How is money taken out of my bank account for HSA / FSA / Commuter Benefits?

From the employee's perspective, payroll deductions for the HSA and the various FSA accounts all usually stay the same for each pay period.

From the company's perspective, there's an important different between HSAs & FSAs:

For HSAs, money gets taken out of the employee's paycheck and fully deposited into their HSA account from the company's bank account no matter what happens. You'll see these transactions as Avidia Health on your bank statement.

For FSAs and commuter benefits, money is deducted from employee paychecks, but it is taken out of the company's bank account only when there's a claim.  You'll see these transactions as MBI Bank or M&I Bank on your bank statement.

For more information, contact your employer or email us at help@goco.io.