First American Bank
HEALTH SAVINGS ACCOUNTS
Revised April 15, 2007
Rate Information:
This account is an interest bearing account. The interest rate will be paid at the rate shown for the entire balance in the account .
If the daily balance is:
Interest Rate Paid
Annual Percentage Yield Paid
$0.01 to $4,999.99
2.956%
3.00%
$5,000.00 and above
3.922%
4.00%
The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account at any time. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly. Any interest earned on this account will be reported to the IRS.
Balance Information:
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Limitations:
You must deposit $0.01 to open this account. If you close your account before interest is credited, you will not receive the accrued interest. Accrued interest will be paid when the entire balance of the closed account is transferred to a new First American Bank account.
Account Fees:
First American’s HSA account can be accessed by check ($15.63 fee for 50 checks), bill payment (free) or debit card (free). A convenience fee of $3 per month applies for paper statements, E Statements are free.
No fees. Free internet banking and bill payment. Free E Statement.
The following fees apply to this account: Non-standard withdrawal are $10 – includes Excess Contributions, Corrections of Prohibited Withdrawals or Transfers; Images Returned - Front only; Electronic statement provided at no charge; front and back images are $2.00; Optional STAR/Cirrus services available: see service fee schedule. Fees may reduce earnings on this account.
This Account consists of a checking sub account and a savings sub account. The Bank may periodically transfer funds between these two sub accounts. On a sixth transfer during a calendar month, any funds in the savings sub account will be transferred back to the checking sub account. If your Account is a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non interest bearing. The savings sub account will be governed by the rules governing our other savings accounts. This process will not affect your available balance, the interest you may earn, FDIC insurance protection, or your monthly statement.
more information www.firstambank.com
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