Fidelity HSA fees

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Topic Author
eltron
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Fidelity HSA fees

Post by eltron » Fri Oct 04, 2019 11:52 am

Hi all,

I had a quick question regarding Fidelity's HSA. I, like many people, rolled over to Fidelity's new HSA last year and just recently transferred in $7,000 into my core position to purchase shares of FZROX. However, when the cash settled there was only $6,925.29 available to trade.

I went on Fidelity's chat tool and asked why and they just said there was a debt that had to be paid and any further questions would have to be directed to Fidelity's HSA dept. I plan to call them after work to figure out why this was but was just wondering if any of you had noticed this.

I was under the impression the big draw to Fidelity's HSA was that there were no fees to hold an HSA there - but $75 seems like a fee.

Any insight to this would be appreciated.

Thanks.

Helo80
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Re: Fidelity HSA fees

Post by Helo80 » Fri Oct 04, 2019 11:55 am

Where was the $7,000 coming from? Generally, the losing institution charges a fee if you're transferring your account out and effectively closing it.

I would review the fees statement from the source of the money in this case. I highly doubt that Fidelity is charging a fee to transfer money into the institution.... $75 is a very common fee for closing or moving and then closing an account at a broker.

DonIce
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Re: Fidelity HSA fees

Post by DonIce » Fri Oct 04, 2019 11:57 am

Most brokerages charge $75 to transfer out. That's probably what happened since you are $75 short. If you look at the statement/activity from your last HSA holder you will probably see the $75 fee on their side before the transfer.

mervinj7
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Re: Fidelity HSA fees

Post by mervinj7 » Fri Oct 04, 2019 12:07 pm

eltron wrote:
Fri Oct 04, 2019 11:52 am
I was under the impression the big draw to Fidelity's HSA was that there were no fees to hold an HSA there - but $75 seems like a fee.
Saturna charges a $75 account transfer out fee for self-directed Brokerage HSA. The fee is not from Fidelity.
https://www.saturna.com/individual/hsa/ ... s-accounts

Topic Author
eltron
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Re: Fidelity HSA fees

Post by eltron » Fri Oct 04, 2019 12:17 pm

Helo80 wrote:
Fri Oct 04, 2019 11:55 am
Where was the $7,000 coming from? Generally, the losing institution charges a fee if you're transferring your account out and effectively closing it.

I would review the fees statement from the source of the money in this case. I highly doubt that Fidelity is charging a fee to transfer money into the institution.... $75 is a very common fee for closing or moving and then closing an account at a broker.
The money was coming from my linked Ally checking account. It was simply an EFT transfer.

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indexfundfan
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Re: Fidelity HSA fees

Post by indexfundfan » Fri Oct 04, 2019 12:30 pm

eltron wrote:
Fri Oct 04, 2019 12:17 pm
Helo80 wrote:
Fri Oct 04, 2019 11:55 am
Where was the $7,000 coming from? Generally, the losing institution charges a fee if you're transferring your account out and effectively closing it.

I would review the fees statement from the source of the money in this case. I highly doubt that Fidelity is charging a fee to transfer money into the institution.... $75 is a very common fee for closing or moving and then closing an account at a broker.
The money was coming from my linked Ally checking account. It was simply an EFT transfer.
Something strange is going on. I assume the money is still sitting as cash? Check your account history to see if there were any debits.

Before you call Fidelity, make very sure that $7000 was deducted from your Ally account.
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Topic Author
eltron
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Re: Fidelity HSA fees

Post by eltron » Fri Oct 04, 2019 12:37 pm

indexfundfan wrote:
Fri Oct 04, 2019 12:30 pm
eltron wrote:
Fri Oct 04, 2019 12:17 pm
Helo80 wrote:
Fri Oct 04, 2019 11:55 am
Where was the $7,000 coming from? Generally, the losing institution charges a fee if you're transferring your account out and effectively closing it.

I would review the fees statement from the source of the money in this case. I highly doubt that Fidelity is charging a fee to transfer money into the institution.... $75 is a very common fee for closing or moving and then closing an account at a broker.
The money was coming from my linked Ally checking account. It was simply an EFT transfer.
Something strange is going on. I assume the money is still sitting as cash? Check your account history to see if there were any debits.

Before you call Fidelity, make very sure that $7000 was deducted from your Ally account.
Just checked to confirm again. $7,000 was taken from my Ally account. Fidelity's website even shows that $7,000 was received. Doesn't make much sense.

I did transfer from Saturday to Fidelity last year and I was aware of the transferring cost, and paid it at the time. So this $74 and some change isn't adding up to me.

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indexfundfan
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Re: Fidelity HSA fees

Post by indexfundfan » Fri Oct 04, 2019 12:45 pm

eltron wrote:
Fri Oct 04, 2019 12:37 pm
Just checked to confirm again. $7,000 was taken from my Ally account. Fidelity's website even shows that $7,000 was received. Doesn't make much sense.

