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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).

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).

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Nov 03
Dec 03

Jaycees Toys for Tots

November 3 - December 3
During Bank hours

Merchants Bank - Onalaska
3140 Market Place, Onalaska, WI 54650

Join our Onalaska team in collections toys for children during the holiday season. Toy donations can be made through our Drive-Up or placed in our collection bin in our lobby.
Dec 01
Dec 10

10 Days of Giving - Red Wing

December 1-10

Merchants Bank - Cottage Grove
2835 South Service Drive, Red Wing, MN 55066


Our community needs your support! Please consider bringing non-perishable food items, toiletries or a monetary donation to our lobby to support the 10 Days of Giving drive and the local Red Wing Area Food Shelf.

Click here to see special events.

Dec 01
Dec 10

10 Days of Giving - Winona

December 1-10

Merchants Bank - Winona
102 East Third Street, Winona, MN 55987


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby or participating location to support the 10 Days of Giving drive and Winona Volunteer Services food shelf.

Click here to see a list of special events.

Dec 01
Dec 10

10 Days of Giving - Winona

December 1-10

Merchants Bank - Winona
102 East Third Street, Winona, MN 55987


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby or participating location to support the 10 Days of Giving drive and Winona Volunteer Services food shelf.

Click here to see a list of special events.

Dec 01
Dec 10

10 Days of Giving - Rochester

December 1-10

Merchants Bank - Rochester
1600 Greenview Drive SW, Rochester, MN 55902
3586 55th Street NW, Rochester, MN 55901


Our community needs your support! Please consider bringing a monetary donation to our lobby to support the 10 Days of Giving drive and Channel One Regional Food Bank.

Click here to donate online.

Dec 01
Dec 10

10 Days of Giving - St. Charles

December 1-10

Merchants Bank - St. Charles
1130 Whitewater Avenue, St. Charles, MN 55972


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby to support the 10 Days of Giving drive and Hometown Resource Center food shelf.

Dec 01
Dec 10

10 Days of Giving - St. Charles

December 1-10

Merchants Bank - St. Charles
1130 Whitewater Avenue, St. Charles, MN 55972


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby to support the 10 Days of Giving drive and Hometown Resource Center food shelf.

Dec 01
Dec 10

10 Days of Giving - Rochester

December 1-10

Merchants Bank - Rochester
1600 Greenview Drive SW, Rochester, MN 55902
3586 55th Street NW, Rochester, MN 55901


Our community needs your support! Please consider bringing a monetary donation to our lobby to support the 10 Days of Giving drive and Channel One Regional Food Bank.

Click here to donate online.

Dec 01
Dec 10

10 Days of Giving - Rochester

December 1-10

Merchants Bank - Rochester
1600 Greenview Drive SW, Rochester, MN 55902
3586 55th Street NW, Rochester, MN 55901


Our community needs your support! Please consider bringing a monetary donation to our lobby to support the 10 Days of Giving drive and Channel One Regional Food Bank.

Click here to donate online.

Dec 01
Dec 10

10 Days of Giving - Rosemount

December 1-10

Merchants Bank - Rosemount
15055 Chippendale Avenue West, Rosemount, MN 55068


Our community needs your support! Please consider bringing non-perishable food items, toiletries or a monetary donation to our lobby to support the 10 Days of Giving drive and 360 Communities Rosemount Resource Center.

Click here to donate online.

Dec 01
Dec 10

10 Days of Giving - Rosemount

December 1-10

Merchants Bank - Rosemount
15055 Chippendale Avenue West, Rosemount, MN 55068


Our community needs your support! Please consider bringing non-perishable food items, toiletries or a monetary donation to our lobby to support the 10 Days of Giving drive and 360 Communities Rosemount Resource Center.

Click here to donate online.

Dec 01
Dec 10

10 Days of Giving - Hastings

December 1-10

Merchants Bank - Hastings
1525 Vermillion Street, Hastings, MN 55033


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby to support the 10 Days of Giving drive and Hastings Family Food Service Food Shelf.

Click here to see special events.

Dec 01
Dec 10

10 Days of Giving - Hastings

December 1-10

Merchants Bank - Hastings
1525 Vermillion Street, Hastings, MN 55033


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby to support the 10 Days of Giving drive and Hastings Family Food Service Food Shelf.

Click here to see special events.

Dec 01
Dec 10

10 Days of Giving - Cottage Grove

December 1-10

Merchants Bank - Cottage Grove
8479 East Point Douglas Road South, Cottage Grove, MN 55016


Our community needs your support! Please consider bringing non-perishable food items, toiletries or a monetary donation to our lobby to support the 10 Days of Giving drive, Friends in Need Food Shelf and Open Cupboard (formerly known as CCEFS).

Click here to see special events.

Dec 01
Dec 10

10 Days of Giving - Cottage Grove

December 1-10

Merchants Bank - Cottage Grove
8479 East Point Douglas Road South, Cottage Grove, MN 55016


Our community needs your support! Please consider bringing non-perishable food items, toiletries or a monetary donation to our lobby to support the 10 Days of Giving drive, Friends in Need Food Shelf and Open Cupboard (formerly known as CCEFS).

