Up until now, our HSA (HSA Bank) only offered to invest HSA funds through a third party; charles schwab.

Now HSA bank has its own in house investments, so I want to move my charles schwab HSA balance over to HSABank, so I can have it all in one log in. It's currently invested in FSELX, and I want it to transfer like that (not cash it out and transfer as cash). My balance at HSA bank is invested in a handful of stocks.

Anyone know if this is how it will do it? This is the form.. it reads like it's going to send a check.
https://hsabank.bynder.com/m/577a21e2549ddb78/original/HSA-Direct-Transfer-Request-Form.pdf

I just did this a couple week ago to transfer my HSA from Inspira to BoA.

Based on how my transfer worked, your current HSA (Schwab) will sell your holdings and mail a paper check to HSA Bank. (Mine's been in the mail for about a week now.)

You'll likely get charged a $25-50 fee and they will close your old HSA.

I am in the same boat, but I'm leaving my Schwabb account alone. It's all in an S&P indexed fund, and I have no intention of touching it for a couple of decades. No point in moving it because I can see the balance from the HSA Bank side.

I've recently been through a similar ordeal …and I would highly recommend to get as far away from HSA Bank as possible.

My wife has HSA Bank. Horrible company.
Due to a miscalculation, we over contributed last year and they would not take the money out. I could not call and talk to them, they just had a stupid chatbot which was useless.

infinity ag said:

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My wife has HSA Bank. Horrible company.
Due to a miscalculation, we over contributed last year and they would not take the money out. I could not call and talk to them, they just had a stupid chatbot which was useless.

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yeh their customer service is non existent.

MAS444 said:

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I've recently been through a similar ordeal …and I would highly recommend to get as far away from HSA Bank as possible.

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I would agree with this and I don't know who HSA Bank is. I just know that dealing with non-majors like this is a nightmare after being forced to deal with Optum via two different employers.

If I were OP, I would do the reverse and open HSA at Schwab and use them instead.

It's worse than non existent. It exists - but it's totally incompetent.

YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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My personal HSA is with Fidelity. However work HSAs may be with different providers so that is how my wife's is with HSAbank

MAS444 said:

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It's worse than non existent. It exists - but it's totally incompetent.

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Like offshored to some foreign country and they are sleeping on the job and their US bosses don't care

YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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my wife's employer gives her $100 a month and it's at hsa bank.
Can I just auto transfer that monthly to fidelity and invest there?
I have everything else at fidelity.

62strat said:

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YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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my wife's employer gives her $100 a month and it's at hsa bank.
Can I just auto transfer that monthly to fidelity and invest there?
I have everything else at fidelity.

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You should be able to, yes. Check with HSA Bank and make sure they allow it or even do digital transfer of funds. Some still don't / won't do the latter.

Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

Kenneth_2003 said:

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Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

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Recently discussed this on another thread and the rec is to go with Schwab. Get rid of Optum if you can. They are one of the worst of the worst in the HSA space. I despise them.

YouBet said:

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Kenneth_2003 said:

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Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

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Recently discussed this on another thread and the rec is to go with Schwab. Get rid of Optum if you can. They are one of the worst of the worst in the HSA space. I despise them.

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Can't get rid of Optum. That's who my employer has set as the primary administrator through Insperity.

Kenneth_2003 said:

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Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

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I have an HSA through Optum and I have just $374 in it, so it is just sitting there. Once I use it up, I will close the account

Edit: Looks like that will never happen.

Quote:

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You're $1,725.76 away from being able to invest with your HSA.*

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infinity ag said:

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Kenneth_2003 said:

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Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

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I have an HSA through Optum and I have just $374 in it, so it is just sitting there. Once I use it up, I will close the account

Edit: Looks like that will never happen.

Quote:

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You're $1,725.76 away from being able to invest with your HSA.*

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hsa bank is $1k min. I guess that's standard to have a min.

Kenneth_2003 said:

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YouBet said:

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Kenneth_2003 said:

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Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

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Recently discussed this on another thread and the rec is to go with Schwab. Get rid of Optum if you can. They are one of the worst of the worst in the HSA space. I despise them.

