[Fidelity Health Savings Account Mega-Thread]

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Admiral Fun
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Admiral Fun » Wed Feb 20, 2019 8:36 pm

Requested transfer from Optum Bank to Fidelity on 1/13. As of 2/20 the money has left optum but not yet arrived at Fidelity. Horrendously slow.

DrGoogle2017
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DrGoogle2017 » Wed Feb 20, 2019 8:52 pm

strbrd wrote:
Wed Feb 20, 2019 1:23 pm

DrGoogle2017 wrote: ↑
Wed Feb 20, 2019 1:55 pm
Mine still has not transferred yet, started Feb 05, still stuck in stage 2, should I call HSA bank and find out why they are so slow?
I called Fidelity when their Transfer Tracker said my HSA Bank transfer was stuck and they informed me that when funds are held at a separate brokerage from the underlying HSA account, the brokerage needs a "release letter" from the underlying account. At TDA after a couple of days, I got a message (not a call) saying my "account was eligible for transfer." Which I assume means they got the release letter. When I told Fidelity about this message, they told me they would send the transfer request again, and it now seems to be un-stuck, with a new estimated completion date another week out.
Mine is at HSA bank. I have just cash. I will call them tomorrow.

DrGoogle2017
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DrGoogle2017 » Thu Feb 21, 2019 1:58 pm

I called today and HSA Bank has no record of my transfer request. Then I asked if I can send them the form myself and they said I could email them. Let’s hope this works. I’m sure whichever gets there sooner is the one they process because it’s an identical form I got from Fidelity.

ERguy101
Posts: 158
Joined: Sat Jul 04, 2015 11:09 am

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by ERguy101 » Thu Feb 21, 2019 3:33 pm

DrGoogle2017 wrote:
Wed Feb 20, 2019 12:55 pm
Mine still has not transferred yet, started Feb 05, still stuck in stage 2, should I call HSA bank and find out why they are so slow?
So, I was in same boat, from 2/3, with HSA Bank -> Fidelity. I called Fidelity yesterday, and they 3-way called HSA Bank with me. It turns out Fidelity sent the form to the "overnight mail" address for HSA bank instead of the "regular mail" address. HSA bank had not received anything as of yesterday from Fidelity, even though Fidelity sent it the first week of February.

HSA bank offered the options for Fidelity to email the form to askus@hsabank.com, which Fidelity explicitly refused for an unknown reason (and the form you can download from the Pending Transfer page on Fidelity will NOT count, because it is not signed by Fidelity.) HSA bank would not take a fax. The only solution was for Fidelity to re-mail the form to the right address for HSA bank.

My solution, I called HSA bank, and told them I want to do the 60 day rollover myself, so they emailed me a form, I printed it out, filled it out, and emailed it back to them. Apparently now HSA bank will send all my funds to my bank account, then I will mail a check and the deposit form (a one page PDF) from Fidelity for the 60 day rollover.

So, that may be going on with yours. Your best bet is to call HSA bank and ask if they have any of your forms.

ERguy101
Posts: 158
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by ERguy101 » Thu Feb 21, 2019 3:36 pm

DrGoogle2017 wrote:
Thu Feb 21, 2019 1:58 pm
I called today and HSA Bank has no record of my transfer request. Then I asked if I can send them the form myself and they said I could email them. Let’s hope this works. I’m sure whichever gets there sooner is the one they process because it’s an identical form I got from Fidelity.
My first reply was before I read this message. If you downloaded the PDF from Fidelity on the Transfer Tracker page, it will not work, because the form is not signed by Fidelity. Also, if you just emailed them the form, you need to call HSA bank and tell them you emailed the form, etc. When you call them and tell them you emailed the form, they will look for it and start processing it (and then tell you its not valid because its not signed). If you just email askus@hsabank.com and don't follow up with a phone call, the email may never be answered.

DrGoogle2017
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DrGoogle2017 » Thu Feb 21, 2019 4:40 pm

ERguy101 wrote:
Thu Feb 21, 2019 3:36 pm
DrGoogle2017 wrote:
Thu Feb 21, 2019 1:58 pm
I called today and HSA Bank has no record of my transfer request. Then I asked if I can send them the form myself and they said I could email them. Let’s hope this works. I’m sure whichever gets there sooner is the one they process because it’s an identical form I got from Fidelity.
My first reply was before I read this message. If you downloaded the PDF from Fidelity on the Transfer Tracker page, it will not work, because the form is not signed by Fidelity. Also, if you just emailed them the form, you need to call HSA bank and tell them you emailed the form, etc. When you call them and tell them you emailed the form, they will look for it and start processing it (and then tell you its not valid because its not signed). If you just email askus@hsabank.com and don't follow up with a phone call, the email may never be answered.
I signed the form, I think Fidelity only filled out the information. HSA guy said to email HSAFORM@hsabank.com. That’s what I did. I will call them tomorrow to find out if anything is wrong with the form.

Edit to add, I looked at the form again, I don’t see where Fidelity should sign the form, only my signature was required.