Click here to see special events.

Dec 01
Dec 10

10 Days of Giving - Winona

December 1-10

Merchants Bank - Winona
102 East Third Street, Winona, MN 55987


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby or participating location to support the 10 Days of Giving drive and Winona Volunteer Services food shelf.

Click here to see a list of special events.

Dec 01
Dec 10

10 Days of Giving - Winona

December 1-10

Merchants Bank - Winona
102 East Third Street, Winona, MN 55987


Our community needs your support! Please consider bringing non-perishable food items or a monetary donation to our lobby or participating location to support the 10 Days of Giving drive and Winona Volunteer Services food shelf.

Click here to see a list of special events.

Dec 05

Spring Grove Holiday Open House

Friday, December 5
10:00 a.m. - 2:00 p.m.

Merchants Bank - Spring Grove
126 West Main Street, Spring Grove, MN 55974


We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats in our lobby.

Dec 05

Caledonia Holiday Open House

Friday, December 5
10:00 a.m. - 2:00 p.m.

Merchants Bank - Caledonia
1 Sprague Square, Caledonia, MN 55921


We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats in our lobby.

Dec 05

Caledonia Holiday Open House

Friday, December 5
10:00 a.m. - 2:00 p.m.

Merchants Bank - Caledonia
1 Sprague Square, Caledonia, MN 55921


We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats in our lobby.

Dec 05

Spring Grove Holiday Open House

Friday, December 5
10:00 a.m. - 2:00 p.m.

Merchants Bank - Spring Grove
126 West Main Street, Spring Grove, MN 55974


We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats in our lobby.

Dec 11

Ho Ho Holiday Pictures with Santa

Thursday, December 11
5:00 - 7:00 p.m.

Merchants Bank - Downton Northfield Lobby
329 Division Street South, Northfield MN 55057


Don’t miss the chance to capture a special moment with Santa and Mrs. Claus in our lobby during the Winter Walk!

Dec 11

Ho Ho Holiday Pictures with Santa

Thursday, December 11
5:00 - 7:00 p.m.

Merchants Bank - Downton Northfield Lobby
329 Division Street South, Northfield MN 55057


Don’t miss the chance to capture a special moment with Santa and Mrs. Claus in our lobby during the Winter Walk!

Dec 11

St. Charles Holiday Open House

Thursday, December 12
9:00 a.m. - 3:00 p.m.

Merchants Bank - St. Charles
1130 Whitewater Avenue, St. Charles, MN 55972



We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats in our lobby.

Dec 11

St. Charles Holiday Open House

Thursday, December 12
9:00 a.m. - 3:00 p.m.

Merchants Bank - St. Charles
1130 Whitewater Avenue, St. Charles, MN 55972



We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats in our lobby.

Dec 12

Rushford Holiday Open House

Friday, December 12
9:00 a.m. - 4:00 p.m.

Merchants Bank - Rushford
101 W Jessie Street, Rushford, MN 55971

 

We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats and door prize drawings* in our lobby. Please bring non-perishable food items or a monetary donation to our lobby, or to the Holiday Parade of Lights to support the SEMCAC Food Shelf & join us for the Christmas Wonderland Parade of Lights on Saturday, December 13 at 7:00 p.m.

*𝗗𝗿𝗮𝘄𝗶𝗻𝗴 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗵𝗲𝗹𝗱 𝗼𝗻 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟭𝟮, 𝟮𝟬𝟮𝟱. 𝗡𝗼 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝘁𝗼 𝗲𝗻𝘁𝗲𝗿 𝗼𝗿 𝘄𝗶𝗻. 𝗢𝗻𝗲 𝗲𝗻𝘁𝗿𝘆 𝗽𝗲𝗿 𝗽𝗲𝗿𝘀𝗼𝗻. 𝗪𝗶𝗻𝗻𝗲𝗿 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗻𝗼𝘁𝗶𝗳𝗶𝗲𝗱 𝗯𝘆 𝘁𝗲𝗹𝗲𝗽𝗵𝗼𝗻𝗲. 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗼𝗳 𝗠𝗲𝗿𝗰𝗵𝗮𝗻𝘁𝘀 𝗕𝗮𝗻𝗸 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗲𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗱𝗿𝗮𝘄𝗶𝗻𝗴.
Dec 12

Lanesboro Holiday Open House

Friday, December 12
9:00 a.m. - 4:00 p.m.

Merchants Bank - Lanesboro
118 Parkway Avenue North, Lanesboro, MN 55949

 

We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats and door prize drawings* in our lobby. As a part of Christmas in Fillmore County, toy donations can be brought to our lobby anytime now through December 12.

