Current best hypothesis on the main "gotcha": Every month, while their processing of their fee is in progress, SaveDaily blocks you from redeeming more than 90% of the balance of any fund in any one day. Their fee processing seems to take between 5 and 10 business days. So that is 25% to 50% of every month that the 90% limitation is in effect due to SaveDaily processing their fee.
There are numerous other smaller "gotcha"s, so read on in this thread if you want to know more.
There are several people (including me) who are now in the process of trying to get our money out of the BenefitWallet HSA deposit account and over to Fidelity HSA. I will continue to use this thread to document my progress and any snags encountered. Hopefully other people will also document their transfer/rollover experiences. I hope we can make the whole process easier (or at least less stressful) for future people who want to leave BenefitWallet.
Update 1/14/2019: Uh oh. There is now a report that getting funds from SaveDaily to the BenefitWallet deposit account may be only the start of the pain. here's a link to where that part of the discussion starts in this thread: viewtopic.php?f=10&t=269173&p=4319183#p4319183
I'm trying to get my ducks in a row to do a trustee-to-trustee transfer of my HSA from BenefitWallet HSA to Fidelity HSA.
One step in this process is to liquidate all mutual fund investments on the investment side of the BenefitWallet HSA (outsourced by BenefitWallet to SaveDaily and accessible at a separate website), so that they are all sitting in cash in the HSA deposit account (accessible on the main BenefitWallet website) , where Fidelity can then grab the funds.
The first annoyance I encounter when trying to redeem a mutual fund at SaveDaily is this message (in size 4 font):
If I do try to enter 100% of the value of the position (no pending transactions), then it spits out an error message that says "You have entered $X, which is 100% of your available balance" and refuses to go any further.If you attempt to transfer 90% or more, but less than 100% of your available value in that position, your request will be rejected and you will be instructed to either reduce your transfer to 90% or below or to increase your transfer to 100% of the available value. Pending transactions must be considered when applying this calculation.
Has anyone figured out how to liquidate 100% of investments at SaveDaily?
(SaveDaily has no access to customer support that I can find. The deposit account side of BenefitWallet has customer support, but I suspect they'll say they know nothing about the SaveDaily side. So I'm asking you guys before I start fighting that battle.)
(And, yes, I already successfully went through a round of redeeming 89.9% of each mutual fund, to reduce the balances to minimal values before trying to play this game any further.)
(And, yes, I realize that entering, as a dollar value, 100% of a mutual fund's value at yesterday's closing NAV will almost certainly be a different number than the mutual fund actually sells at at today's closing NAV. But that is the only option SaveDaily gives me -- to enter a dollar value. No option to enter a percentage or click a "Sell All Shares" box or anything like that.)