DippityDoo
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DippityDoo » Fri Feb 22, 2019 2:35 pm

EquityForAll wrote:
Wed Feb 20, 2019 12:50 pm
EDIT: There was no account transfer/closure fee from Lively nor TDA.
My experience wasn't as positive as yours. It cost me $100 in closing fees to make the transfer from Lively to Fido. I got hit with TDA's $50 closure fee, which they deducted from what they transferred to Fidelity. I (stupidly!) left $50 in my Lively account to avoid their $25 closure fee for accounts open less than 1 year. Lively transferred that $50 to TDA to cover a -$50 balance that appeared at TDA after my TDA account (all cash) was transferred to Fidelity. I spoke with TDA because I thought they had charged me the closing fee twice. According to TDA, they returned the $50 Lively had sent them back to Lively. Lively never credited that $50 back to me even though they said I shouldn't have been charged any closing fees. In the end, Lively kept twice the amount I was trying to avoid paying. :oops:

If anyone is looking to transfer to Fido from Lively, please learn from my experience and empty your Lively account of all cash before you initiate the transfer.
2/27/19 edit: I still stand by this recommendation.

To be clear, I didn't have the impression that Lively was trying to cheat me. I had the sense that they are too clueless to handle a transfer properly.
2/27/19 edit: I received contradictory information from Lively that gave the impression that they didn't know what they were doing. As it turned out, the information from TDA was not entirely correct either. In the end, the account was settled properly. I was refunded the TDA account closure fee and Lively eventually transferred the remaining $50 cash.
Last edited by DippityDoo on Wed Feb 27, 2019 5:29 pm, edited 1 time in total.

EquityForAll
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by EquityForAll » Fri Feb 22, 2019 2:49 pm

DippityDoo wrote:
Fri Feb 22, 2019 2:35 pm
EquityForAll wrote:
Wed Feb 20, 2019 12:50 pm
EDIT: There was no account transfer/closure fee from Lively nor TDA.
My experience wasn't as positive as yours. It cost me $100 in closing fees to make the transfer from Lively to Fido. I got hit with TDA's $50 closure fee, which they deducted from what they transferred to Fidelity. I (stupidly!) left $50 in my Lively account to avoid their $25 closure fee for accounts open less than 1 year. Lively transferred that $50 to TDA to cover a -$50 balance that appeared at TDA after my TDA account (all cash) was transferred to Fidelity. I spoke with TDA because I thought they had charged me the closing fee twice. According to TDA, they returned the $50 Lively had sent them back to Lively. Lively never credited that $50 back to me even though they said I shouldn't have been charged any closing fees. In the end, Lively kept twice the amount I was trying to avoid paying. :oops:

If anyone is looking to transfer to Fido from Lively, please learn from my experience and empty your Lively account of all cash before you initiate the transfer.

To be clear, I didn't have the impression that Lively was trying to cheat me. I had the sense that they are too clueless to handle a transfer properly.
Sorry to hear that. You should try contacting Lively to have those fees reimbursed (as their site is adamant about not having any account-related fees). I suspect their transfer/closure process isn't quite perfected yet and my impression is that they're scrambling a bit in dealing with the recent uptick in outflows to Fidelity.

DippityDoo
Posts: 163
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DippityDoo » Fri Feb 22, 2019 3:10 pm


Sorry to hear that. You should try contacting Lively to have those fees reimbursed (as their site is adamant about not having any account-related fees). I suspect their transfer/closure process isn't quite perfected yet and my impression is that they're scrambling a bit in dealing with the recent uptick in outflows to Fidelity.
Thank you for your reply. FWIW, I had several e-mail exchanges with Lively (so I could have written documentation). And I did bring up the fact that their site claims not to have account fees. That correspondence left me with the impression that Lively is in over their head and ill-equipped to process transactions correctly. I finally stopped pursuing it because it wasn't worth $50 of my time to keep after them. I'm grateful to be finished with them and fully invested at Fido now.

2/27/19 edit: After I gave up in frustration, the final $50 was transferred. TDA verified that they charged me a $50 account closure fee but that fee was also refunded. In the end, I paid no fees for the account transfer. In trying to get to the bottom of things, I received information from both Lively and TDA that wasn't fully accurate. But the situation was made right in the end.
Last edited by DippityDoo on Wed Feb 27, 2019 5:41 pm, edited 1 time in total.

mffl
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mffl » Sat Feb 23, 2019 1:15 pm

Just thought I'd add my experience transferring from HSA Bank + TD Ameritrade to Fidelity.

1/28 - opened the HSA on Fidelity
2/7 - transferred ALL of my cash in the HSA Bank account to TD Ameritrade (the delay here was mine)
2/13 - started transfer from Fidelity's side, needed only an account number and an uploaded statement PDF, both of which I was able to get from the TD Ameritrade login, all of this was done online (could have probably started a couple days earlier, but you do need to allow a couple days for HSA Bank to get the money transferred TD Ameritrade). I did the transfer in kind, and told it to transfer the entire account.
2/19 - the cash and existing shares of VTI were available in my Fidelity HSA. I do NOT show as having paid a fee. The exact number of shares and cash that I had at TD Ameritrade were transferred to Fidelity. I also do not see a debit balance either in my Fidelity HSA account or on the transfer tracker as some other posters mentioned seeing.
2/23 - I called HSA Bank at 800-357-6246. I needed my SSN, DOB, and zip, but not an account number. I pressed the button to talk to a customer service rep when prompted, and simply asked to close my account. It was all done over the phone and took less than 5 mins (plus probably 10 mins on hold). I was told that there IS a $25 account closure fee, but that it's waived because my account had a zero balance. They said it would take a couple days to process, but it would require no further action on my part.

Anyway, for what it's worth, I've read most of this thread, and either I'm lucky or the process has been smoothed out substantially. For HSA Bank+TDA account holders, it's quick, smooth, and no fees. It is probably best to clear out the HSA Bank account to your TD Ameritrade account, then just do one transfer, initiated from Fidelity.

marcopolo
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by marcopolo » Sat Feb 23, 2019 1:26 pm

mffl wrote:
Sat Feb 23, 2019 1:15 pm
Just thought I'd add my experience transferring from HSA Bank + TD Ameritrade to Fidelity.

