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

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

Post by findthebest » Mon Apr 01, 2019 1:38 am

I've recently (i.e. today) started an HSA with HSA Bank (only option with my employer and contributions through payroll allow me to avoid FICA and get a employer match). I would like to transfer my contributions from HSA Bank to Fidelity (via trustee-to-trustee transfer ideally) as frequently as possible, without paying any fees.

People in this thread have said that this process is easier via TD Ameritrade than HSA Bank, however HSA Bank appears to have a $1000 cash minimum prior to transferring funds to the investment account (TD Ameritrade). Is this the case? Several people have stated that they transferred ALL funds to TD Ameritrade so curious if I'm missing something here.

Further, it seems that there is no fee for performing a trustee-to-trustee transfer from TD Ameritrade to Fidelity, is this also the case for HSA Bank to Fidelity? If both are free then why is TD Ameritrade preferable.

I've read through much of this thread and still haven't been able to find a definitive answer to these questions - would appreciate it if someone could help me out!

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

Post by jhfenton » Mon Apr 01, 2019 7:54 am

findthebest wrote:
Mon Apr 01, 2019 1:38 am
People in this thread have said that this process is easier via TD Ameritrade than HSA Bank, however HSA Bank appears to have a $1000 cash minimum prior to transferring funds to the investment account (TD Ameritrade). Is this the case? Several people have stated that they transferred ALL funds to TD Ameritrade so curious if I'm missing something here.

Further, it seems that there is no fee for performing a trustee-to-trustee transfer from TD Ameritrade to Fidelity, is this also the case for HSA Bank to Fidelity? If both are free then why is TD Ameritrade preferable.
I can't answer the first part of the question, because I was at Lively+TD Ameritrade, so I had no cash to worry about.

The reason why TD Ameritrade transfers go faster and usually more easily is that in-kind brokerage-to-brokerage transfers can use the well-established ACATS system. The transfer itself only takes 2-3 days, and everything can be submitted online. I never sent a single piece of paper to Fidelity, and my in-kind transfer was complete in less than two weeks from beginning to end.

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

Post by marcopolo » Mon Apr 01, 2019 8:26 am

findthebest wrote:
Mon Apr 01, 2019 1:38 am

People in this thread have said that this process is easier via TD Ameritrade than HSA Bank, however HSA Bank appears to have a $1000 cash minimum prior to transferring funds to the investment account (TD Ameritrade). Is this the case? Several people have stated that they transferred ALL funds to TD Ameritrade so curious if I'm missing something here.
Perhaps it is plan specific?
I had HSA-TDA set up. Kept $0 in HSA. When i did transfer to Fidelity, HSA was never involved in the process as far as i knew.

Set up account online at Fidelity,
Initiated transfer online at Fidelity, Uploaded TDA statement from previous month.
About a week later, in-kind transfer of whole shares showed up in Fidelity account.
A few days later a cash transfer of the fractional shares showed up in Fidelity account
I then called TDA and asked them to close my account.
Never had any contact, or fees, with HSA

The whole process was very simple in my case.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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

Post by southerndoc » Mon Apr 01, 2019 12:40 pm

Am I missing something on Fidelity's website that lists contributions? HealthEquity had a summary page that listed the contributions you've made for the year, remaining (based on family vs personal HDHP), etc. I had to go through the history page of Fidelity's website and it mixed in dividends, interest, etc.

lstone19
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by lstone19 » Mon Apr 01, 2019 2:36 pm

southerndoc wrote:
Mon Apr 01, 2019 12:40 pm
Am I missing something on Fidelity's website that lists contributions? HealthEquity had a summary page that listed the contributions you've made for the year, remaining (based on family vs personal HDHP), etc. I had to go through the history page of Fidelity's website and it mixed in dividends, interest, etc.
YTD contributions are on the monthly statement when > $0 but I'm not aware anyplace else or how much more you can contribute.

