Bogleheads

[Ricola]

Was thinking about moving HSA from HSA Bank to Well Fargo PMA account. Just curious if anyone has any experience with having their HSA at Wells Fargo.

[Larry]

If I could move mine out I would. Several difficult situations last year trying to get disbursements. Their staff struggled to understand the plan guidelines and IRS rules. After repeated phone calls (12 calls over a five week period was the single worst transaction) from me, failed call backs from them and absolute nightmare dealing with their staff to get my money sent to me.

I've decided to bring a new approach to this and just let the money accumulate so I don't have to deal with them. After I retire I will move the money to a competent administrator and do withdrawals then. Meanwhile I'm saving all these receipts and records.

[Ted Valentine]

I do. I love the debit card. The website is servicable. The fees are high ($3.75/mo). The investment choices are mediocre (ER about 1.0).
_________________
“A bear market is an extended period of time during which people who think this time is different sell all their investments to people who understand that this time is never different.”

[allancoleman]

I presently have a Aetna HSA with JPMorgan Chase as my account custodian . My monthly account fees are $3.25 a month which isn't bad now as wife and I have over $21k available to us in that account . After considerable research decided to leave my HSA with Chase because other custodians might be worse . Like Larry , we don't use the HSA money on a regular annual basis . Have a debt card that we don't use and a checking account with checks that we don't use .

Will continue to deposit the max into our HSAs until we're both 65 and then figure out how to best use the money later . Right now we can well afford to pay our medical expenses out of pocket so we'll probably use this taxfree account money later in a emergency if either one of really needs the money and we don't have it at that time .

[ziggy29]

[allancoleman]

Ziggy29 ,

Wife and I plan on having about $30k in our Aetna Chase HSAs by the time she is 65 on Medicare and can no longer contribute too . Nice little taxfree nest egg for later use in our senior years . I particularly liked the tax deduction we got for that full amount on each year's tax return .

[Ricola]

Just want to add, that I am happy with HSA bank, but would like to utilize Wells Fargo PMA trading capability.

[allancoleman]

Last thing I want to do , Ricola , is to put our emergency taxfree forever HSA money in the stock market and suffer any losses . Chase's money market yield return is just fine with us .

[ziggy29]

I'm one of those heathens who is actually using it to pay for medical visits and prescriptions.

Of course, I'm also maxing out the HSA even before I max the 401K, because HSA funding through payroll contributions in a qualified Section 125 cafeteria plan is exempt from Social Security and Medicare taxes (and 401K contributions aren't). That saves me 7.65% right off the bat.