1/28 - opened the HSA on Fidelity
2/7 - transferred ALL of my cash in the HSA Bank account to TD Ameritrade (the delay here was mine)
2/13 - started transfer from Fidelity's side, needed only an account number and an uploaded statement PDF, both of which I was able to get from the TD Ameritrade login, all of this was done online (could have probably started a couple days earlier, but you do need to allow a couple days for HSA Bank to get the money transferred TD Ameritrade). I did the transfer in kind, and told it to transfer the entire account.
2/19 - the cash and existing shares of VTI were available in my Fidelity HSA. I do NOT show as having paid a fee. The exact number of shares and cash that I had at TD Ameritrade were transferred to Fidelity. I also do not see a debit balance either in my Fidelity HSA account or on the transfer tracker as some other posters mentioned seeing.
2/23 - I called HSA Bank at 800-357-6246. I needed my SSN, DOB, and zip, but not an account number. I pressed the button to talk to a customer service rep when prompted, and simply asked to close my account. It was all done over the phone and took less than 5 mins (plus probably 10 mins on hold). I was told that there IS a $25 account closure fee, but that it's waived because my account had a zero balance. They said it would take a couple days to process, but it would require no further action on my part.

Anyway, for what it's worth, I've read most of this thread, and either I'm lucky or the process has been smoothed out substantially. For HSA Bank+TDA account holders, it's quick, smooth, and no fees. It is probably best to clear out the HSA Bank account to your TD Ameritrade account, then just do one transfer, initiated from Fidelity.

I went through this same process (just as seamless), except the last step.
What happens if i never call HSA Bank to close the account?
Once in a while you get shown the light, in the strangest of places if you look at it right.

mffl
Posts: 100
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by mffl » Sat Feb 23, 2019 4:02 pm

marcopolo wrote:
Sat Feb 23, 2019 1:26 pm
I went through this same process (just as seamless), except the last step.
What happens if i never call HSA Bank to close the account?
That's a good question. I thought about leaving mine open since it might be easier to get employer contributions that way (but probably doesn't matter, since I'm the owner, but all the employees are still using HSA Bank). Obviously they don't care if you hold a zero balance for a few weeks, and even waive the $25 account closure fee. But what happens if you leave it open for a year and accrue a bunch of fees with a zero balance and THEN fund it? Would they recover the fees due once there was money in the account to cover it? Not sure, so I just decided to make the account go away.

marcopolo
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by marcopolo » Sat Feb 23, 2019 4:45 pm

mffl wrote:
Sat Feb 23, 2019 4:02 pm
marcopolo wrote:
Sat Feb 23, 2019 1:26 pm
I went through this same process (just as seamless), except the last step.
What happens if i never call HSA Bank to close the account?
That's a good question. I thought about leaving mine open since it might be easier to get employer contributions that way (but probably doesn't matter, since I'm the owner, but all the employees are still using HSA Bank). Obviously they don't care if you hold a zero balance for a few weeks, and even waive the $25 account closure fee. But what happens if you leave it open for a year and accrue a bunch of fees with a zero balance and THEN fund it? Would they recover the fees due once there was money in the account to cover it? Not sure, so I just decided to make the account go away.
That's a good point.
I will probably call them on Monday and close the account.
Thanks!
Once in a while you get shown the light, in the strangest of places if you look at it right.

schrute
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by schrute » Sat Feb 23, 2019 9:52 pm

Can you have insurance at work (PPO) plan and also invest in the Fidelity HSA? I like the idea of socking away money for the future.

drk
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Location: Seattle

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by drk » Sat Feb 23, 2019 9:55 pm

schrute wrote:
Sat Feb 23, 2019 9:52 pm
Can you have insurance at work (PPO) plan and also invest in the Fidelity HSA? I like the idea of socking away money for the future.
No. You can only open and contribute to an HSA if you are covered by an HSA-compatible high deductible health plan.

schrute
Posts: 329
Joined: Wed Nov 05, 2014 2:27 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by schrute » Sat Feb 23, 2019 10:01 pm

drk wrote:
Sat Feb 23, 2019 9:55 pm
schrute wrote:
Sat Feb 23, 2019 9:52 pm
Can you have insurance at work (PPO) plan and also invest in the Fidelity HSA? I like the idea of socking away money for the future.
No. You can only open and contribute to an HSA if you are covered by an HSA-compatible high deductible health plan.
What if my work has an HSA but instead I picked PPO, I can’t make an individual Fidelity account and fund an HSA?

drk
Posts: 1812
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Location: Seattle

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by drk » Sat Feb 23, 2019 10:02 pm

schrute wrote:
Sat Feb 23, 2019 10:01 pm
What if my work has an HSA but instead I picked PPO, I can’t make an individual Fidelity account and fund an HSA?
Correct: you cannot. You have to pick the HSA-compatible plan to be eligible to open and fund the HSA.

FedGuy
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by FedGuy » Sun Feb 24, 2019 9:05 am

Does anyone know what interest rate Fidelity is paying on their HSA cash option? Most of my current HSA money is in cash at Adirondack, earning something like 1.0% interest per year. I already have accounts at Fidelity and would prefer to reduce the number of financial services providers I deal with by moving my HSA there, but I can't find anything about holding HSA funds in cash on Fidelity's HSA website.

