Weekly Direct Deposit is the most attractive method of Flexible Spending Account (FSA) Reimbursement. Participants provide a voided check on the bank account into which FSA reimbursements are to be electronically deposited. This account can be changed at will (no Change in Status event required), or the service can be dropped. Participants not selecting Direct Deposit will receive regular monthly reimbursements by mailed check.
By signing up for Direct Deposit, an FSA participant can be reimbursed as often as weekly for eligible FSA expenses.
An Employer choosing to offer Direct Deposit pays $6/monthly for all FSA participants, whether they choose Direct Deposit or regular monthly.
Details for Participants:
- The Participant completes a Direct Deposit Form.
- Claims submitted by Friday will be electronically released to the participant's bank on Wednesday ("In by Friday; out by Wednesday.") Note: The bank may not credit funds to the participant's account until Thursday or even Friday.
- Participants can monitor their account 24 hours a day at online.probenefits.com, inquiring on checks, claims, and account balances.
Details for Employers:
- The Employer must have a "Benefits Bank Account," into which salary reductions are placed and from which reimbursement payments are made.
- The Employer completes the Employer Direct Deposit Form to provide the proper authorizations.
- The Employer agrees to the following understandings:
- We will establish and maintain a designated employer checking account into which all "benefits money" will be deposited and from which reimbursements will be drawn by ProBenefits.
- We hereby guarantee payment of debits drawn against this account.
- We will maintain overdraft protection with the bank servicing this account.
- In the event a debit by ProBenefits results in a non-sufficient funds (NSF) charge to ProBenefits, we agree to reimburse any related penalty fees incurred by ProBenefits.
- We acknowledge that by 10:00 AM each Wednesday, ProBenefits will provide written notification of the intended ACH debit transaction amount for that day and that ProBenefits will initiate such ACH debit transaction at 1:00 PM the same day, unless ProBenefits receives timely notification to the contrary.