Health Savings Account Disclosure

Variable Rate Accounts

The daily balance method will be used to calculate interest on your Health Savings Account (HSA) by applying a daily periodic rate to the full amount of principal in the account each day.


A minimum deposit of $100 is required to open a Health Savings Account (HSA). Deposits of any amount may be made to the account after it is opened. However, you will be liable for any penalty incurred for excess contributions to your HSA.

The HSA account will be used only for deposits and withdrawals from the Health Savings Account. The following features apply to the transaction account:

  • No monthly debit card fee
  • Account can be accessed through 24-Hour Banker Online
  • Billpay is available at no charge
  • Check images will be returned in your statement


The interest rate and annual percentage yield you will earn is variable and is set at the discretion of the management of the Shelby County State Bank. The rate may change monthly.

To obtain the annual percentage yield disclosed, you must maintain a minimum balance of $50 in the account each day.

Interest is compounded quarterly and the interest you earn is credited to your account at the end of each quarter. Interest begins to accrue no later than the business day of deposit. Deposits received before closing on a business day are credited on that day.

A Shelby County State Bank rate sheet is available disclosing current rates.


A fee of $15 will be required to initially set up a Health Savings Account. A monthly basic service charge of $1.50 + sales tax will be assessed to your HSA when your statement cycles each month. This fee may be waived with other SCSB relationships. The fee to stop payment on a check will be $33 + sales tax. Should you overdraw your HSA account, there will be a Return Item Fee or Overdraft Item Fee of $33 for each item returned or paid into overdraft. The Return Item Fee/Overdraft Item Fee charges apply to overdrafts created by check, in-person withdrawals, ATM withdrawals or other electronic means. There can be a maximum of eight Overdraft Item Fees and eight Return Item Fees paid per day.


Withdrawals are limited by law. Please see your tax advisor for details. You have the right to withdraw your deposit plus any interest at any time, though you may be subject to certain penalties.

We reserve the right to require seven days notice before any withdrawal can be made from an interest-bearing account.


You agree that we will not be responsible for complying or refusing to comply with any garnishment, levy, subpoena or other judicial, administrative or legal process we receive regarding your account, any funds in your account, or any item deposited thereto. In addition, if the foregoing should occur or if there is any dispute regarding your account, or your instructions to us regarding the account, you agree that we may place a hold on your account until the situation is resolved to our satisfaction. We are not required to determine the merits of any such disputes. In any of the preceding situations, we may interplead or take similar action with respect to the funds in dispute and you agree to reimburse our costs and expenses (including reasonable attorneys’ fees) in doing so.