Thanks!

lstone19
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Joined: Fri Nov 03, 2017 3:33 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by lstone19 » Sun Feb 24, 2019 9:33 am

FedGuy wrote:
Sun Feb 24, 2019 9:05 am
Does anyone know what interest rate Fidelity is paying on their HSA cash option? Most of my current HSA money is in cash at Adirondack, earning something like 1.0% interest per year. I already have accounts at Fidelity and would prefer to reduce the number of financial services providers I deal with by moving my HSA there, but I can't find anything about holding HSA funds in cash on Fidelity's HSA website.
The default cash option is only something like 0.35%. But there is nothing stopping you from putting the cash in one of their MM funds currently paying better than 2% - you just have to manually move the money.

FedGuy
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by FedGuy » Mon Feb 25, 2019 7:56 am

Thanks, lstone19!

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Hub
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Hub » Mon Feb 25, 2019 1:32 pm

schildi wrote:
Tue Dec 04, 2018 8:24 pm
Thanks everybody for the great information here!

My timeline wasn't as quick as some of the reports here, but it looks like I am getting there.
I am transferring from Elements (formerly Eli Lilly) CU, and the linked TDAmeritrade account. I went the long route by selling my positions at TDAmeritrade, then transferring to Elements CU, then doing the trustee to trustee transfer to Fidelity.
Here is my timeline:
- 11/16: sold positions at TDA and waited a couple days for settlement
- 11/20: submitted transfer paperwork in person at Fidelity Investment Center branch
- 11/21: transferred cash from TDA to Elements
- 11/27: paperwork shows as received by Fidelity online and transfer request submitted to Elements CU
- this is when I started talking to Elements CU, a person was assigned and I was able to email with her and call
- 12/04: received email from Elements that check was sent to Fidelity that day; HSA account at Elements has been removed online (but I still have access to my TDAmeritrade account, even though that should be closed automatically as well)
- now waiting for the check to get to Fidelity and be deposited, hopefully by EOW.

Fidelity estimates completion by 12/10, I am sure that it will happen by then, probably a little earlier.
No fees so far, beside the trading fee for selling at TDA ($6.95 per position)

While it took a little longer and being out of the market for a while is usually not desirable, it has worked out ok so far for me in this case. My main position (VTI) is now lower than when I sold, let's see what I end up with when everything is said and done .....
Thank you for this. I'm starting the exact same process now and intend to do it like you did so as to avoid the extra wire fee that sending funds to TDA from Elements would trigger. Looks like the transfer back to Elements is initiated from within the Elements internet banking ->Services ->HSA Portal. Took me a phone call to find that. No fee to move money that direction.

TexTaxToo
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Joined: Sun Jan 27, 2019 7:14 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by TexTaxToo » Wed Feb 27, 2019 11:36 am

Last week, after reading this topic, I decided to open an HSA with Fidelity. Based on earlier posts, I expected this to be quick. When I started the process online, it asked me if I had other accounts with Fidelity, and asked for the userid and password. I do not have any personal accounts, but my 401k at work was with Fidelity, so I entered my NetBenefits userid and password (perhaps I shouldn't have?).

They pulled my information from that account (name, address, SSN, etc.) - I corrected a few things (it had my work email and phone), and continued through the application, accepting the terms and conditions. Eventually, I got to a page which basically said my application has been submitted and they would let me know in a couple days if it was accepted - though it could take up to two weeks. They did not ask me to establish a new userid/password, and no account number was provided.

It's been a week and I have heard nothing. There is nothing in my NetBenefits account indicating a new account or application. Note that I did not try to fund the account or do any transfers. This is just opening the account. Has anyone had a similar experience?

Spirit Rider
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Joined: Fri Mar 02, 2007 2:39 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Spirit Rider » Wed Feb 27, 2019 11:49 am

Did you call? That should be your first action, not posting here.

DippityDoo
Posts: 163
Joined: Mon May 29, 2017 6:06 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DippityDoo » Wed Feb 27, 2019 5:19 pm

I'm going to edit my posts above regarding my experience transferring from Lively to Fidelity. I have been refunded the closure fee ($50) from the TDA portion of the account and Lively transferred the remaining $50 cash. In the course of straightening things out, I received information from Lively and TDA that was contradictory. But in the end, I paid no account closure fees.

schrute
Posts: 329
Joined: Wed Nov 05, 2014 2:27 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by schrute » Fri Mar 01, 2019 3:58 pm

drk wrote:
Sat Feb 23, 2019 10:02 pm
schrute wrote:
Sat Feb 23, 2019 10:01 pm
What if my work has an HSA but instead I picked PPO, I can’t make an individual Fidelity account and fund an HSA?
Correct: you cannot. You have to pick the HSA-compatible plan to be eligible to open and fund the HSA.
I guess I'm confused. How would Fidelity or the government know I have an HSA option at work and if I have an HSA option (where I am enrolled) why would I ever use the Fidelity option when I would just be using my workplace's?

lstone19
Posts: 747
Joined: Fri Nov 03, 2017 3:33 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by lstone19 » Fri Mar 01, 2019 4:06 pm

schrute wrote:
Fri Mar 01, 2019 3:58 pm
drk wrote:
Sat Feb 23, 2019 10:02 pm
schrute wrote:
Sat Feb 23, 2019 10:01 pm
What if my work has an HSA but instead I picked PPO, I can’t make an individual Fidelity account and fund an HSA?
Correct: you cannot. You have to pick the HSA-compatible plan to be eligible to open and fund the HSA.
I guess I'm confused. How would Fidelity or the government know I have an HSA option at work and if I have an HSA option (where I am enrolled) why would I ever use the Fidelity option when I would just be using my workplace's?
It's a matter of what's legal vs. what can be automatically detected. You must be covered by a qualifying HDHP to contribute to an HSA.