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Can't get rid of Optum. That's who my employer has set as the primary administrator through Insperity.

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Sorry. That sucks because they suck.

infinity ag said:

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Kenneth_2003 said:

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Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

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I have an HSA through Optum and I have just $374 in it, so it is just sitting there. Once I use it up, I will close the account

Edit: Looks like that will never happen.

Quote:

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You're $1,725.76 away from being able to invest with your HSA.*

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Why not claim some medical expenses or do some HSA eligible shopping to drain the account?

Optum is AWFUL. I had a question that no one could answer after just 6 transfers of my phone call. The service is terrible.

I have Lively. There's no minimum cash balance before you can invest but there is a $24 annual fee if you don't have $3,000. They use Charles Schwab. There is another option to avoid the $24 fee if you go with someone besides Schwab but over there it's a 0.5% annual fee.

I like Lively's platform because you can upload receipts in case your friends at the IRS ever come around.

62strat said:

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Up until now, our HSA (HSA Bank) only offered to invest HSA funds through a third party; charles schwab.

Now HSA bank has its own in house investments, so I want to move my charles schwab HSA balance over to HSABank, so I can have it all in one log in. It's currently invested in FSELX, and I want it to transfer like that (not cash it out and transfer as cash). My balance at HSA bank is invested in a handful of stocks.

Anyone know if this is how it will do it? This is the form.. it reads like it's going to send a check.
https://hsabank.bynder.com/m/577a21e2549ddb78/original/HSA-Direct-Transfer-Request-Form.pdf

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I've done this. It is extremely painful. You technically have two bank accounts. The HSA and the HSA investment account. When you do investing. Your HSA has to have a minimum 1000 in it. It can transfer anything over 1K into an investment account. And then from the investment account you can buy whatever they offer as investments. All of that has to be unwinded. Stocks cannot transfer only cash.

So it will trigger a stock sale and then take them 3-5 days to settle as cash in your HSA investment account
Then you can transfer it to your HSA account and that will take 3-5 days.
And then once your total cash balance is settled they can start the transfer process will be them writing a check to your new bank
And then once the money is in your new HSA, you can move everything but a 1000 dollars to the HSA investment account. And then once thats settled you can buy investments

I did this process and I was on the ball checking it, driving it, sending emails everyday, and it took over a month.

I don't know why you want to move away from schwab anyway. HSABank will not give you better access to the market than Schwab. I really enjoy having access to the full market for my HSA investments. It just sucks that it took forever to work.

one MEEN Ag said:

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62strat said:

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Up until now, our HSA (HSA Bank) only offered to invest HSA funds through a third party; charles schwab.

Now HSA bank has its own in house investments, so I want to move my charles schwab HSA balance over to HSABank, so I can have it all in one log in. It's currently invested in FSELX, and I want it to transfer like that (not cash it out and transfer as cash). My balance at HSA bank is invested in a handful of stocks.

Anyone know if this is how it will do it? This is the form.. it reads like it's going to send a check.
https://hsabank.bynder.com/m/577a21e2549ddb78/original/HSA-Direct-Transfer-Request-Form.pdf

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I don't know why you want to move away from schwab anyway. HSABank will not give you better access to the market than Schwab. I really enjoy having access to the full market for my HSA investments. It just sucks that it took forever to work.

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honestly it was just to not have another random account I have to keep track of. But sounds like I'm better off just keeping it.. Or maybe I'll just withdraw it with medical receipts and close it. I'm no longer contributing to it, so it's not gonna do that much since it's all of $2500 or so.

YouBet said:

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Kenneth_2003 said:

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Piggybacking...
Anyone here have HSA through Optum with the investment option via Betterment?

It looks like Optum has opened a Schwab option and I currently have other Schwab accounts, so I'd be interested in making that move. Betterment is absolute trash.

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Recently discussed this on another thread and the rec is to go with Schwab. Get rid of Optum if you can. They are one of the worst of the worst in the HSA space. I despise them.

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I second that.

Optum is trash. Trying to go through the process of moving from Optum to Schwab, which is why i clicked on this thread.

