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

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

Post by danaht » Thu Feb 07, 2019 8:37 am

EquityForAll wrote:
Wed Feb 06, 2019 11:25 am
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.
It only took a week for me to to transfer from TD Ameritrade (HSA Bank) to Fidelity. Once I had all my cash moved from HSA Bank to TD Ameritrade - I initiated the full transfer via Fidelity's online form (using TD Ameritrade). TD Ameritrade did not charge me any fees to do the transfer. I have another account at TD Ameritrade - so that might be the reason why no fee was charged. It was a very easy process and all my ETFs + cash are all at Fidelity now.

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

Post by oldcomputerguy » Thu Feb 07, 2019 8:56 am

Opened a new HSA at Fidelity last night, could not have been easier.

Initially, it looked as if I would have to fill out and send in the PDF (paper) application form. However, when I googled around a bit for "open Fidelity HSA", it took me to this page. First question was, "are you already a Fidelity customer?" I have some accounts already at Fidelity, so once I logged in, the system pulled in all my existing information, which made the process much easier. Five minutes later, I had the HSA opened, my B&M checking account connected, and the initial funding transfer entered.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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

Post by afatcat » Thu Feb 07, 2019 9:26 am

Cpadave wrote:
Thu Feb 07, 2019 7:38 am
So I followed the comments here and requested a transfer from HSA Bank to Fidelity. I had 5K cash in hsa bank and small amount in TD Ameritrade in one ETF. I opened the Fidelity account. I transferred all the cash from hsa bank into TD and sold the one etf( I know that I didn't have to do that). I had to either mail or drop off the transfer forms at a Fidelity office, which I did. The total process took about 9 days. Today all the funds are at Fidelity. So far neither TD or HSA Bank has taken out any fee to close the account. I do have other account with TD, so maybe they decided not to. I checked my HSA Bank and it shows a -$3 (monthly fee below min balance) . Do I call them, email them or just ignore it to close HSA Bank for good? Thanks
I had a -$2.50 balance from the TDA fee when I called to close HSA Bank on 1/7 (I had to wait for residual dividends to get swept to Fidelity). They said they would waive the fee and close. They then sent a letter dated 1/7 that said I need to add money to the account within 30 days or they would close the account. Today, I can still log in and access the account and the -$2.50 is there. So at this point I'm just waiting/hoping that they will act on their letter.

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

Post by Cpadave » Thu Feb 07, 2019 10:11 am

Thanks. I will wait few days and give them a call too. I will ask them to close the account. I don't know if they can come after me for the fee afterward. I think they can only take the money out of hsa contributions. If this part of the process goes as smooth as the actual transfer, I be happy. I just hated the fact that I had to keep 5K cash not earning much and the accounts were split between two places.

b0B
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by b0B » Sat Feb 09, 2019 5:08 pm

Further HSA to Fidelity HSA (direct transfer) took almost two months.

I'm about to try HealthEquity HSA to Fidelity HSA. Any thoughts whether to do direct transfer, or whether rollover is better? HealthEquity is my employer HSA that contributions must go to (I lump in once per year), so I'd be transferring or rolloverring once per year.

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

Post by EquityForAll » Sun Feb 10, 2019 1:06 pm

danaht wrote:
Thu Feb 07, 2019 8:37 am
It only took a week for me to to transfer from TD Ameritrade (HSA Bank) to Fidelity. Once I had all my cash moved from HSA Bank to TD Ameritrade - I initiated the full transfer via Fidelity's online form (using TD Ameritrade). TD Ameritrade did not charge me any fees to do the transfer. I have another account at TD Ameritrade - so that might be the reason why no fee was charged. It was a very easy process and all my ETFs + cash are all at Fidelity now.
Thanks, danaht. That's good to know, I've gone ahead and initiated a transfer from TD to Fidelity. Will report back when it's completed in case it's useful to others.

GibsonES335
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by GibsonES335 » 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?

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

Post by EquityForAll » Wed Feb 20, 2019 12:50 pm

Finally completed my transfer from TD Ameritrade (Lively) to Fidelity and wanted to add another data point here for anyone considering the jump.

