So I would like to dispel any mystery around this to help folks understand what is happening.index2max wrote: ↑Sun Feb 06, 2022 5:21 pm I was told by a Fidelity rep in two months ago that once per 12-month period, Fidelity is generous enough to reimburse me for the $20 transfer fee Optum Bank charges when moving money over to my Fidelity account.
This way, you can move funds over the $3000 no-monthly-fee threshold sitting in Optum Bank to Fidelity to get that invested for free
To do it twice per year, you could do the HSA rollover disguised as an HSA distribution, then tell Fidelity to code the deposit as a rollover as others have specified here.
When you have a Fidelity HSA, you initiate a HSA "transfer" from your HSA vendor of choice. Mine, in this case is Optum Bank HSA. You select the option of a CASH ONLY transfer, NOT an account transfer. You then stipulate that you are NOT doing a full cash transfer, confirm the dollar amount, and attach a statement (in this case, from Optum Bank HSA) to do the paperwork.
What happens next is where the magic of having a Fidelity HSA comes into play. Optum will then deduct the CASH TRANSFER about 5-7 work days prior to it hitting your Fidelity account. The fee for this is $0.00 in doing a CASH ONLY transfer from Optum Bank HSA to Fidelity for your HSA Brokerage.
I say this, because everyone is so panic induced by the $20 dollar fee mentioned several times throughout this thread, it should be mentioned that the fee ONLY EXISTS if you're doing a HSA Full Balance Transfer from HSA Provider A to Fidelity. Again, to do an HSA CASH ONLY transfer from Optum Bank HSA to Fidelity is FREE. Get investing!