Health Savings Account (HSA)

Just what the doctor ordered to deal with rising healthcare costs

Tax-advantaged savings can help you cope with tomorrow’s emergencies

We share your concerns about the rising costs of health care. One accident or illness can devastate a family’s finances. At Coastal Credit Union, we can’t eliminate those medical bills, but we can make them a little easier to pay with a Health Savings Account.

We’ve made our tax-advantaged1 account as simple to use as possible for people currently enrolled in an HDHP (High Deductible Health Plan). Choose the portion of each paycheck you want deposited into your HSA, just as you designate withholdings for your retirement fund. When you need to pay for a qualified expense, simply use your special HSA debit card or transfer the funds to your checking account. The money can be used for a variety of services in North Carolina or elsewhere, ranging from doctor and dentist visits to prescriptions and long-term care.

How A HSA Could Help You Bank Better

  • Earn dividends on your deposits and use the money for health-related expenses
  • Tax-advantaged deposits and withdrawals when you use the money for qualified medical expenses, such as doctor visits, dental visits, prescriptions, medical procedures and more
  • Access your money easily with a designated HSA debit card or transfer the funds to your checking account 
  • Your balance carries over every year and funds move with you if you ever relocate

The Ease You Want

  • Choose your own physicians and other providers with no restrictions
  • You’re eligible if you’re currently enrolled in a High-Deductible Health Plan (HDHP)
  • An HSA is eligible for an annual Loyalty Bonus payout

The Security You Have Been Looking For

  • You are automatically enrolled to receive debit fraud alerts via text message to identity unauthorized activity2
  • Make Secure contactless purchases with Digital Payments or wherever you see the Contactless Symbol3. Plus the added security of fraud alerts
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Go Green Checking
Enjoy the highest checking rate* in North Carolina and so much more.
* Source: Informa Research Services

Frequently Asked Questions

Frequently, we see that direct deposits may not credit your account due to an invalid account number. Be sure to verify with the issuer of the deposit that they are sending funds with your full 14 digit account number. You may also provide the issuer of the deposit a voided check.

You may also want to validate the ABA Routing Number, 253175494.

Transferring funds is easy and free! Simply log into Digital Banking and select Transfer Funds. Follow the displayed prompts. Transfers may take up to 3-5 business days to credit.

You may also transfer funds from your Coastal account to another financial institution via a wire transfer. To initiate a wire transfer, please contact our Call Center at (800)868-4262, ext 6784 or 919-420-8000, ext 6784 or visit the nearest branch location.

On April 24th the Federal Reserve Board announced an interim final rule to delete the six-per-month limit on convenient transfers from the savings/share accounts.  The interim final rule allows Coastal to immediately suspend enforcement of the six transfer limit to allow our members to make an unlimited number of convenient transfers and withdrawals from their savings at a time when it is critical because of the coronavirus pandemic.

Prior to the interim rule, Federal Regulations require us to have limitations on the number and types of withdrawals allowed on a savings account. Your savings accounts are limited to 5 teller withdrawals (this includes cash and official checks) per month. Any transactions in excess of 5 are charged a fee for each withdrawal. As an alternative, you can avoid this fee by performing a cash withdraw from your savings account at an ATM. It's good to know that ATM withdrawals from savings accounts do not count against your 5 monthly teller withdrawals, or the 6 monthly electronic withdrawals that are allowed by Federal Regulation D. Transfers made through Telephone Banking, Digital Banking, or our Transaction Call Center count towards the 6 monthly transactions allowed by Federal Regulation D. Any ACH (electronic) debits from savings count towards the 6 as well. Also, if a savings account is used for overdraft protection, then overdraft transfers from savings will also count towards the six transactions per month. If you find yourself coming close or exceeding your limits, you may want to consider a checking account at Coastal.

To set up a direct debit or credit to your account you will want to provide the ABA/Routing Number 253175494. If you have a checking account, please use the 14 digit number on the bottom of your checks. If you want to debit or credit another account with your Coastal account, please give us a call at 800-868-4262 or 919-420-8000. For security reasons, we will mail you the account details to set up direct debit or credit to your account.

If wiring U.S. Dollars, please provide the issuing institution the following instructions:

Bank Name: Coastal Credit Union
ABA/Routing Number: 253175494
Credit Name: (Your name and address)
Account Number: (Your 14-digit Coastal account number)

Federally Insured by the NCUA. 

1. Please consult your tax advisor for additional tax information.

2. Valid mobile phone number required. Data and other wireless carrier charges may apply.

3. The Contactless Symbol and Contactless Indicator are trademarks owned by and used with permission of EMVCo, LLC.

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