First Midwest FAQ & Help

General Account Opening FAQ

Why do you ask for my e-mail address?

We ask for your e-mail address to communicate with you regarding your application. Please make sure you can receive e-mails from First Midwest Bank by adjusting your spam filters if necessary. At First Midwest Bank, security is our priority, which means we are committed to keeping your personal information confidential. We will never ask for your personal information such as Social Security or account numbers via e-mail.

Why do you ask for my Social Security number?

We’re required to obtain, verify, and record this information to identify each applicant. If you do not wish to enter your Social Security number online, please call us at 800-241-1749 or visit your local branch to open your new account.

Why do you ask for city, state & country of birth?

We ask for city, state and country of birth as an additional means of helping us confirm your identity.

What is employment status?

Employment status tells us if you are currently employed, self-employed, a student or unemployed. This information is used to help us confirm your identity.

Why do you ask for employer name?

If your Employment Status is employed or self-employed, we’ll ask for employer name, city, state and phone number as an additional means of helping us to confirm your identity.

What is occupation description?

Occupation description is a brief explanation of what you do for a living. We collect this information to use as an additional means of helping us confirm your identity.

What is an internal transfer?

An internal transfer is when you move or transfer money from an existing First Midwest account to a new First Midwest account that you are opening. The purpose of this internal transfer example would be to fund your new First Midwest account.

What is an external transfer?

This option allows you to transfer money from an existing account you own at another financial institution.

How do I fund by check?

When you complete the application, you will receive instructions on how to mail your check to First Midwest Bank.

What is an electronic transfer?

When opening an online account at First Midwest Bank, you can transfer your initial deposit to your new First Midwest Bank account from another bank electronically. Your minimum transfer will depend on the type of account that you select. All electronic funding must come from a bank within the U.S. You may transfer funds from a checking, savings, or money market account.

How do I fund by credit card or debit card?

If your Visa or MasterCard was sent to your home address (P.O. boxes not permitted), you can open your new account and fund it using your credit or debit card. A purchase (not a cash advance) will appear on your account.

Where do I find my Security Number code (CCV)?

The Security Number (CCV code) is a 3 or 4 digit code embossed or imprinted on the reverse side of Visa, MasterCard and Discover cards. This is an extra security measure to ensure that you have access or physical possession of the credit card itself in order to use the CCV code. The CCV code is the last 3 digits after the credit card number on the back of the card in the signature area.

What is backup withholding?

This refers to a procedure used by the Internal Revenue Service to ensure that appropriate income taxes are collected. The IRS requires banks to withhold certain interest amounts if a client has not provided a taxpayer identification number or the number provided was incorrect. The IRA may also instruct the bank to start withholding interest amounts for other reasons.

What is the verification code?

The verification code was created upon opening the new account and provided on your confirmation page.

What if my information is incorrect?

Call us immediately at 800-322-3623.

Health Savings Accounts: Account Opening FAQ

What does individual coverage mean?

Individual coverage means you are the only person covered by a high deductible health plan. Be sure to review the health savings account contribution limits for the maximum amounts you can contribute by law for individual coverage.

What does family coverage mean?

Family coverage means you and at least one other person is covered by a high deductible health plan. Be sure to review the health savings account contribution limits for the maximum amounts you can contribute by law for family coverage.

Why is the effective date of my high deductible health plan (HDHP) important?

This date helps us determine the types of questions to ask you during the application process. You should not make an initial deposit for this account until the effective date of your high deductible health plan (HDHP) coverage. However, if your coverage begins on any day other than the first of the month, you should not make an initial deposit to your account until the first day of the following month. If you do not have HDHP coverage and simply want to rollover or transfer your funds to First Midwest, please enter today’s date to complete the application.

What is a beneficiary relationship?

The beneficiary relationship identifies how you are related to the person or persons you designate to receive your health savings account (HSA) assets at the time of your death.

  • If the beneficiary is your spouse, ownership of your First Midwest Bank HSA is automatically transferred at the time of your death, and he/she is subject to federal income tax only if the distributions from the HSA are not used for qualified medical expenses. State taxes may vary.
  • If the beneficiary is not your spouse, a lump-sum distribution is made at the time of your death to your designated beneficiary and is subject to federal income tax for the full amount (less any qualified medical expenses incurred by the decedent and paid from the HSA within one year of death). State taxes may vary.

