Truth in Savings – Health Savings Account

The Truth in Savings Act, Regulation DD, was enacted to help consumers understand the terms and conditions on which interest is paid and fees are assessed. First Internet Bank (“First IB”, “the Bank”, “we”) attests the information in this disclosure is accurate as of 11/7/2018.

View a printer friendly (PDF) version of this disclosure to keep for your records.

Account Description: First IB Health Savings Account is an interest bearing checking account. This account is designed for those who have a high deductible health plan.

Minimum Balance: There is no minimum balance required to open the account or to maintain in the account to avoid fees or to obtain the annual percentage yield disclosed.

Rate Information: The Interest Rate (at which interest is paid on the principal balance) is 0.15% and the Annual Percentage Yield (at which an account would earn interest each year if all interest paid on the account remains in the account) is 0.15%. The Annual Percentage Yield is based on no withdrawal of credited interest and no change in the interest rate for a full year. The interest rate for this account is determined at the discretion of the Bank and may change at any time.

Interest Compounding: Interest will be compounded monthly and credited on the last business day of the month. It the account is closed prior to the last day of the month, interest accrued but not credited will be forfeited. Interest is calculated by the daily balance method, which applies a periodic rate to the end of day balance in the account each day. Interest will begin to accrue no later than the business day we receive provisional credit for the deposit of noncash items (for example, checks) into your account.

Fee Information: Fees specific to this account include:
Monthly Maintenance Fee: There is not a monthly maintenance fee with this account.
Nonsufficient Funds Fee: $30.00 per occurrence
Overdraft Items: $30.00 per occurrence
Uncollected Funds Fee: $30.00 per occurrence
Returned Deposited Item Fee: $20.00 per occurrence
Stop Payment Fee: $30.00 per occurrence
Check Copies: You may view copies of checks you have written through our online banking system for up to 12 months. A charge of $3 per item applies if you ask us to retrieve a copy of an older check for you.
Statement Copies: You may view up to 12 months of statements at no cost when you receive statements electronically. A charge of $3 applies if you wish to receive a paper statement by mail or if you ask us to retrieve a copy of an older statement for you.
Other fees that are common to all personal accounts at First IB may also apply. Please refer to our fee disclosure for a complete list of fees related to all personal accounts.

Transaction Limitations: There are no transaction limits on this account however, IRS contribution limitations do apply. First IB assumes that all deposits to the account are current year contributions unless otherwise stated. First IB assumes that all debits from the account are qualified distributions unless otherwise stated.