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

Post by snorkelwise » Tue Apr 02, 2019 9:46 am

Has anyone successfully made this transfer?


Elements (Eli Lilly Federal Credit Union) AND TD Ameritrade (TDA) to Fidelity



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

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?

Thanks.

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

Post by Bfwolf » Tue Apr 02, 2019 1:03 pm

findthebest wrote:
Mon Apr 01, 2019 1:38 am
I've recently (i.e. today) started an HSA with HSA Bank (only option with my employer and contributions through payroll allow me to avoid FICA and get a employer match). I would like to transfer my contributions from HSA Bank to Fidelity (via trustee-to-trustee transfer ideally) as frequently as possible, without paying any fees.
This sounds like quite a hassle for the modest amount of fees saved. Why not just use HSA Bank until you leave the company and switch once?

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

Post by findthebest » Tue Apr 02, 2019 2:13 pm

Bfwolf wrote:
Tue Apr 02, 2019 1:03 pm
findthebest wrote:
Mon Apr 01, 2019 1:38 am
I've recently (i.e. today) started an HSA with HSA Bank (only option with my employer and contributions through payroll allow me to avoid FICA and get a employer match). I would like to transfer my contributions from HSA Bank to Fidelity (via trustee-to-trustee transfer ideally) as frequently as possible, without paying any fees.
This sounds like quite a hassle for the modest amount of fees saved. Why not just use HSA Bank until you leave the company and switch once?
It's not just the fees, but the ability to invest immediately without having to wait 4 months to hit a $1000 minimum to invest

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

Post by DonIce » Wed Apr 03, 2019 12:50 pm

Successfully completed transfer from HSABank/TDAmeritrade to Fidelity. HSABank was very helpful and did not charge any closing/termination fees and will keep the account visible so I can access tax forms in the future if needed. I transferred assets in kind directly from TDAmeritrade to Fidelity and had $0 in my HSA Bank account.

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

Post by gilgamesh » Sun Apr 14, 2019 7:44 am

DonIce wrote:
Wed Apr 03, 2019 12:50 pm
Successfully completed transfer from HSABank/TDAmeritrade to Fidelity. HSABank was very helpful and did not charge any closing/termination fees and will keep the account visible so I can access tax forms in the future if needed. I transferred assets in kind directly from TDAmeritrade to Fidelity and had $0 in my HSA Bank account.
So, you open a Fidelity account
Move all funds into TD, so HSA bank account is zero
Request Fidelity to transfer in-kind from TD

When did you contact HSA bank? I’d also like to talk to HSA to make sure it’s closed. Was it chat or phone?

Thanks!

FireAway
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Is Fidelity sitting on my money?

Post by FireAway » Tue Apr 16, 2019 11:00 am

I opened a Fidelity HSA Mar 21, and mailed them a transfer of assets request the next day to transfer from my old HSA at a credit union. A week later, I saw the funds disappear from the original HSA. I never saw the funds appear in the Fidelity HSA, so I contacted Fidelity last week. They said they had received a paper check from the CU, and now were just "waiting for it to clear". As of today, still no $$ in my Fidelity HSA.

Should it really take this long to do a bank-to-bank transfer of HSA funds? It feels to me that Fidelity is just sitting on my check. All I know is that for 3 weeks now I haven't had access to my $$, nor am I earning interest on it. I'm guessing someone is, though.

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RickBoglehead
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Re: Is Fidelity sitting on my money?

Post by RickBoglehead » Tue Apr 16, 2019 11:05 am

FireAway wrote:
Tue Apr 16, 2019 11:00 am
I opened a Fidelity HSA Mar 21, and mailed them a transfer of assets request the next day to transfer from my old HSA at a credit union. A week later, I saw the funds disappear from the original HSA. I never saw the funds appear in the Fidelity HSA, so I contacted Fidelity last week. They said they had received a paper check from the CU, and now were just "waiting for it to clear". As of today, still no $$ in my Fidelity HSA.