As for why you'd open a standalone account at Fidelity:
- You used to be covered by an HDHP but no longer are (the HDHP requirement is only to CONTRIBUTE to an HSA - you can still have an HSA and use the funds even if you're no longer covered by an HDHP)
- Your spouse is the one with the employer provided insurance and you want to make catch-up contributions to your own HSA
- Your employer doesn't provide an HSA
- Your have a non-employer HDHP (there are ACA marketplace HDHPs) and with no employer funding advantage, go independent on the HSA
- You like the Fidelity options better so periodically move money from your employer-sponsored HSA
Last edited by lstone19 on Fri Mar 01, 2019 4:26 pm, edited 1 time in total.

Spirit Rider
Posts: 13168
Joined: Fri Mar 02, 2007 2:39 pm

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Spirit Rider » Fri Mar 01, 2019 4:20 pm

schrute wrote:
Fri Mar 01, 2019 3:58 pm
drk wrote:
Sat Feb 23, 2019 10:02 pm
schrute wrote:
Sat Feb 23, 2019 10:01 pm
What if my work has an HSA but instead I picked PPO, I can’t make an individual Fidelity account and fund an HSA?
Correct: you cannot. You have to pick the HSA-compatible plan to be eligible to open and fund the HSA
I guess I'm confused. How would Fidelity or the government know I have an HSA option at work and if I have an HSA option (where I am enrolled) why would I ever use the Fidelity option when I would just be using my workplace's?
No you are not confused, Instead you are asking about whether you can you get away with tax evasion. We take a dim view of that on Bogleheads.

What Fidelity does or doesn't know and what the IRS does or doesn't doesn't know at the time you do it is irrelevant. The tax code, IRS regulations, guidance and publications all say you can't do it. For a law abiding citizen that should be enough. If that is not enough, when you are audited, all contributions and earnings would be immediately distributed. That distribution and any previous tax-free distributions would be subject to ordinary income tax, a 20% non-qualified distribution penalty and interest charges.

Also, there is a 6% tax penalty each year on the excess contribution balance of all invalid contributions. Not to mention, there is no statute of limitations SOL on Form 5329 tax penalties. The longer it takes the IRS to discover this and it is not a question of if, only when they catch you, it will be a geometrically larger tax assessment.

Many people in this thread have an HSA option at work. However, that option is far less than ideal. They are going to keep the employer's HSA for employer contributions and employee contributions not subject to FICA and then rolling the contributions over to Fidelity to take advantage of the better investment landscape.

harvestbook
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by harvestbook » Fri Mar 01, 2019 8:04 pm

GibsonES335 wrote:
Sun Feb 10, 2019 2:33 pm
Question for those transferring Health Savings Administrators > Fidelity. When I use the Fidelity online transfer tool and it asks me to type the name of the company I will be transferring from, it has an option for "Health Savings Administration". Is that the same as Health Savings Administrators? Or should I cross it out and manually type the latter?
I did a 60-day rollover to get out of HealthSavings Administrators and avoid the $25 transfer fee. It took about four weeks of being out of the market before they sent me the balance (less a $25 account closing fee.) Be sure to close your account, as there is a $40 annual account fee. Not sure if a transfer is faster than a rollover, but at any rate, glad to be rid of them. Good luck.
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matto
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by matto » Sat Mar 02, 2019 11:04 am

UFoP wrote:
Wed Feb 06, 2019 4:41 pm
matto wrote:
Fri Jan 25, 2019 10:04 am
I requested a reimbursement from my UMB HSA to my Fidelity cash management account.
Any update on this? I'm curious if this is a better option as it keeps the cash away from your individual account. Main question I'd have for this is how does Fidelity know the deposit coming straight from UMB is a rollover?
Sorry about the late response I don't check my notifications very often...

So I requested a reimbursement from my UMB HSA to my regular Fidelity Checking account (not an HSA). However, this failed twice due to ACH errors, which is annoying.

Instead, I eventually went relatively simple at that point and had UMB mail me a check for the entire balance of my HSA using their 'Bill Pay' feature and myself as the payee.

Once this check arrived, I scanned it using the Fidelity app and it hit my checking account instantly.

Note: The net result of the electronic reimbursement (if it had worked) or check to myself is that I got the money out of my UMB HSA into a personal account at Fidelity. Fidelity doesn't know this money is related to an HSA at all.

Then, in a second follow up step, I mailed a personal check written by myself to Fidelity and attached it to the Deposit Slip pdf in this thread, with the box marked for Rollover.

Once Fidelity got this check, it debited the balance from my Fidelity Checking Account and credited it to my Fidelity HSA, and everything was complete.

