*A $3.95 monthly fee will be charged if the customer
elects to receive a paper statement. The fee will be waived if; 1) the
customer elects to receive electronic statements only; or 2) a
combined minimum average daily balance of
$2,000 is maintained between the checking portion of
the Health Savings Account and an associated checking, NOW, savings or
money market account. Member FDIC.
**Disclaimer: Investors should carefully read the Fund
prospectus, which includes information on the Fund’s investment
objectives, risk, as well as charges and expenses along with other
information before investing or sending
money. Funds in the investment portion of your Health
SavingsPLUS account are not FDIC insured, May Lose Value and are Not
Bank Guaranteed.
Neither First American Bank nor its subsidiaries
(collectively “First American Bank”) are registered investment
advisors nor is First American Bank acting in the capacity of a
registered investment advisor with respect to the
offering of Health Savings Account (“HSA”) investment
options. Participation in the investment options is voluntary. Under
no circumstances is First American Bank offering any of the HSA
investment options and makes no
representations with respect to the investment options
offered.
First American Bank disclaims any and all liability, contingent or
otherwise, for the performance of the investment options. Please see
your personal financial advisor for personal investment advice.
The Enrollment Process:
Step 1:
Apply for a First American
Bank HSA
There are two convenient ways to apply:
1) Online at
www.firstambank.com
2) Contact your assigned HSA Account Manager if you
require paper applications:
Mitch Rosenbloom, (847) 586-2010 or
mrosenbloom@firstambank.com
Adam Geiger, (847) 586-2261 or ageiger@firstambank.com
Step 2:
Submit Applications to
First American Bank
1) Online Application
a. If your employee applies online, the account
opening process has already begun.
b. First American can provide your organization a link
that will allow your employees to apply online.
2) Paper Application
a. You will be in control of the account opening
process for paper applications.
i. Collect all applications.
ii. Verify that all signatures and identification
information has been completed. This includes issue and
expiration dates, and the identification number for
the primary identification.
iii. Submit all applications at the same time.
A checklist is provided with the application regarding
identification information.
Submit applications by the following two methods:
1) By mail: First American Bank, Attn: HSA Processing
Center
P.O. Box 0794, Elk Grove Village, IL 60009
2) By fax: Attention: HSA Department (847) 264-2308
First American Bank - ID Information:
Primary Identification:
U.S. Drivers License
U.S. Passport
U.S. State ID Card
Foreign Passport
U.S. Armed Forces Card
Matricula Card
Secondary Forms of ID: (Necessary only if an
individual has not passed our verfication process)
Any
of the above forms of ID
State Voters Registration Card
State U.S. Birth Certificate
U.S. Alien Registration Card
U.S. Auto Registration Form
Student ID Card
Current Utility Bill
Identification information is required for the account
signer and the additional signer (if applicable).
Identity Verification:
Federal law requires all financial institutions to
obtain, verify and record information that identifies each person who
opens an account. Therefore, when your employees enroll in an HSA we
will ask for name, address,
DOB, and other information that will allow us to
identify each individual. We may ask for Driver's License information
or other identifying documents. All new accounts are verified through
Chexsystems.
- 3 -
Transfers:
Are your employees transferring their current HSA to
First American Bank?
Our application contains all of the necessary
information to transfer funds from another HSA. To ensure a smooth
transition,
please notify your HSA Account Manager if an employee
will be transferring. Depending on the financial institution from
which your employee is transferring, the process could
take several weeks.
Step 3:
Employer Verification
Letter
As part of the application please include an employer
verification letter with your employee applications. The necessary
elements of this letter are listed below. If we
receive the letter at the time of application, this will expedite the
process of
opening your employee’s accounts. If we do not receive
the letter we will need to contact you or your employee.
Requirements for the Employer Verification Letter:
1) Printed on your company’s letterhead
2) Include the name, social security number, date of
birth and address of the employee (multiple employees are
allowed on a single employment verification form)
3) The signature or the Human Resource Manager, or
other corporate officer
4) The title and phone number of the individual who
has signed the form (see sample enclosed)
Step 4:
Funding Options
EMPLOYERS:
There are three options
available to fund your employees’ accounts:
1) Automated Clearing House (ACH) - Preferred Method
The ACH transfer can be originated by your bank or a
direct deposit payroll system. The payroll field for the Heath
Savings Account is an additional deduction similar to
your 401k. Please remember that although this type of
account is titled Health Savings Account, the actual
account type is a “checking account”. It takes one business day
and a maximum 48 hours for an ACH to post to the
account. In order to send an ACH you will need the routing
number and account numbers of your employees’ HSA
accounts.
First American Banks’ ABA Routing Number is 071922777.
2) Ca$hTrac (fees apply)
If you do not have the capability of direct deposit
(ACH) and would like to deposit monies into your employees’
accounts, you have the option of using our proprietary
online business banking system “Ca$hTrac”. Ca$hTrac will
allow you to directly debit an operating account and
credit employees’ individual accounts within 48 hours. If you
are interested in learning more, please contact your
assigned HSA Account Manager.
3)
Check
You can fund your employee’s accounts by sending a
check accompanied by a list of the employees’ name and their
account number (see sample enclosed). Please make the
check payable to First American Bank. Please be advised
that out of state checks can take up to five business
days to process.
EMPLOYEES:
There are two options
available to employees who wish to contribute to their HSA:
1) Automatic Transfer - Preferred Method
Employees can complete the HSA Auto Savings form which
will allow First American Bank to automatically deduct
funds from the employee's personal checking or savings
account on a one-time or recurring basis.
2)
Check
A check made payable to the employee (accountholder)
or First American Bank can be mailed to the bank or
deposited at any of our 49 branch locations.
- 4 -
How to Contact First American Bank HSA Department
You may contact First American Bank's HSA Department
through one of the following methods:
Mail: First American Bank
Attn: HSA
P.O. Box 0794
Elk Grove Village, IL 60009
E-Mail: HSA@FirstAmBank.com
Phone: Toll Free (866) 449-1150
Locally (847) 952-3700, select Option “2”, and then
Option “4”
Fax: (847) 264-2308
Time Line
The entire account application process should not take
longer than 5 business days if all the required information is
provided.
A
debit card is ordered when we receive the completed applications*.
If
your employee has requested checks, we will place the order when the
account is funded.
Checks and debit cards will arrive in 7-15 business days. If a deposit
has not been made to the account, then the
checks will be ordered upon receipt of initial
contribution.
If you have any questions please feel free to contact
our HSA Help Desk toll free at (866) 449-1150 or locally at
(847) 952-3700, select option “2”, and then option “4” or by email
HSA@FirstAmBank.com.