Should it really take this long to do a bank-to-bank transfer of HSA funds? It feels to me that Fidelity is just sitting on my check. All I know is that for 3 weeks now I haven't had access to my $$, nor am I earning interest on it. I'm guessing someone is, though.
No. You got a BS answer.

My HSA from a bank transferred slow. But, once I got involved and talked to the old bank, they cut a check and mailed it on a Thursday and Fidelity credited that check on Monday.
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TaxingAccount
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Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Post by TaxingAccount » Tue Apr 16, 2019 12:01 pm

i transferred my hsa from optum to fidelity in november but now my employer just jacked up my insurance premium 50% and is now offering a $500 hsa match so basically forcing me to switch back to optum bank what bull crap is that

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

Post by jhfenton » Tue Apr 16, 2019 12:43 pm

TaxingAccount wrote:
Tue Apr 16, 2019 12:01 pm
i transferred my hsa from optum to fidelity in november but now my employer just jacked up my insurance premium 50% and is now offering a $500 hsa match so basically forcing me to switch back to optum bank what bull crap is that
They can force new salary deferrals to go to Optum Bank, but they can't make you move your existing HSA money back to Optum. I have an employer HSA at Fifth Third that receives new deferrals, but most of my HSA money is at Fidelity.

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

Post by TaxingAccount » Tue Apr 16, 2019 12:46 pm

jhfenton wrote:
Tue Apr 16, 2019 12:43 pm
TaxingAccount wrote:
Tue Apr 16, 2019 12:01 pm
i transferred my hsa from optum to fidelity in november but now my employer just jacked up my insurance premium 50% and is now offering a $500 hsa match so basically forcing me to switch back to optum bank what bull crap is that
They can force new salary deferrals to go to Optum Bank, but they can't make you move your existing HSA money back to Optum. I have an employer HSA at Fifth Third that receives new deferrals, but most of my HSA money is at Fidelity.
yeah but i need things to be neat and orderly and having more than one HSA with different companies is not neat and orderly

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

Post by jhfenton » Tue Apr 16, 2019 12:50 pm

TaxingAccount wrote:
Tue Apr 16, 2019 12:46 pm
jhfenton wrote:
Tue Apr 16, 2019 12:43 pm
TaxingAccount wrote:
Tue Apr 16, 2019 12:01 pm
i transferred my hsa from optum to fidelity in november but now my employer just jacked up my insurance premium 50% and is now offering a $500 hsa match so basically forcing me to switch back to optum bank what bull crap is that
They can force new salary deferrals to go to Optum Bank, but they can't make you move your existing HSA money back to Optum. I have an employer HSA at Fifth Third that receives new deferrals, but most of my HSA money is at Fidelity.
yeah but i need things to be neat and orderly and having more than one HSA with different companies is not neat and orderly
My wife and I already have 9 legally uncombinable "retirement" accounts: a joint taxable and his and her Roths, rollover IRAs, 401(k)s, and HSAs. (We have separate insurance and both employers contribute money.) What's one more? :beer

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

Post by danaht » Fri Apr 19, 2019 1:54 pm

oko wrote:
Mon Feb 04, 2019 12:09 pm
Previously I asked a question about transferring from Optum to Fidelity and did not get any responses. So let me answer my own question: I did a transfer using the "pull" method at Fidelity from Optum bank. Here's what I experienced:

* Transfer is painfully slow. You need to print stuff, send it to Fidelity, and then they process and send it to Optum. Optum probably sits on it for a while and then actual money is transfered to Fidelity. The total process took about 25 days.

* Optum did NOT charge $20 for this. The transaction appears as "Transfer Distribution to Fidelity Investment" at Optum.
Good news - Fidelity recently made a change so that you do not need to send anything by mail or Fax when transferring from Optum . The Optum statement can now be attached as a PDF file to the electronic request. The process is still slow - but at least it's easier to do now. Also Optum does not appear to be charging some people for partial transfers. If Optum does not charge for this - I think this is a better option than a 60 day rollover because it's one less thing to deal with during tax time.

