CU*Answers acknowledges the member service opportunities and the earnings potential of HSA accounts and has begun planning for the development of these unique deposit accounts.  While the project is currently in the design stage, the business plan includes rolling out a compliant product in the year 2007.
                                                        
The basic premise of HSA processing will emulate many of the current IRA processing features. 
  • The account itself will be defined as a Share or Share Draft DIVAPL. 
  • As contributions and withdrawals are made, the data will be stored in an HSA Balance File much like the IRA Balance File. 
  • An inquiry screen will allow the credit union to see current and annual activity on the account. 
  • If service fees are part of the credit union's plan, they can be defined using existing service charge configuration.
  • An optional screen will allow the credit union to keep track of the insurance information, if desired.
  • Documentation will be available with the product rollout.