Any Successful HSA Transfer from Elements Financial to Fidelity

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snorkelwise
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Joined: Tue Oct 18, 2016 8:18 pm

Any Successful HSA Transfer from Elements Financial to Fidelity

Post by snorkelwise » Sun Apr 21, 2019 6:59 pm

I was wondering if anyone has made this transfer from Elements and TD Ameritrade?

I was planning on doing this in the following steps:
1) Fidelity Online:
"Transfer Assets from Another Financial Institution" ---- my TDA account (all assets)
Should be in kind brokerage to brokerage transfer, correct? Don’t have to liquidate?

2) After this has completed,
Do the same for my Elements HSA Account (the $2,500 cash left to meet the minimum balance)

My understanding is that this would represent 2 Custodian to Custodian transfers, with no limits per year?

3) I can simultaneously also mail a check from my Workplace HSA checking account (Once per 12 month Limit Rollover) with the deposit form:
https://www.fidelity.com/bin-public/060 ... t-slip.pdf

This would result in 2 trustee to trustee transfer and 1 rollover transfer, which is allowed, correct?

mhalley
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Joined: Tue Nov 20, 2007 6:02 am

Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Sun Apr 21, 2019 9:31 pm

No limits on direct rollovers according to this
https://apps.irs.gov/app/vita/content/3 ... evel=basic
I was waiting for my form 8889 to do my rollover from Elements to fidelity, have you received yours yet?
There is a long thread on the fidelity hsa. Several posts mention being unable to transfer in kind from tda, but also several seem to have done in kind transfers.
viewtopic.php?f=10&t=263661&start=350

Topic Author
snorkelwise
Posts: 4
Joined: Tue Oct 18, 2016 8:18 pm

Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by snorkelwise » Mon Apr 22, 2019 9:27 pm

I have read through that looong thread, and it seems that many people are able to transfer in kind from TD Ameritrade HSA to Fidelity. Some were not able to transfer in kind . . . . wasn't sure if there are different types of Ameritrade HSA's depending on the specific custodians given the different success rates. I didn't see any posts stating that anyone has successfully Transferred In Kind Specifically from the Elements Ameritrade HSA -> Fidelity HSA, and was hoping some insights before making the leap.

I thought form 8889 is a a form that you file on tax returns, not one that you receive?

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Mon Apr 22, 2019 9:46 pm

Sorry, couldn’t remember the exact form the hsa provider sends. I think it is actually 5498 SA.
https://www.irs.gov/pub/irs-pdf/f5498sa.pdf

Kazu
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Joined: Thu May 23, 2019 5:20 am

Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by Kazu » Thu May 23, 2019 5:24 am

Did you ever resolve this? I am in the same situation

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Thu May 23, 2019 5:37 pm

I finally got the tax form in the mail and initiated the transfers Monday (4/20). The tda account was done online, but the elements portion had to be mailed in, I will update when something happens.

Kazu
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by Kazu » Tue May 28, 2019 7:29 pm

So you were able to move assets in kind directly from TD to Fidelity without first routing the funds back through elements?

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Wed May 29, 2019 2:01 pm

I initiated 2 seperate transfers. It’s still pending on both transfers, I will update when something happens. Fidelity says it is waiting for tda at the moment.

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Mon Jun 03, 2019 7:02 pm

Progress! today I see the assets that are in the process of being transferred from TDA.

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Tue Jun 04, 2019 12:09 pm

The TDA transfer completed today, 6/04. It was started 5/21, transfererred in kind. This was all done online. The cash portion from elements is still in progress, estimate of completion 6/11. It had to be done by snail mail.

Kazu
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by Kazu » Tue Jun 04, 2019 9:35 pm

That's Great! Thanks for the updates

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Sat Jun 08, 2019 11:02 am

Hiccup in the cash transfer. Logged onto Fido today and there was a message to call as they were having problems with the cash transfer. The HSA team wasn’t in, but the Fido rep said that there was a problem at the Elements end and I needed to call Elements. Of course they are closed on the weekend so I will call Monday.

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Tue Jun 11, 2019 11:07 am

Called Elements yesterday, said they would have a supervisor call me back, of course they never did. Called back again today and they said I have to fill out their transfer form which they will email me today. Sigh. (Update, they emailed me the wrong form.)
Last edited by mhalley on Mon Jun 17, 2019 11:33 am, edited 1 time in total.

mhalley
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Re: Any Successful HSA Transfer from Elements Financial to Fidelity

Post by mhalley » Mon Jun 17, 2019 11:32 am

Another update. I have been on the phone with Elements almost every day for the last 6 days. Note that every day, they say someone will call me back, but they never do. They say they never received the paperwork from Fidelity, and they gave me a fax number to have Fidelity re send the info. I gave Fidelity the no. Thursday. Today they said they still have not received the form. I called Fidelity and they said they had re-mailed the form as the fax number didn’t work. So fidelity did a 3 way call with me and Elements today, Elements confirmed the fax number was correct, so fidelity will try the fax again. So now I am supposed to wait 5-7 business days. Wish I had spent the $25 to move the money to tda before transfer.

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