My Landing Page
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Features
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How and when do I contribute to an HSA?
- Contributions to a Health Savings Account can be made by the account owner, an employer, or both each year the account owner is eligible.
- Total contributions are limited annually and can be made up to the amount of the plan deductible, not to exceed annual limits.
- Contributions can be made as late as April 15 of the following year, like an Individual Retirement Account. However, all contributions will be assumed to be made for the current tax year unless deposited in-person at a Merchants Bank location and designated for the prior year by completing a Previous Year Contribution form.
How can I learn more?
Visit the IRS website for a Complete IRS Guide to Understanding HSAs.
How do I determine my HSA contribution?
Annual contribution limits change from year to year. Visit www.irs.gov to determine your eligible yearly contribution or consult your tax advisor.
What can I spend the money in my HSA on?
The money in an HSA is to pay for any “qualified medical expense” permitted under federal tax law, including medical expenses for yourself, your spouse or your dependent children. You may use your HSA to pay for expenses incurred by your spouse or dependent children even if they are not covered by a high deductible health plan.
For a complete listing, please visit www.irs.gov or consult your tax advisor. Any amounts used for purposes other than to pay for “qualified medical expenses” are taxable as income and may be subject to tax penalties; tax penalties in certain situations, such as attaining age 65, do not apply (consult your tax advisor).
For a complete listing, please visit www.irs.gov or consult your tax advisor. Any amounts used for purposes other than to pay for “qualified medical expenses” are taxable as income and may be subject to tax penalties; tax penalties in certain situations, such as attaining age 65, do not apply (consult your tax advisor).
Who can have an HSA?
Any adult can contribute to a Health Savings Account if they:
- Have coverage under an HSA-qualified “high deductible health plan” (HDHP)
- Have no other first-dollar medical coverage (with limited exceptions)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return
Why would I want to open an HSA?
Health Savings Accounts have many advantages, including:
- Flexibility – Use funds in your health savings account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money for future needs.
- Control – You make all the decisions about how much to contribute (within the defined guidelines), when to withdraw and which financial institution will act as custodian.
- Portability – Accounts are completely portable, meaning you can keep your health savings account even if you:
- change jobs
- change your medical coverage
- become unemployed
- move to another state
- change your marital status
- Ownership – Funds remain in the account from year to year. There are no “use it or lose it” rules for HSAs. Upon the death of the account owner, HSA assets pass to a designated beneficiary.
- Savings - An HSA provides federal tax savings in the form of tax-deductible contributions, tax-free earnings and tax-free withdrawals for qualified medical expenses (consult your tax advisor).
Alerts
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May
02
Complimentary Document Destruction Shred Event
Saturday, May 2
9:00 a.m. - 12:00 p.m.
Merchants Bank - Northfield South
1611 Honey Locust Drive, Northfield, MN 55057
9:00 a.m. - 12:00 p.m.
Merchants Bank - Northfield South
1611 Honey Locust Drive, Northfield, MN 55057
Visit us for free and secure document shredding this spring. We will also be collecting monetary and item donations for the local food shelf. The service is available until noon or until the truck is full.
May
02
Complimentary Document Destruction Shred Event
Saturday, May 2
9:00 a.m. - 12:00 p.m.
Merchants Bank - Northfield South
1611 Honey Locust Drive, Northfield, MN 55057
9:00 a.m. - 12:00 p.m.
Merchants Bank - Northfield South
1611 Honey Locust Drive, Northfield, MN 55057
Visit us for free and secure document shredding this spring. We will also be collecting monetary and item donations for the local food shelf. The service is available until noon or until the truck is full.
Here's a formstack form
Credit Card Processing
We make processing and accepting credit card, debit card and gift card payments easy and efficient for your business.
Equipment Financing
Here to be your business partner with commercial equipment finance solutions.
Loans
Choose from a variety of commercial loans to help businesses of any size grow and succeed.
Additional Resources
Can I open my account online?
Yes! Use the Open Account button above to open your new account today.
What information must I have to open a new checking or savings account?
You may open an account online, stop by your local branch, or call to schedule an appointment. Here's what you'll need to have on hand to apply.
- Social Security Number of all account owners
- Driver’s license or State ID card
- Home address and phone number
How can I add or remove someone from my Checking account?
Once your checking account is open, you may decide you'd like to add someone - by making them a joint-owner - or remove someone from your account.
- To add an owner: You can add an owner to an existing account anytime by visiting your local branch with the additional owner.
- To remove an owner: To remove someone from your Checking account, you'll need to close your current account and open a new one. Please note that if you are a parent/guardian and would like to remove yourself from your child's account when he/she turns 18, you will follow a separate process and not need to close the account.
Is Merchants Bank Free Checking really free?
Yes, our Free Checking offers free:
- Online Banking and Mobile Banking† with mobile deposit.
- Debit card with custom controls in Online & Mobile Banking.
- ATM access at these locations.
- eStatements.
How do I reorder checks?
To order checks you may login to your Online & Mobile Banking Banking and click the Order Checks link on the Accounts Summary page next to the appropriate account. You may also contact us.
How safe is my checking or savings account?
Keeping your personal information safe is a top priority. Learn how we protect you and what you can do to protect yourself from fraud.
Interested in learning more about how FDIC insurance protects your deposits up to $250,000? Read more from the FDIC. If you have deposits with us that far exceed the $250,000 FDIC insurance threshold and would like to consider other options, please visit with us about the possibility of ICS/CDARS.
What do I need to know when setting up a direct deposit to or automatic payment from my Merchants Bank checking or savings account?
Businesses that originate a direct deposit into your bank account, such as your employer, financial advisor or social security office, or pull automatic payments, such as your utility company, fitness center or clinic/hospital, will provide you with an authorization form that asks for your account information. If any of it is incorrect it will delay the transaction in your account.
1. The Merchants Bank routing number is: 091900193
2. Identify your account type correctly. If this is incorrect the deposit will not reach your account.
3. Provide your Full Account Number. For security reasons, we only display a partial account number in Merchants Online Banking and on account statements. If you need assistance confirming your full account number, please contact your local branch.
1. The Merchants Bank routing number is: 091900193
2. Identify your account type correctly. If this is incorrect the deposit will not reach your account.
- Select Checking for these account types: Diamond Money Market, Health Savings Account, Personal Checking Accounts, Business Checking Accounts
- Select Savings for these account types: Basic Savings, Advantage Savings, Kids Savers Club, My Future Fund, Summer or Winter Fund.
3. Provide your Full Account Number. For security reasons, we only display a partial account number in Merchants Online Banking and on account statements. If you need assistance confirming your full account number, please contact your local branch.
How do I switch my checking account to Merchants Bank?
It's easy - just use our guide to switching your checking account.
When will I receive my tax forms?
All tax forms, including 1099, will be sent to the mailing address on file with Merchants Bank by January 31 each year. Please note that tax forms are not available through Online & Mobile Banking.
Merchants Mobile Banking is free. However, text or data charges may be imposed by your mobile provider. Check your plan for details. Your carrier may limit access outside the U.S.
At what age can I open a checking account?
Children as young as 13 years old may be well served by Student Checking, but children under 18 must have an additional adult account owner.