I did transfer from Saturday to Fidelity last year and I was aware of the transferring cost, and paid it at the time. So this $74 and some change isn't adding up to me.
This missing $74.71 must appear somewhere. Take out your last statement, make sure that number is correct, and start tracing from the statement end date using the realtime "History" from the website.
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Big Dog
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Re: Fidelity HSA fees

Post by Big Dog » Fri Oct 04, 2019 12:45 pm

when I transferred my funds from a HSA to Fido, the former HSA did take out ~$30 for processing, but Fido showed the remaining balance transferred in. Fido did not have any transaction fees.

Check the statement of your former HSA. It may show something like:

$7,000 cleared out
$6,925 transferred to Fido
$75 processing fee

$0.00 remaining balance

Topic Author
eltron
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Re: Fidelity HSA fees

Post by eltron » Fri Oct 04, 2019 12:55 pm

Yes. I just had a chance to call Fidelity and their records showed the transfer fee incurred by Saturna was apparently not paid on Fido's end as I was told to sweep that money into my stock fund.

Apparently, I swept that in before the $75 processing fee cleared.

In any event, that appears to be what it was and on future deposits he said I should be good and that I no longer show that negative $75 balance.

I'm not even sure if I can log in to Saturna anymore to check that balance, but I see no reason to think that Fidelity is incorrect in this.

Just figured I'd update with Fido's official answer. Thanks again for the help.

anakinskywalker
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Re: Fidelity HSA fees

Post by anakinskywalker » Sat Oct 05, 2019 9:55 am

eltron wrote:
Fri Oct 04, 2019 12:55 pm
Yes. I just had a chance to call Fidelity and their records showed the transfer fee incurred by Saturna was apparently not paid on Fido's end as I was told to sweep that money into my stock fund.

Apparently, I swept that in before the $75 processing fee cleared.

In any event, that appears to be what it was and on future deposits he said I should be good and that I no longer show that negative $75 balance.

I'm not even sure if I can log in to Saturna anymore to check that balance, but I see no reason to think that Fidelity is incorrect in this.

Just figured I'd update with Fido's official answer. Thanks again for the help.
It still doesn't add up (pun intended). If the unpaid fee was $75, why's the missing money $74 and change?

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indexfundfan
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Re: Fidelity HSA fees

Post by indexfundfan » Sat Oct 05, 2019 9:57 am

anakinskywalker wrote:
Sat Oct 05, 2019 9:55 am
eltron wrote:
Fri Oct 04, 2019 12:55 pm
Yes. I just had a chance to call Fidelity and their records showed the transfer fee incurred by Saturna was apparently not paid on Fido's end as I was told to sweep that money into my stock fund.

Apparently, I swept that in before the $75 processing fee cleared.

In any event, that appears to be what it was and on future deposits he said I should be good and that I no longer show that negative $75 balance.

I'm not even sure if I can log in to Saturna anymore to check that balance, but I see no reason to think that Fidelity is incorrect in this.

Just figured I'd update with Fido's official answer. Thanks again for the help.
It still doesn't add up (pun intended). If the unpaid fee was $75, why's the missing money $74 and change?
Possibly due to the final interest payment at Saturna.
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tj
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Re: Fidelity HSA fees

Post by tj » Sun Oct 06, 2019 10:06 am

eltron wrote:
Fri Oct 04, 2019 12:55 pm
Yes. I just had a chance to call Fidelity and their records showed the transfer fee incurred by Saturna was apparently not paid on Fido's end as I was told to sweep that money into my stock fund.

Apparently, I swept that in before the $75 processing fee cleared.

In any event, that appears to be what it was and on future deposits he said I should be good and that I no longer show that negative $75 balance.

I'm not even sure if I can log in to Saturna anymore to check that balance, but I see no reason to think that Fidelity is incorrect in this.

Just figured I'd update with Fido's official answer. Thanks again for the help.

Didn't you say it was transferred form Ally? How did Saturna get involved?

Topic Author
eltron
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Re: Fidelity HSA fees

Post by eltron » Tue Oct 08, 2019 2:06 pm

tj wrote:
Sun Oct 06, 2019 10:06 am
eltron wrote:
Fri Oct 04, 2019 12:55 pm
Yes. I just had a chance to call Fidelity and their records showed the transfer fee incurred by Saturna was apparently not paid on Fido's end as I was told to sweep that money into my stock fund.

Apparently, I swept that in before the $75 processing fee cleared.

In any event, that appears to be what it was and on future deposits he said I should be good and that I no longer show that negative $75 balance.

I'm not even sure if I can log in to Saturna anymore to check that balance, but I see no reason to think that Fidelity is incorrect in this.

Just figured I'd update with Fido's official answer. Thanks again for the help.

Didn't you say it was transferred form Ally? How did Saturna get involved?
The way I understood it was there was a $75 transfer fee (or whatever fee Saturna charged - I don’t recall as it’s been awhile) that was not paid. I moved all the money transferred from Saturna from my core position to FZROX. When Fidelity went to capture that $75 fee from my core position it was no longer there (because I moved it into FZROX).
So fast forward 9 months and when I put the money in from Ally, Fidelity captured the unpaid $74 and some change balance due to them.

Again, that’s how I understand it.

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