What is percentage of distribution?

Percentage of distribution identifies the portion of your health savings account assets you would like to be distributed to each of your beneficiaries. When considering percentages, the total for each classification type (primary beneficiaries and contingent beneficiaries) must equal 100 percent.

What is a contingent beneficiary?

A contingent beneficiary is an individual you designate to receive your health savings account assets in the event all of your primary beneficiaries die before you. You may elect multiple contingent beneficiaries, however, the total for each classification type must equal 100 percent.

What is an electronic transfer into my HSA?

If you do not currently have a health savings account, electronic transfer is the most convenient way to make your initial deposit. This option allows you to transfer money from an existing First Midwest Bank account or an account at a different financial institution. Be sure to review the health savings account contribution limits before making your initial deposit.

Please note: You should not make an initial deposit for this account until the effective date of your high deductible health plan coverage. However, if your coverage begins on any day other than the first of the month, you should not make an initial deposit to your account until the first day of the following month.

How do I make a check deposit into my HSA?

If you do not currently have a health savings account, you may want to consider mailing us your initial deposit by check. Once you complete the application, you will receive instructions on how to mail your check to First Midwest Bank. Be sure to review the health savings account contribution limits before making your initial deposit.

Please note: You should not make an initial deposit for this account until the effective date of your high deductible health plan coverage. However, if your coverage begins on any day other than the first of the month, you should not make an initial deposit to your account until the first day of the following month.

What is a direct deposit into my HSA?

If you will be contributing to your health savings account (HSA) via automated payroll deduction or if you would like to establish a recurring deposit, you may want to consider using direct deposit. This option will electronically deposit an amount you specify from your paycheck or bank account to your First Midwest Bank HSA. Once you complete the application, we will provide you the routing and account numbers needed to set up direct deposit. Please use these numbers if you elect to have direct deposits initiated through payroll deduction (you will need to provide your employer with the amount you’d like to contribute through direct deposit). Be sure to review the health savings account contribution limits before making your initial deposit.

Please note: You should not make an initial deposit for this account until the effective date of your high deductible health plan coverage. However, if your coverage begins on any day other than the first of the month, you should not make an initial deposit to your account until the first day of the following month.

What is a rollover?

If you have an existing Archer Medical Savings Account (MSA) or health savings account (HSA), you can rollover* the amount of money from that account to your new First Midwest HSA. A rollover from an HSA or Archer MSA occurs when eligible assets paid directly to you are redeposited within 60 days of receiving the distribution. Rollovers are not subject to the annual health savings account contribution limits, however, you are allowed one rollover per 12-month period. Once you complete the application, you will be asked to print, complete and mail us a Health Savings Account (HSA) Transfer/Rollover Review form.

*State taxes may vary. Please consult your tax advisor prior to facilitating a rollover.

What is a custodian/trustee transfer into my HSA?

If you have an existing health savings account (HSA) or Archer Medical Savings Account (MSA), tax-free custodian/trustee transfers to your First Midwest HSA are permitted and can help your savings account grow even faster over time. For HSA or Archer MSA transfers, a direct trustee-to-trustee transfer occurs when the transferor makes the check payable to the custodian/trustee (financial institution) for the benefit of the HSA account owner. This transfer does not count towards the annual maximum contribution limits.

You are also eligible to transfer funds from an IRA (excluding SEP and SIMPLE) to an HSA*. For IRA transfers, you generally are allowed to make only one direct trustee-to-trustee transfer from an IRA to an HSA per individual. The transfer counts toward the annual maximum HSA contribution for the year it is made.

Once you complete the application, you will be asked to print, complete and mail us a Health Savings Account (HSA) Transfer/Rollover Review form. Be sure to review the health savings account contribution limits before making your initial deposit.

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Lost or Stolen Debit Card

If your First Midwest Debit Card or PIN is lost or stolen, or someone has your account information, call us immediately.

First Midwest Bank
Monday – Friday
7am to 7pm
800-322-3623
Saturday
8am to 5pm
800-322-3623
Sunday
9am to 2pm
800-322-3623
Outside of the above hours800-236-2442

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