Employers should encourage employees to set up direct deposit for flexible spending account reimbursements as part of end-of-year communications.
Benefit Allocation Systems provides easy and accurate flexible spending account plan services. Employees who participate in an employer’s FSA serviced by BAS should know about BAS' direct deposit option for FSA and HRA reimbursements.
Claims are processed daily and reimbursed on a weekly basis. Employees can get their reimbursements directly deposited into their bank account which ensures safe and expedited access to funds.
Getting FSA/HRA reimbursements by Direct Deposit is faster and more secure than receiving reimbursements by mailed check. With Direct Deposit, reimbursements will be initiated to an employee’s bank account on Tuesdays, and BAS will send an email confirming the transaction. Funds are generally received in the bank account within 24-48 hours.
Signing up for FSA/HRA Direct Deposit does not change an employee’s banking preferences for any other employer payments.
Direct Deposit ensures reimbursements will be available for use sooner than waiting to receive reimbursement checks in the U.S. mail. By eliminating checks, employees don't have to worry about postal delays, lost mail, or getting to the bank to deposit a check.
It’s simple to sign up for direct deposit:
Employers may want to remind employees about this option and let them know that direct deposit provides fast and easy access to approved claim reimbursements.