I requested an HSA transfer from Optum Bank to Fidelity on January 13th. On Feb 17th I received notice from Optum that the money had been transferred. As of Feb 23rd it has not arrived at Fidelity.
To recap, more than a month elapsed before the initial transfer was processed. Since then, five business days have elapsed and both account balances are still at zero.
How common are delays of this magnitude?
Is it even even legal?
Also Where is the money when it is in ‘mid transfer’? I presume someone is making money off the float.
- Admiral Fun
Money transferred - now in limbo!
- Admiral Fun
- Posts: 290
- Joined: Mon Jun 04, 2012 8:04 pm
Money transferred - now in limbo!
Last edited by Admiral Fun on Sat Feb 23, 2019 4:03 pm, edited 3 times in total.
-
- Posts: 674
- Joined: Tue Jun 01, 2010 4:41 pm
Re: Money transferred - now in limbo!
They might have sent a check. Give it more time.
Today's high is tomorrow's low.
Re: Money transferred - now in limbo!
It's very likely a paper check that needs to be manually processed on both sides. It took 11 business days for a recent trustee-to-trustee transfer I did between two different HSA custodians. Annoying, but this is not abnormal.
Re: Money transferred - now in limbo!
Call Fidelity and ask them. Sometimes you need to let them know that the money is coming in so that they can process it.
- Admiral Fun
- Posts: 290
- Joined: Mon Jun 04, 2012 8:04 pm
Re: Money transferred - now in limbo!
Thanks everyone. I’ll be patient with this particular transfer.
More broadly, I’m interested in the legal aspect of this too... are companies under any kind of legal mandate to process transfers in a timely manner?
More broadly, I’m interested in the legal aspect of this too... are companies under any kind of legal mandate to process transfers in a timely manner?