Believe it or not there are still a lot of banks and credit unions out there that DO NOT offer a Health Savings Account program for deposits. Some banks even send their deposits to other banks.

“HSA Clearing Corp has been offering a low cost turn-key HSA program since 2004 and our program offers a positive ROI for our clients,” said Tim Morales, President of HSA Clearing Corp. “Offering HSAs is a great way to grow your deposits and build your customer base. Using our proven turn-key HSA solution banks and credit unions are ahead of the game from the start. Buying and maintaining a special HSA software program only costs them money and they have to pass along set up fees, monthly and annual fees to the customer. Late last year we saw a major core processor unload their platform because it was not cost effective. Our customers have found that whether they open 50 or 5,000 HSAs in a given year they’re still way ahead as they do not have monthly fees to pay out. These institutions came to us because we can get them up and offering HSAs in a matter of days without spending a lot of time and money on a costly integration program.”

“Health Savings Accounts are making a difference to millions of Americans across the country,” Morales said. “HSAs allow businesses, families and individuals to purchase affordable health insurance coverage and put away pre-tax dollars for into their HSA accounts for future health care expenses.”

With all the uncertainty in the banking industry right now we find it shocking that there are so many banks not offering a program designed for HSAs. For more information on this seminar check out HSA Clearing.

The fees that banks charge never cease to amaze me. For instance with the bank that I use if I use another ATM to check my balance there is a fee. If I use another ATM to withdraw money, not only will I be hit with the fees from that specific ATM I will also be hit with a fee from my own bank for my audacity to use another bank’s ATM. It is crazy, but I think many people have simply accepted this as a part of life and dealt with it. Is it right? No, but what am I going to do about it?

Health Savings Accounts are another story. Many banks have begun charging fees for these accounts. These savings accounts are being hit with monthly and annual fees on top of the standard set up fee. Let’s think about this for a second. Let’s think about this for a second.

• HSAs maintain and grow their balances without a lot of withdrawls
• Banks earn interest on that money
• HSAs need little to no customer service or maintenance

There’s more too, but that’s enough. The fact is banks are LUCKY to have these accounts. They are cash cows for banks and the banks don’t appreciate it. If you currently have an HSA at a bank that is charging you a monthly or annual fee it might be time to consider transferring it. You are being nickle and dimed for an account that was created to help you. Use your HSA to build towards your future, not a banks bottom line.

Caught this release on Google this morning. Guilford Savings Bank in Connecticut is now offering a complete Health Savings Account program.

Guilford Savings Bank, with $461 million dollars in assets and seven-branch relationship bank, has signed with HSA Clearing Corp to roll out a complete Health Savings Account program.

The Guilford Savings Bank has been serving the financial needs on the Connecticut shoreline for over 130 years. Launching their Health Savings Account program is the next step in their outstanding commitment to their customers.

It’s refreshing to see a bank that has been around for 130 years has added a Health Savings Account program. Even established banks realize these are the way of the future.