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

Post by mdds » Fri Apr 19, 2019 7:45 pm

Any tips on making the move from Saturna to Fidelity? What is easier, transfer or 60-day indirect rollover? My HSA is currently 100% in VTSAX at Saturna. Will be invested in Fidelity's zero fund once funds are moved over.

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

Post by mdds » Mon Apr 22, 2019 9:53 am

mdds wrote:
Fri Apr 19, 2019 7:45 pm
Any tips on making the move from Saturna to Fidelity? What is easier, transfer or 60-day indirect rollover? My HSA is currently 100% in VTSAX at Saturna. Will be invested in Fidelity's zero fund once funds are moved over.
bump :happy

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

Post by jeffyscott » Mon Apr 22, 2019 10:13 am

There is a place to search this discussion up above. Entering "Saturna" there gets 54 results. :)
Time is your friend; impulse is your enemy. - John C. Bogle

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

Post by an_asker » Tue Apr 23, 2019 9:06 am

jeffyscott wrote:
Mon Apr 22, 2019 10:13 am
There is a place to search this discussion up above. Entering "Saturna" there gets 54 results. :)
Fidelity has a phone number you can call as well. That is what I did about ten days ago ... and waited for 45 minutes before a CSR came on the line :oops:

Hindsight 20/20: Maybe I should have asked here instead ;-)

Lesson for the day: it is a bad time to call any financial institution the week before tax deadline!!

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

Post by viveks » Wed Apr 24, 2019 11:07 pm

numberman wrote:
Tue Mar 19, 2019 11:15 pm
Sharing my experience with a Saturna/Pershing -> Fidelity transfer:

Brief background: I had an HSA with Saturna (not through an employer or anything; I'm self-employed), with all assets invested in VTSAX. This was several months ago; took me awhile to just get around to writing this down.

On December 11, 2018, I downloaded the Fidelity TOA form. Filled it out, printed it, signed it, scanned it, and sent it to Fidelity electronically. I specified to transfer all assets in-kind. The medallion signature thing was left blank.
Quite informative post, I am in the process of transferring from Saturna to Fidelity. How did you send your TOA request to Fidelity electronically?

Thanks

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

Post by FedGuy » Sun Apr 28, 2019 8:23 am

I transferred my HSA from Adirondack Trust--which I originally established way back when Adirondack was paying 5% interest and not charging any fees--to Fidelity this month. It took roughly three and a half weeks. I think much of that time was for Adirondack to process the paperwork. In any case, it's done now, and I have one less financial institution to deal with.

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

Post by Hector » Wed May 15, 2019 9:01 am

nalor511 wrote:
Thu Nov 15, 2018 8:32 pm
Opened one, don't see any downside, bye bye Lively (once it's been open long enough to avoid that $25 closure fee)

Those of you in CA who are striving to keep things tax free, which treasury funds do you recommend at Fidelity? I'm trying to use the screener, and it seems like iShares Treasury bond funds are the only ones that are commission free with low expense ratios, e.g. symbols IEI and IEF
How about US Treasury Bonds?

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

Post by jeffyscott » Wed May 15, 2019 9:18 am

Hector wrote:
Wed May 15, 2019 9:01 am
nalor511 wrote:
Thu Nov 15, 2018 8:32 pm
Opened one, don't see any downside, bye bye Lively (once it's been open long enough to avoid that $25 closure fee)

Those of you in CA who are striving to keep things tax free, which treasury funds do you recommend at Fidelity? I'm trying to use the screener, and it seems like iShares Treasury bond funds are the only ones that are commission free with low expense ratios, e.g. symbols IEI and IEF
How about US Treasury Bonds?
They also have short and long term treasury index funds, with 0.03% ER, much lower ER than those ETFs. Also a TIPS index at, I think, 0.05% ER.
Time is your friend; impulse is your enemy. - John C. Bogle

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