Whether you need personal or business checking, we're giving you our best account. Period.  

As a member, you will never have to muddle through a variety of checking options to figure out what's best for you. And you can stop aspiring to achieve a preferred account status with extra benefits, too. That's because we believe you deserve the very best we have to offer.

With our personal and business checking accounts, we've bolstered the benefits by flat-lining the fees. Just straightforward checking that works the way you want it to work. Welcome to checking made simple.

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Personal checking

  • No minimum balance
  • No monthly service charges
  • FREE overdraft protection from your savings account (up to six (6) per month)
  • ATM/Debit card access
  • eStatements
  • No per check fees
  • Senior citizens always receive free checks (select styles only, one box per order)

Business checking

  • No minimum balance
  • No monthly maintenance fees
  • FREE overdraft protection from your savings account (up to six (6) per month)
  • ATM/Debit card access
  • eStatements
  • A low $0.15 fee for each deposited and cleared check
     
 

Health Savings Checking

A Health Savings Account (HSA) is a tax-advantaged account owned by an individual that is used to accumulate savings to pay for current and future health care expenses.  Contributions are tax-deductible, interest earned is tax-deferred, and withdrawals for qualified medical expenses are tax-free.

Account benefits

  • Protection – save money for high or unexpected medical bills
  • Affordability – higher deductibles mean lower premiums
  • Savings – deduct your contributions and defer tax on the earnings
  • Flexibility – contribute at any time and roll the balance from year to year
  • Portability – you own the account, even if you change jobs or insurance providers

Eligibility

To qualify to open and contribute to an HSA, you must:

  • Be covered by a high-deductible health plan (HDHP)
  • Not be covered by another health plan
  • Not be enrolled in Medicare
  • Not be claimed as a dependent on someone else’s tax return
 

High-Deductible Health Plan Requirements for an HSA

Single Coverage HDHPFamily Coverage HDHP
Tax YearMinimum DeductibleMaximum Out-of-PocketMinimum DeductibleMaximum Out-of-Pocket
2016$1,300$6,550$2,600$13,100
2015$1,300$6,450$2,600$12,900

Contributions

Contributions can be made with pre-tax money through payroll deduction, or contributions can be made post-tax and then deducted from your income when you file your income tax return.

HSA Contribution Limit

Tax YearSingle Coverage Annual Contribution Limit Family Coverage Annual Contribution Limit 55+ Catch Up
2016$3,350$6,750$1,000
2015$3,350$6,650$1,000

Distributions

Allowable withdrawals are for qualified medical expenses for the HSA owner, the owner’s spouse, and the owner’s dependents.  Qualified medical expenses are defined in IRS Publication 502.  Some examples include doctor visits, prescribed medicines, and surgeries. 

HSAs at DoverPhila Federal Credit Union are designed with your individual needs in mind and include the following features:

  • Checking Account
  • No account maintenance fees
  • Free checks
  • HSA MasterCard® Debit Card
  • Online access

See a credit union employee for more information!
Not intended as tax advice.  Please consult your financial and/or tax adviser.