*𝗗𝗿𝗮𝘄𝗶𝗻𝗴 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗵𝗲𝗹𝗱 𝗼𝗻 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟭𝟮, 𝟮𝟬𝟮𝟱. 𝗡𝗼 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝘁𝗼 𝗲𝗻𝘁𝗲𝗿 𝗼𝗿 𝘄𝗶𝗻. 𝗢𝗻𝗲 𝗲𝗻𝘁𝗿𝘆 𝗽𝗲𝗿𝗽𝗲𝗿𝘀𝗼𝗻. 𝗪𝗶𝗻𝗻𝗲𝗿 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗻𝗼𝘁𝗶𝗳𝗶𝗲𝗱 𝗯𝘆 𝘁𝗲𝗹𝗲𝗽𝗵𝗼𝗻𝗲. 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗼𝗳 𝗠𝗲𝗿𝗰𝗵𝗮𝗻𝘁𝘀 𝗕𝗮𝗻𝗸 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗲𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗱𝗿𝗮𝘄𝗶𝗻𝗴.  
Dec 12

Rushford Holiday Open House

Friday, December 12
9:00 a.m. - 4:00 p.m.

Merchants Bank - Rushford
101 W Jessie Street, Rushford, MN 55971

 

We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats and door prize drawings* in our lobby. Please bring non-perishable food items or a monetary donation to our lobby, or to the Holiday Parade of Lights to support the SEMCAC Food Shelf & join us for the Christmas Wonderland Parade of Lights on Saturday, December 13 at 7:00 p.m.

*𝗗𝗿𝗮𝘄𝗶𝗻𝗴 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗵𝗲𝗹𝗱 𝗼𝗻 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟭𝟮, 𝟮𝟬𝟮𝟱. 𝗡𝗼 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝘁𝗼 𝗲𝗻𝘁𝗲𝗿 𝗼𝗿 𝘄𝗶𝗻. 𝗢𝗻𝗲 𝗲𝗻𝘁𝗿𝘆 𝗽𝗲𝗿 𝗽𝗲𝗿𝘀𝗼𝗻. 𝗪𝗶𝗻𝗻𝗲𝗿 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗻𝗼𝘁𝗶𝗳𝗶𝗲𝗱 𝗯𝘆 𝘁𝗲𝗹𝗲𝗽𝗵𝗼𝗻𝗲. 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗼𝗳 𝗠𝗲𝗿𝗰𝗵𝗮𝗻𝘁𝘀 𝗕𝗮𝗻𝗸 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗲𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗱𝗿𝗮𝘄𝗶𝗻𝗴.
Dec 12

Lanesboro Holiday Open House

Friday, December 12
9:00 a.m. - 4:00 p.m.

Merchants Bank - Lanesboro
118 Parkway Avenue North, Lanesboro, MN 55949

 

We’re thankful for your continued support throughout the year and kindly invite you to join us for holiday treats and door prize drawings* in our lobby. As a part of Christmas in Fillmore County, toy donations can be brought to our lobby anytime now through December 12.

*𝗗𝗿𝗮𝘄𝗶𝗻𝗴 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗵𝗲𝗹𝗱 𝗼𝗻 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟭𝟮, 𝟮𝟬𝟮𝟱. 𝗡𝗼 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝘁𝗼 𝗲𝗻𝘁𝗲𝗿 𝗼𝗿 𝘄𝗶𝗻. 𝗢𝗻𝗲 𝗲𝗻𝘁𝗿𝘆 𝗽𝗲𝗿𝗽𝗲𝗿𝘀𝗼𝗻. 𝗪𝗶𝗻𝗻𝗲𝗿 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗻𝗼𝘁𝗶𝗳𝗶𝗲𝗱 𝗯𝘆 𝘁𝗲𝗹𝗲𝗽𝗵𝗼𝗻𝗲. 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗼𝗳 𝗠𝗲𝗿𝗰𝗵𝗮𝗻𝘁𝘀 𝗕𝗮𝗻𝗸 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗲𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗱𝗿𝗮𝘄𝗶𝗻𝗴.  

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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.

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.
A Universal Banker at your local branch can assist with any account ownership questions you may have.

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.
  • 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. 
Please note: All savings types can receive direct deposit, but only Basic and Advantage Savings can accommodate automatic payments. 

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.

Is Merchants Bank Free Checking really free?

Yes, our Free Checking offers free: If you'd like to order checks or use any additional services, please contact us about fees associated with those services.

How do I reorder checks?

To order checks you may login to your Personal Online 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.

How do I switch my checking account to Merchants Bank?

It's easy - just use our guide to switching your checking account.

Can I open my account online?

When you select the "apply now" button above, you can begin the account opening process online.

Once you submit your application, a Merchants Bank Universal Banker will prepare your account documents and schedule a time for you to come into the nearest Merchants Bank location to sign account documents and complete the account opening process, including ordering your debit card and enrolling for other services you decide may benefit you.

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 online through Online & Mobile Banking.

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.

What information must I have to open a new checking or savings account?

You may start online and we’ll contact you to stop in and complete the process, or you may call your local branch to schedule an appointment. 

Please have the following with you:
  • Social Security Number of all account owners
  • Driver’s license or State ID card
  • Home address and phone number
If you are switching banks, you may find our How to Switch Banks guide useful.

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