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Health Savings Accounts FAQs

General FAQs

Learn about HSAs at our online HSA Service Center.

Other FAQs about HSAs at VACU

Are there any setup fees or monthly maintenance fees for an HSA?

Virginia Credit Union does not charge any monthly maintenance fees. There is a $25 annual fee and $5 is required to open your account.

How can I make contributions to my HSA?

You can make contributions to your HSA savings account through direct deposit, payroll deduction, at any branch, by calling Member Services, by calling QuikLine Phone Banking or by writing a check on your HSA checking account. Contributions cannot be made directly to your HSA checking account.

How can I access funds in my HSA?

You can access funds from your HSA savings account by visiting any branch, calling Member Services, or calling QuikLine Phone Banking.

The funds in your HSA savings account will be linked to the HSA checking account. When checks are written, funds will be automatically transferred from the HSA savings account to cover the amount of the check as it is processed. This HSA checking account will not allow for any deposits and overdraft protection is not available for it. The HSA checking account is available for account history through QuikLine Phone Banking only.

How can I check the balance of my HSA?

You can check the balance of your HSA online through Online Banking, or by calling 24-hour QuikLine Phone Banking or Member Services.

How do I keep track of my HSA expenses?

HSAs will be included on your monthly statement, which will summarize your account contributions and disbursements. To help with year-end tax preparation, Virginia Credit Union annually sends required forms to you and the IRS. You should keep sufficient records of your expenditures, such as payment receipts.