can I make contributions to my employee’s account?
Deposits can be made by mail, direct deposit, electronically via ACH, by wire transfer, or you can utilize our Cash Management System.
We offer the same great service for our customers as for employers such as; HSA Checking, HSA Savings and HSA CDs.
Employers have the potential to save money on health insurance premiums by switching to a high deductible health plan in conjunction with an HSA. In addition, contributions to your employees HSA could possibly feature tax benefits for your company.
You can pay the fee up front or include it as part of your contribution and the deduction is considered a qualified expense.
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