Fifth Third HSA Owners: Rate Increase

We recently learned that effective September 1, 2010, Fifth Third Health Savings Account (HSA) holders will see an increase in their fees. Because you use Fifth Third or allow your employees to choose their own bank, we want to make you aware of these changes.

Fifth Third has made the determination that it is necessary to implement fees on their HSAs. The new $2.00 monthly fee will start September 1^st for all Fifth Third HSA holders.  We have been in direct contact with our Fifth Third representative and they conveyed the following:

• In order to stay competitive with regional and national banks, they had to raise their fees
• The business decision was made to increase fees a nominal amount in order to become profitable
• The fees being assessed are still below the banks in the region 
• They felt that their business model was worth the fee increase

If you have further questions, please contact Fifth Third directly or your FirstPerson Account Executive. Thank you and have a pleasant day.