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Data on Consumer-Directed Care
HSA
Data From Selected Credit Unions
Reprinted from
the September 28, 2007, issue of INSIDE
CONSUMER-DIRECTED CARE, a biweekly newsletter with timely
news and insightful analysis of benefit design, contracts, market strategies
and financial results.
|
Credit
Union
|
HSAs
Since
|
Number
of HSAs Opened
|
Total
HSA Assets
|
Typical
Fees
|
Number
of New Accounts Opened per Month
|
|
Affinity
Federal Credit Union
Basking
Ridge, N.J.
|
February
2007
|
280
|
$480,000
|
None
|
About
40
|
|
American
Airlines Federal Credit Union
Ft.
Worth, Texas
|
January
2007
|
7
|
$18,083
|
•
$25 opening fee
•
$1 withdrawal fee
•
$25 excess-contribution reversal fee
|
Not
enough volume to average
|
|
Ashland
Credit Union
Ashland,
Ky.
|
January
2005
|
178
|
$280,000
|
$15
setup fee (waived with a checking account)
|
All
were opened in January.
|
|
Citizens
Equity First Credit Union
Peoria,
Ill.
|
January
2006
|
126
|
$305,500
|
$25
annual fee after the second year if average balance is less
than $2,500.
|
7
to 10
|
|
Connex
Credit Union
North
Haven, Conn.
|
October
2005
|
813
|
$730,000
|
$25
account closure fee.
|
35
|
|
CoVantage
Credit Union
Antigo,
Wis.
|
January
2006
|
1,100
|
$1.4
million
|
None.
|
About
20 to 30.
|
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Dallas
Telco Federal Credit Union
Dallas
|
December
2005
|
140
|
$278,000
|
None
|
Less
than one.
|
|
Desert
Schools Federal Credit Union
Phoenix
|
January
2007
|
296
|
$192,014
|
None.
|
N/A
|
|
Elevations
Credit Union
Boulder,
Colo.
|
October
2006
|
846
|
$976,046
|
$15
setup fee.
|
71
|
|
Ent
Federal Credit Union
Colorado
Springs, Colo.
|
January
2006
|
499
|
$693,756
|
None
(unless a member needs to have an HSA debit card rushed to him
or her).
|
About
25.
|
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Mennonite
Financial FCU
Lancaster,
Pa.
|
January
2006
|
196
|
$397,165
|
No
fees. A $20 fee is charged
if transferred to another financial institution.
|
7
|
|
State
Employees Credit Union
Raleigh,
N.C.
|
January
2005
|
1,172
|
$2,045,689
|
None.
|
30
|
|
Teachers
Credit Union
South
Bend, Ind.
|
January
2005
|
2,443
|
$3,191,168
|
None.
|
37.75
(12-month average)
|
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Technology
Credit Union
San
Jose, Calif.
|
November
2006
|
210
|
$227,252
|
None.
|
20
to 25
|
|
Veridian
Credit Union
Waterloo, Iowa
|
August
2005
|
614
|
$555,000
|
$2
monthly service charge
|
25
|
|
N/A
= Not available
SOURCE
AND METHODOLOGY: Survey of selected credit unions by ICDC, September
2007.
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