I will say this though, the absolute worst tech support i've ever spoken to is Avalara. (tax company). Once you talk to their support, you will being to appreciate HSA Bank.

YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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Thanks,
I used this advice and it was extremely simple.
My wfie and I had Optum Bank HSAs.
Fidelity was awesome.
Schwab did not have such a facility.

Step1: Sell all investments in Optum account and go to ALL cash (MUCH simpler to transfer).
Step2: Go to https://digital.fidelity.com/prgw/digital/easy/MmToaGuidedHelp/StartPage and start your transfer
When you search for the financial institutions to transfer from Optum will show as a choice.
Select it. And then Choose HSA as the type of account.
You will need the Optum account number, and optionally a statement. Optum's statement suck, and i didn't have one that showed it was all cash (because they only give you 1 month end statement and nothing in real time). But i attached one anyway.

Thats it. Fidelity does everything else.

No.More.Optum!!

deddog said:

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YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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Thanks,
I used this advice and it was extremely simple.
My wfie and I had Optum Bank HSAs.
Fidelity was awesome.
Schwab did not have such a facility.

Step1: Sell all investments in Optum account and go to ALL cash (MUCH simpler to transfer).
Step2: Go to https://digital.fidelity.com/prgw/digital/easy/MmToaGuidedHelp/StartPage and start your transfer
When you search for the financial institutions to transfer from Optum will show as a choice.
Select it. And then Choose HSA as the type of account.
You will need the Optum account number, and optionally a statement. Optum's statement suck, and i didn't have one that showed it was all cash (because they only give you 1 month end statement and nothing in real time). But i attached one anyway.

Thats it. Fidelity does everything else.

No.More.Optum!!

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Optum is what I have through my employer and I am still contributing. Could I open a Fidelity HSA and move most of my current Optum money over and then move everything over yearly until I retire?

Yes.

Open the HSA with fidelity and click to start a transfer from the fidelity webpage. You can then upload a statement from your Optum account and they can get all the information they need to pull the funds over. They will call them and handle the transfer. You might want to leave a few hundred with Optum so they don't close the account. Then you can just do new transfers every few months as your Optum account fills back up from payroll deductions.

permabull said:

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Yes.

Open the HSA with fidelity and click to start a transfer from the fidelity webpage. You can then upload a statement from your Optum account and they can get all the information they need to pull the funds over. They will call them and handle the transfer. You might want to leave a few hundred with Optum so they don't close the account. Then you can just do new transfers every few months as your Optum account fills back up from payroll deductions.

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I think Optum has a minimum amount that you have to leave in cash, at all times, so you might want to check that. I didn't have an issue, because i was closing that account.

Claude.ai might be able to help you with that.

YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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I am in the process of moving my HSA from optum to fidelity. Trying to avoid selling equities invested thru optum / Charles Schwab in order to transfer to fidelity . It's painful

Leander - Ag said:

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YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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I am in the process of moving my HSA from optum to fidelity. Trying to avoid selling equities invested thru optum / Charles Schwab in order to transfer to fidelity . It's painful

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I also have an Optum HSA I'd like to transfer out. However, I don't share the concern on selling existing equities first. It's not a taxable event, so no issues with capital gains or income tax, and you'll likely need to select new investments no matter where you move the HSA. So what's the concern with liquidating positions?

I bleed maroon said:

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Leander - Ag said:

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YouBet said:

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Better yet open an HSA at Fidelity and enjoy a hassle free HSA.

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I am in the process of moving my HSA from optum to fidelity. Trying to avoid selling equities invested thru optum / Charles Schwab in order to transfer to fidelity . It's painful

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I also have an Optum HSA I'd like to transfer out. However, I don't share the concern on selling existing equities first. It's not a taxable event, so no issues with capital gains or income tax, and you'll likely need to select new investments no matter where you move the HSA. So what's the concern with liquidating positions?

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The concern is your money being out of the market and missing out on a gain. Likely not a huge deal for HSA but I know someone who lost about $50k of potential gains because he had to sell everything in his 401k to roll it out to an IRA. It could obviously cut the other direction if you sit out of a correction.