statement

Savings Account

Also Available

• E-Statements – Emailed Statements.
• Combined Statements – Several accounts on one monthly statement
• Internet Banking – Online account information, transfers, etc.
• Bill Pay – Easy online bill payment service.

investment

Savings Account

Also Available

• E-Statements – Emailed Statements.
• Combined Statements – Several accounts on one monthly statement
• Internet Banking – Online account information, transfers, etc.
• Bill Pay – Easy online bill payment service.

health

Savings Account

The customer controls all the decisions about their HSA including:

• How much money to put into the account (within plan limits)
• Whether to save for future expenses or pay current medical expenses
• Which medical expenses to pay from the account

An HSA provides triple tax savings for the customer:

• Tax deductions when you contribute
• Tax-Free earnings through interest income
• Tax-Free withdrawals for qualified medical expenses

• Have medical coverage under an HSA-qualified “High Deductible Health Plan”(HDHP)
• Have no first dollar medical coverage (co-pay), with exceptions for plans providing limited types of coverage.
• Cannot be enrolled in Medicare
• Cannot be claimed as a dependent on someone else’s tax return

• Self-only coverage – $ 2,700
• Family coverage – $ 5,450

Example: If a self-only coverage customer has a deductible of $ 1,500.00, he could contribute $ 1,500.00 to his HSA. But if a self-only coverage customer has a deductible of $3,000, he could only contribute $ 2,700.00 to the HSA.

The limits apply on a per month basis based on coverage as of the first day of such month. Therefore, if coverage begins December 1 then the deductible amount for self-only coverage is limited to $225 ($2,700 / 12 months) and $454 for family coverage ($5,450 / 12 months).

There is a 6% excise tax for excess contributions.

• 2006 – $ 700
• 2007 – $ 800
• 2008 – $ 900
• 2009 and after – $ 1,000

• All earnings are tax free
• All withdrawals for qualified medical expenses are tax free

You can use the money in the account to pay for uninsured medical expenses of yourself, your spouse, or your dependent children. You can pay for the expenses of your spouse and dependent children even if they are not covered by your HDHP.

Under these specific circumstances, you may use the money to pay for medical insurance premiums:

After you turn age 65, the 10% additional penalty no longer applies. If you become disabled and/or enroll in Medicare, the account can be used for other purposes without paying the additional 10% penalty.

At the death of the owner of an HSA, the spouse of the owner becomes the owner of the HSA and can use it as if it were their own. If the owner is unmarried, the account will no longer be treated as an HSA and will pass to the owner’s beneficiary.

Christmas Club

Savings Account

• $10.00 Minimum Opening Deposit
• No debits allowed. Checks are produced on Nov. 7 each year.
• No Statement Images
• Christmas Club Interest compounded annually

Vacation Club

Savings Account

• $10.00 Minimum Opening Deposit
• No debits allowed. Checks are produced on June 7 each year.
• No Statement Images
• Vacation Club Interest compounded annually

Kids Club

Savings Account

• Eligibility: 18 years and under. Account will automatically convert to a Statement Savings at the age of 18.
• During the month of June, account holders can bring in A & B report cards and the bank will make a contribution to their account!
• $5.00 Minimum Opening Deposit
• Service Charge of $2.00 per debit over 6 per quarter.
• No Statement Images
• Kids Club Interest compounded Quarterly