Has anyone run in to this scenario -
Employer comes to us to open HSA's for employees - one employee is on ChexSystems - large charge off at another FI...Refusal to open the account could damamge the relationship with the insurance agency the refers the business.
Now, since the contributions will be primarily from the employer, and no other deposits/contributions from the employee, I'm wondering about opening the account, but not providing the debit card. I'm trying to understand if there are account access requirements somewhere that I'm not seeing. The customer could have access via check and/or internet banking/bill pay.
Second question - how are folks handling NSF issues? Since we don't use a restricted card, it is possible for non-eligible charges, like at a gas station (which does the whole $1 hold, then charge comes in), meantime another charge/debit comes in - now the account is negative.
We're considering a one or two strike policy - after one NSF we shut down your debit, or - we warn you after the first one and shut down on the second one...
What are others who have HSA doing?
(we don't want to do the restricted cards yet due to costs from our service provider)
Thanks
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.