When I do my taxes this year, I will have to indicate that my HSA withdrawal was actually a rollover. I don't believe the custodian has a responsibility to check that it is in fact a rollover, that's between the IRS and me.

crg11
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by crg11 » Sat Mar 02, 2019 11:39 am

Does the Fidelity HSA offer an option to attach receipts to transactions? I like Optum Bank's Expense Journal, makes it really easy to ensure we have proper documentation for each transaction.

schrute
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by schrute » Sun Mar 03, 2019 10:45 am

Spirit Rider wrote:
Fri Mar 01, 2019 4:20 pm
schrute wrote:
Fri Mar 01, 2019 3:58 pm
drk wrote:
Sat Feb 23, 2019 10:02 pm
schrute wrote:
Sat Feb 23, 2019 10:01 pm
What if my work has an HSA but instead I picked PPO, I can’t make an individual Fidelity account and fund an HSA?
Correct: you cannot. You have to pick the HSA-compatible plan to be eligible to open and fund the HSA
I guess I'm confused. How would Fidelity or the government know I have an HSA option at work and if I have an HSA option (where I am enrolled) why would I ever use the Fidelity option when I would just be using my workplace's?
No you are not confused, Instead you are asking about whether you can you get away with tax evasion. We take a dim view of that on Bogleheads.

What Fidelity does or doesn't know and what the IRS does or doesn't doesn't know at the time you do it is irrelevant. The tax code, IRS regulations, guidance and publications all say you can't do it. For a law abiding citizen that should be enough. If that is not enough, when you are audited, all contributions and earnings would be immediately distributed. That distribution and any previous tax-free distributions would be subject to ordinary income tax, a 20% non-qualified distribution penalty and interest charges.

Also, there is a 6% tax penalty each year on the excess contribution balance of all invalid contributions. Not to mention, there is no statute of limitations SOL on Form 5329 tax penalties. The longer it takes the IRS to discover this and it is not a question of if, only when they catch you, it will be a geometrically larger tax assessment.

Many people in this thread have an HSA option at work. However, that option is far less than ideal. They are going to keep the employer's HSA for employer contributions and employee contributions not subject to FICA and then rolling the contributions over to Fidelity to take advantage of the better investment landscape.
Yes, I am confused. Please do not speculate my intent. I'm not suggesting tax evasion, but rather trying to understand why anyone would use this kind of account (when you obviously have one at work) and if the limitation is a law or technical one. In Prioritizing Investments (https://www.bogleheads.org/wiki/Priorit ... nvestments) it says you should fund one, but doesn't explain the caveats mentioned. Like it's a technical limitation and if you fund in a individual HSA, how does that information get "recorded"? Is it like a Roth where you file a form to tell the government you made suggest an investment? If it's not allowed (if you have just an PPO and not a high-deductible plan) then is it prohibited (other answers here suggest yes).

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by whodidntante » Sun Mar 03, 2019 10:55 am

crg11 wrote:
Sat Mar 02, 2019 11:39 am
Does the Fidelity HSA offer an option to attach receipts to transactions? I like Optum Bank's Expense Journal, makes it really easy to ensure we have proper documentation for each transaction.
They do offer a free document vault, but I doubt it's linked to specific transactions. I don't have any withdrawals to check that. I'm an HSA as IRA type.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by drk » Sun Mar 03, 2019 11:06 am

schrute wrote:
Sun Mar 03, 2019 10:45 am
Like it's a technical limitation and if you fund in a individual HSA, how does that information get "recorded"? Is it like a Roth where you file a form to tell the government you made suggest an investment? If it's not allowed (if you have just an PPO and not a high-deductible plan) then is it prohibited (other answers here suggest yes).
Filers who contribute to an HSA need to file a Form 8889, which covers HSA contributions, deduction, and distributions. Also, at distribution time, the IRS will receive a 1099-SA from the HSA custodian, and the filer will need to report it to keep the distribution tax-free.

If you have questions about the mechanics, though, I would recommend creating a new thread because we're off-topic.

crg11
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by crg11 » Sun Mar 03, 2019 11:39 am

whodidntante wrote:
Sun Mar 03, 2019 10:55 am
crg11 wrote:
Sat Mar 02, 2019 11:39 am
Does the Fidelity HSA offer an option to attach receipts to transactions? I like Optum Bank's Expense Journal, makes it really easy to ensure we have proper documentation for each transaction.
They do offer a free document vault, but I doubt it's linked to specific transactions. I don't have any withdrawals to check that. I'm an HSA as IRA type.
That's something else I've been thinking about. Income is high enough that I can probably switch to using the HSA as an IRA and just track how much of it I can withdraw thanks to HSA eligible transactions.

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whodidntante
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by whodidntante » Sun Mar 03, 2019 11:49 am

crg11 wrote:
Sun Mar 03, 2019 11:39 am
whodidntante wrote:
Sun Mar 03, 2019 10:55 am
crg11 wrote:
Sat Mar 02, 2019 11:39 am
Does the Fidelity HSA offer an option to attach receipts to transactions? I like Optum Bank's Expense Journal, makes it really easy to ensure we have proper documentation for each transaction.
They do offer a free document vault, but I doubt it's linked to specific transactions. I don't have any withdrawals to check that. I'm an HSA as IRA type.
That's something else I've been thinking about. Income is high enough that I can probably switch to using the HSA as an IRA and just track how much of it I can withdraw thanks to HSA eligible transactions.
It's the best tax advantaged account going if you can manage that. Specifically:

- You get a current year pre-tax contribution, and contributions through payroll deduction are exempt from social security and medicare taxes.
- You can withdraw contributions and earnings tax free if for qualified medical expenses. Medical expenses will shoot way up for most of us later in life, so I would not be concerned about over saving.
- If you do over save or medical costs drop to zero, it acts like an IRA once you're old.

