A Health Savings Account (HSA) is a tax-advantaged account that allows individuals with high-deductible health plans to save and pay for qualified medical expenses. In Narmi Grow, your institution can offer HSAs to your customers or members to provide valuable financial services and strengthen customer relationships. HSAs are only supported on the following cores: DNA, DNA COCC, Silverlake, and Symitar. To enable HSAs, please contact your Narmi Relationship Manager. Additionally, contact us if your institution is not on one of the supported cores and you want to use this feature.
The following conditions apply to HSAs in Narmi Grow:
For applications where the only product opened is an HSA, the joint applicant will not be included on the back end or in the application record/membership card since joint applicants are not allowed on HSA accounts.
For joint applications, when the applicant chooses an HSA product on the Account selection page, a message banner indicates that only the primary applicant will be included.
The joint applicant will be retained on the other products for applications where the HSA is opened in addition to other products. For example, if the primary applicant opens a CD and an HSA, the joint applicant will be retained on the CD but dropped from the HSA.
We encourage you to inform customers/members about the joint applicant conditions by adding information to the product details when configuring your HSA in Product List Manager.
Depending on the core, Narmi will create the necessary IRS tracking record on the core for HSA accounts.
HSAs in Narmi
To add a new HSA product, go to Narmi Command, under Account opening > Product List Manager > Add a new product > HSA. For complete instructions, go to Add a New Product.
Applicants can select the HSA from the Account selection page in the Consumer Account Opening flow.
HSAs are not eligible for funding and will indicate this on the Funding page of the Consumer Account Opening flow.
Applicants can choose to receive a debit card for their HSA on the Preferences page of the Consumer Account Opening flow.
Once the HSA is opened, users can view it and make payments from internal accounts via Accounts > Savings in Narmi Banking. For information on accessing accounts, go to Navigating to the Accounts Page.
