The Bancorp Bank`s Funding Options Employers

The Bancorp Bank’s Funding Options
for
Employers & Employees
Employer Funding - Direct Deposit Method
§ Employers may deposit money for their employees via payroll
deduction through their payroll processor.
§ Employer contributions (if applicable) may be combined with the
amount that an employee wishes to have deducted from each
paycheck…and both may be directly deposited into the employee’s
HSA.
§ Employers would work with their payroll processor to set up the
deposit for each employee. No communication with The Bancorp
Bank is necessary in advance. We will simply apply deposits to each
individual account as they are received!
Direct Deposit Method Details
If an employer doesn’t have their own direct deposit form, one may be downloaded from
Bancorp’s Web site within the forms library under the “Managing Your HSA” tab. Employees
would use this form to request how much they wish to have deducted from each paycheck and
applied to their HSA. The form is then returned to their employer.
The employer may prefer to send an account number request form to Bancorp requesting a
complete listing of employee HSA account numbers; therefore employees would not need to
included a voided HSA check or provide the account number back to the employer.
Along with the employee name and amount to be funded, the following information is provided
to the payroll company that will be initiating the transactions:
The Bank Name: The Bancorp Bank
The Bancorp Bank's ABA Routing Number: 031101114
Each Employee's account number
Note: Employees will need to contact the employer if they wish to request any changes to their payroll deduction
amount. The IRS has no limit to making deposit changes, only a published annual maximum contribution limit.
Employee can feasibly change their deposit amounts into their HSA as often as they wish unless the Employer asks
that they limit these changes. Some employers establish an internal policy to limit to the number of times an
employee is permitted to make changes to their deduction amount (maybe once per quarter or twice annually).
Employer Funding – ACH or Wire Method
§ The Employer or Third Party
Administrator sends a contribution form
to The Bancorp Bank via e-mail to
[email protected]
§ The Financial Institution of the
Employer sends the funds via ACH or
wire to The Bancorp Bank. Any wire
received before 3pm Eastern Time is
processed the same day. If received
after 3pm, it will be processed the next
day
§ After the funding is processed, a
confirmation is automatically sent to
the email of the person who sent the
contribution form
Employer Funding – Check or Money Order Method
§ The Employer completes the contribution form downloaded from
the website. The form will include each customer’s name,
account number, and dollar amount of deposit.
§ The check and contribution form are mailed to The Bancorp
Bank, and each employee’s account is credited within 24 hours of
receipt
§ The Bancorp Bank processes the check to complete the
transaction. If an email address is provided on the contribution
form, an email is automatically sent to confirm that funding has
taken place
HSA Employer Contribution Form
Tips:
§ This form is sent to Bancorp each time an employer
submits lump sum funding of any type so we can
allocate funds appropriately
§ Please send this document in excel format, as pdf files
and faxed documents are incompatible with our
funding system
§ HSA Account numbers do not need to be included if
the Social Security Number is documented on this
form for each employee
§ For an ACH or Wire, this form should be sent
electronically on the same day that any funding is
initiated
§ For a Check or Money Order, please email this form
to Bancorp as you are mailing the deposit (noting that
a check is forthcoming in the mail)
This Form available in our forms library under the “Managing Your HSA” tab
Lump Sum Funding – Follow-Up Communications
§ You will receive an automated email response once your e-mailed contribution
form has been received in [email protected].
§ Automated e-mails are sent at the end of each day for any file received that
has not been processed due to non-receipt of funds -or- any funds received
that have not been processed due to non-receipt of file.
§ An automated email is sent out to confirm once funding has been applied. It will
be noted on this email if the system was unable to locate the open account to be
funded (possibly due to an account that is still pending to be opened, or a social
security number or account number mismatch)
Ø If any accounts are unable to be funded automatically, we will follow up
to manually review and apply the funds as quickly as possible
Ø Please email [email protected] for further details
Ø You will receive a response in approximately 48 hours once the issue has been
researched
Employee Contributions
Direct
Deposit
Employee
contribution
options
Check/
Money Order
ATM
Employee
Contributions
Electronic
Money
Movement
ACH/Wire
Transfer
Electronic
Bank
Transfers
Employee Contributions (continued)
Click on the “Funding” tab on the lower left corner of your Web site for detailed
instructions regarding the following deposit options:
Funds Transfer
This proprietary online tool is accessible when you log in to view your HSA account
activity. Bancorp’s Funds Transfer tool allows you to easily register external accounts in
coordination with your Bancorp HSA. This allows you to schedule free electronic
deposits from an account at another bank or from a credit card.
Credit Card
There are two ways to add additional funds by credit card:
Use our online “Funds Transfer” service described above; or Call customer service at
800.283.1534 and ask to fund your account with a credit card. Please have the following
information available:
-Your credit card account number, CVV number and expiration date
-Cardholder's Name
-Cardholder’s Billing Address
Employee Contributions (continued)
E-Transfers
An Electronic Bank Transfer, also known as an Automated Clearing House (ACH), is a
convenient way to make money transfers to and from your Bank account by initiating from
another financial institution. Initial deposits are limited to $500 and can be completed with
no paperwork. Simply choose the ACH payment option on your bank’s online application.
Wire
Wire Transfers are the safest and fastest way to make high dollar deposits and
withdrawals from your HSA. Incoming wire transfers received before 3:00 PM ET are
processed the same business day. There are no fees for incoming wire transfers to your
HSA. Fees may be charged for withdrawals - see our schedule of fees for details.
ATM
Many financial institutions accept deposits at their ATMs. When you use another bank's
ATM to make a deposit, the deposit will be credited to your The Bancorp Bank HSA
account. The benefits of using Deposit Accepting ATMs are accessibility and practicality.
The machine accepts deposit envelopes with cash, money orders and checks, plus you get
a receipt with the transaction. When making a deposit through an ATM, please ensure that
you endorse the reverse side of each check with your name and account number.
Employee Contributions (continued)
Check or Money Order
As with any bank, you can always make deposits by mailing us a check or a money
order. Postage paid, pre-addressed envelopes can be found in your Welcome Kit.
Deposit slips are available in our forms library online. Deposits may be made to:
The Bancorp Bank HSA
Attn: Deposit Operations
409 Silverside Road, Suite 105
Wilmington, DE 19809
Direct Deposit
Direct Deposit is an electronic transfer of a payment from a company or organization into
an individual's Health Savings Account. This is a great option for funding your HSA on a
regular basis. Seek guidance from your employer to see if they are able to facilitate
regular deposits into your HSA via payroll deduction.