Academic journal article ABA Banking Journal

Banks See Added Benefits of Offering HSAs through ITI's Premier

Academic journal article ABA Banking Journal

Banks See Added Benefits of Offering HSAs through ITI's Premier

Article excerpt

FOR NEARLY 30 YEARS, INFORMATION TECHNOLOGY, INC. (ITI) has been helping financial institutions compete and thrive in an always-changing banking environment. This long-term commitment to helping financial institutions succeed has resulted in widespread recognition of Premier as the industry's finest and most flexible core solution.

That flexibility has helped ITI clients Hilltop National Bank in Casper, Wyoming, and Security National Bank in Omaha, Nebraska, utilize Premier's comprehensive suite of integrated software and services to offer their customers an alternative to rising health insurance costs, while at the same time enhancing their bottom line. By establishing and processing health savings accounts (HSAs) through Premier, both banks are discovering that they can save more money, improve efficiency and increase deposits by establishing and processing the accounts themselves.

"We don't have to pay additional fees to a third party, such as an insurer or Web-based HSA administrator, to provide the accounts," said Fran Branan, assistant vice president at $466-million Security National Bank. "Integrating HSA processing into Premier is much more efficient, and we're better able to track customer profitability." Branan said her bank has established 350 HSAs since they began offering them last spring.

Authorized by the Medicare Prescription Drug Improvement and Modernization Act of 2003, HSAs allow bank customers with high-deductible health insurance plans to set up tax-free savings accounts to cover future medical costs. The accounts earn tax-free interest, and can be used to pay health expenses.

Premier processes HSAs just dike it would any other type of deposit account. …

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