I think there are some gotchas with inheriting an HSA, but I'll be dead and I'm sure my heirs are really smart and will be OK.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Eno Deb » Sun Mar 03, 2019 2:23 pm

schrute wrote:
Sun Mar 03, 2019 10:45 am
Yes, I am confused. Please do not speculate my intent. I'm not suggesting tax evasion, but rather trying to understand why anyone would use this kind of account (when you obviously have one at work)
I can tell you why I switched from my work HSA with payroll deductions to a Fidelity HSA with deductible after-tax contributions: my old HSA had annual fees, and the investment part had limited choices and was cumbersome to use. It was also an additional provider I had to manage, while the HSA at Fidelity is consolidated with some other accounts I have there. The only downside is that I have to pay 1.5% or so Medicare tax on the contributions now which isn't the case when the contributions come from your payroll (Social Security tax is not affected in my case since I'm above the taxable maximum anyway).
Like it's a technical limitation and if you fund in a individual HSA, how does that information get "recorded"?
The HSA trustee reports your contributions to the IRS (form 5498-SA).

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DrGoogle2017 » Wed Mar 06, 2019 10:49 am

DrGoogle2017 wrote:
Thu Feb 21, 2019 4:40 pm
ERguy101 wrote:
Thu Feb 21, 2019 3:36 pm
DrGoogle2017 wrote:
Thu Feb 21, 2019 1:58 pm
I called today and HSA Bank has no record of my transfer request. Then I asked if I can send them the form myself and they said I could email them. Let’s hope this works. I’m sure whichever gets there sooner is the one they process because it’s an identical form I got from Fidelity.
My first reply was before I read this message. If you downloaded the PDF from Fidelity on the Transfer Tracker page, it will not work, because the form is not signed by Fidelity. Also, if you just emailed them the form, you need to call HSA bank and tell them you emailed the form, etc. When you call them and tell them you emailed the form, they will look for it and start processing it (and then tell you its not valid because its not signed). If you just email askus@hsabank.com and don't follow up with a phone call, the email may never be answered.
I signed the form, I think Fidelity only filled out the information. HSA guy said to email HSAFORM@hsabank.com. That’s what I did. I will call them tomorrow to find out if anything is wrong with the form.

Edit to add, I looked at the form again, I don’t see where Fidelity should sign the form, only my signature was required.
My HSA Money is now completely transferred to Fidelity. It turned out Fidelity made a mistake, it sent the form somewhere, HSA bank didn’t find it. When I sent to HSAFORM@hsabank.com, HSA didn’t find it either, so the person I contacted said to send it directly to her, then she expedited for me. It took almost a week before the money arrived at Fidelity. So the moral of the story is to contact them, it shouldn’t take that long.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Marlago35 » Wed Mar 06, 2019 11:27 am

I submitted my transfer paperwork to Fidelity HSA on 2/8. After 3+ weeks I went into the local branch today and turns out I needed to call my prior HSA provider (HSA Administrators) to confirm the transfer as requested. You'd think that Fidelity would have been more proactively alerting customers about needing to do that. If the customer doesn't contact HSA Admin within 28 days, the transfer request is cancelled and you have to start over.

So I spoke with HSA Administrators today and they said another 7-10 days now that I've confirmed. A little frustrating given I had to move all assets from Vanguard Admiral to cash to allow for this transfer to happen and will be out of the market for ~ 5 weeks. Balance is around $45k.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by Eno Deb » Wed Mar 06, 2019 11:37 am

Marlago35 wrote:
Wed Mar 06, 2019 11:27 am
I submitted my transfer paperwork to Fidelity HSA on 2/8. After 3+ weeks I went into the local branch today and turns out I needed to call my prior HSA provider (HSA Administrators) to confirm the transfer as requested. You'd think that Fidelity would have been more proactively alerting customers about needing to do that. If the customer doesn't contact HSA Admin within 28 days, the transfer request is cancelled and you have to start over.
I guess that depends on the provider. In my case (BenefitWallet) I did not have to confirm the transfer. The whole transfer took about 3 weeks between sending the paperwork to Fidelity and the money showing up on my new HSA.

DonIce
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by DonIce » Wed Mar 06, 2019 12:28 pm

Just started a transfer from HSABank/Ameritrade to Fidelity.

andrew08
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by andrew08 » Wed Mar 06, 2019 1:11 pm

For those who initiated a full transfer of assets from TD Ameritrade (either with Lively or HSA Bank) to Fidelity, was the transfer automatically in-kind (full shares transferred over with fractional shares liquidated to cash first)? Was curious to see if anyone shifting assets from TDAM > Fidelity came across any unpleasant surprises during their online transfer.

EquityForAll
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by EquityForAll » Wed Mar 06, 2019 1:31 pm

andrew08 wrote:
Wed Mar 06, 2019 1:11 pm
For those who initiated a full transfer of assets from TD Ameritrade (either with Lively or HSA Bank) to Fidelity, was the transfer automatically in-kind (full shares transferred over with fractional shares liquidated to cash first)? Was curious to see if anyone shifting assets from TDAM > Fidelity came across any unpleasant surprises during their online transfer.
As long as you selected the full transfer option on the initial online form, the ACAT system will transfer the entire balance in-kind (with fractional shares liquidated to cash first). Interestingly, while the funds were "moving" from TDA to Fidelity, it seems that they were actually still exposed to market movements over those few days in transit.

If the process takes more than a week, a quick call to Fidelity should jog the process along and I found their customer service to be very helpful. Keep an eye on the Expense Tracker on Fidelity's site, as it's accurate and updates with movements.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by inbox788 » Wed Mar 06, 2019 2:59 pm

EquityForAll wrote:
Wed Mar 06, 2019 1:31 pm
As long as you selected the full transfer option on the initial online form, the ACAT system will transfer the entire balance in-kind (with fractional shares liquidated to cash first). Interestingly, while the funds were "moving" from TDA to Fidelity, it seems that they were actually still exposed to market movements over those few days in transit.
Why wouldn't they? Isn't that the idea behind transfer in kind? The number of shares move from one account to another, not the value.