2/4: Opened the new Fidelity HSA account online in minutes; initiated the TDA transfer on Fidelity's site (after-hours); Fidelity's transfer tracker estimated a completion date of 2/11
2/7: Application processed by Fidelity and forwarded to TDA for review; revised completion date of 2/14
2/13: TDA called me to confirm that the transfer request was approved but I would need to re-initiate the transfer request a second time from Fidelity's side (odd but something to be aware of); called Fidelity to reprocess the request; request sent same-day to TDA; revised completion date of 2/21
2/14: Locked out of TDA online account even though TDA assured me that it wouldn't be closed—so keep that in mind if you think you'll still want access for any reason such as downloading statements, etc.—do this before you initiate your transfer
2/18: President's Day
2/20: Assets appear in Fidelity HSA; tranfer completed

So, in all, about 11 business days from start to finish and a relatively painless process though it did take longer than expected based on other Lively/TDA transfers mentioned elsewhere in this thread. Shares were transferred in-kind via the ACATS system with fractional shares liquidated to cash. No need to contact Lively unless you want to fully close your account there.

If you're opening a new HSA for the purposes of treating it as another investment account, there's no doubt that Fidelity's the way to go (especially given that they're introducing even more no-fee iShares ETFs next week). Cash transfers into the Fidelity account are instantly processed and funds are available for trading (same-day) vs. the painfully circuitous, multi-day route that Lively uses: bank account > Lively > TDA. If, however, you plan on using your HSA to actually pay medical expenses, Lively might be more useful with their tracking/document locker features. Customer service for both Lively and Fidelity are top-notch. Fidelity's HSA customer service: (800) 544-3716

EDIT: There was no account transfer/closure fee from Lively nor TDA.
Last edited by EquityForAll on Wed Feb 20, 2019 1:05 pm, edited 1 time in total.

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

Post by DrGoogle2017 » 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?

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

Post by EquityForAll » Wed Feb 20, 2019 1:03 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?
That's probably a good idea.

From my experience, Fidelity was very proactive with how they handled the transfer details. All delays were the result of TDA, in my case, and I suspect these HSA custodians are going to start dragging the process out if they're increasingly hemorrhaging clients to Fidelity.

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

Post by cookymonster » Wed Feb 20, 2019 1:03 pm

I've transferred accounts from Health Equity and Saturna. Health Equity was MUCH slower, took exactly a month. Saturna took about two weeks. I successfully got my account closing fee reduced from $75 to $35. This is because within the Pershing platform is lists the account closing fee as $35. I called and disputed this with one of the managers there before they gave in.

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

Post by strbrd » 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.

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

Post by HenryPorter » Wed Feb 20, 2019 1:48 pm

I want to do an indirect transfer of an old HSA to Fidelity. I linked a bank account last year to the old HSA and was able to do contributions to it. I imagine I can transfer money out of the HSA into the bank account. How do I send the money to Fidelity without it coding it as a 2018 or 2019 contribution? The reason I want to do an indirect transfer is that I might have to do another HSA transfer before next February if I leave my job and choose to not keep the current HSA. The old HSA is charging me $2.50 a month right now whereas the current HSA with my employer has monthly fees waived.

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

Post by ICMoney » Wed Feb 20, 2019 1:59 pm

HenryPorter wrote:
Wed Feb 20, 2019 1:48 pm
I want to do an indirect transfer of an old HSA to Fidelity. I linked a bank account last year to the old HSA and was able to do contributions to it. I imagine I can transfer money out of the HSA into the bank account. How do I send the money to Fidelity without it coding it as a 2018 or 2019 contribution? The reason I want to do an indirect transfer is that I might have to do another HSA transfer before next February if I leave my job and choose to not keep the current HSA. The old HSA is charging me $2.50 a month right now whereas the current HSA with my employer has monthly fees waived.
On the deposit form you will mail to Fidelity with your indirect rollover check, there is a 60 day rollover box to check to ensure it is coded as a rollover and not a contribution. Find my original post in this thread if you like (viewtopic.php?f=10&t=263661&p=4320581#p4320581) where I have a link to the Fidelity deposit form they requested I use with my indirect rollover check. Good luck!

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

Post by Ultralight Hiker » 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.

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