BTW, I've refinanced mortgage, and "moving" time is sometimes double charged interest. It might take several days, and lender 1 charges until end of transfer day, while lender 2 begins charging interest on start of transfer day. If that happens over a weekend holiday, you might pay an extra 3-4 days interest.

EquityForAll
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by EquityForAll » Wed Mar 06, 2019 5:09 pm

inbox788 wrote:
Wed Mar 06, 2019 2:59 pm
EquityForAll wrote:
Wed Mar 06, 2019 1:31 pm
As long as you selected the full transfer option on the initial online form, the ACAT system will transfer the entire balance in-kind (with fractional shares liquidated to cash first). Interestingly, while the funds were "moving" from TDA to Fidelity, it seems that they were actually still exposed to market movements over those few days in transit.
Why wouldn't they? Isn't that the idea behind transfer in kind? The number of shares move from one account to another, not the value.
Absolutely right. I wasn't familiar with how ACAT transfers functioned so my comment was more for the folks in a similar situation (who might be concerned about being "out of the market" during the transition, such as during rollover distributions).

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by LadyGeek » Wed Mar 06, 2019 7:30 pm

The wiki has some background info: Transferring funds (Securities transfer (ACATS))
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by crg11 » Fri Mar 08, 2019 8:53 am

Word of warning to folks...if you're initiating a transfer to Fidelity from Optum Bank, do not select the "all funds" option when filling out the Fidelity transfer form. It caused my Optum Bank account to be closed, and I'm currently waiting to hear back from them on whether it can be reopened so I can still receive my payroll contributions :oops:

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by sco » Fri Mar 08, 2019 10:58 pm

crg11 wrote:
Fri Mar 08, 2019 8:53 am
Word of warning to folks...if you're initiating a transfer to Fidelity from Optum Bank, do not select the "all funds" option when filling out the Fidelity transfer form. It caused my Optum Bank account to be closed, and I'm currently waiting to hear back from them on whether it can be reopened so I can still receive my payroll contributions :oops:
This happened to me with another custodian, best to just out in a dollar amount or go with the withdrawal route. Which is what I will do moving forward.

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by uberme » Tue Mar 12, 2019 12:48 pm

sco wrote:
Fri Mar 08, 2019 10:58 pm
crg11 wrote:
Fri Mar 08, 2019 8:53 am
Word of warning to folks...if you're initiating a transfer to Fidelity from Optum Bank, do not select the "all funds" option when filling out the Fidelity transfer form. It caused my Optum Bank account to be closed, and I'm currently waiting to hear back from them on whether it can be reopened so I can still receive my payroll contributions :oops:
This happened to me with another custodian, best to just out in a dollar amount or go with the withdrawal route. Which is what I will do moving forward.
Could you please elaborate? Looking to open at Fidelity but need to keep old open. Want to transfer a specific $ amount into Fidelity

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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by RickBoglehead » Tue Mar 12, 2019 12:52 pm

uberme wrote:
Tue Mar 12, 2019 12:48 pm
sco wrote:
Fri Mar 08, 2019 10:58 pm
crg11 wrote:
Fri Mar 08, 2019 8:53 am
Word of warning to folks...if you're initiating a transfer to Fidelity from Optum Bank, do not select the "all funds" option when filling out the Fidelity transfer form. It caused my Optum Bank account to be closed, and I'm currently waiting to hear back from them on whether it can be reopened so I can still receive my payroll contributions :oops:
This happened to me with another custodian, best to just out in a dollar amount or go with the withdrawal route. Which is what I will do moving forward.
Could you please elaborate? Looking to open at Fidelity but need to keep old open. Want to transfer a specific $ amount into Fidelity
Then specify a specific dollar amount. This issue happens when you select ALL and is not unique to Optum Bank or to an HSA - happens when you transfer All IRA assets too.
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by uberme » Tue Mar 12, 2019 1:08 pm

RickBoglehead wrote:
Tue Mar 12, 2019 12:52 pm
uberme wrote:
Tue Mar 12, 2019 12:48 pm
sco wrote:
Fri Mar 08, 2019 10:58 pm
crg11 wrote:
Fri Mar 08, 2019 8:53 am
Word of warning to folks...if you're initiating a transfer to Fidelity from Optum Bank, do not select the "all funds" option when filling out the Fidelity transfer form. It caused my Optum Bank account to be closed, and I'm currently waiting to hear back from them on whether it can be reopened so I can still receive my payroll contributions :oops:
This happened to me with another custodian, best to just out in a dollar amount or go with the withdrawal route. Which is what I will do moving forward.
Could you please elaborate? Looking to open at Fidelity but need to keep old open. Want to transfer a specific $ amount into Fidelity
Then specify a specific dollar amount. This issue happens when you select ALL and is not unique to Optum Bank or to an HSA - happens when you transfer All IRA assets too.
Thanks - was just confirming you could specify a specific dollar amount. Called Fidelity HSA group and thinking the withdrawal from current, do 60 day rollover is the best option. I don't want to mail any forms, esp. with SS# on them. Doing to do rollover every 12 months anyhow in the future.

EDIT: Actually I can't do this BECAUSE HSA BANK SUCKS! $2500 daily withdrawal limit - what a scam

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