Anyone have an HSA that allows buying of individual stocks?

[Mulligan]

I just found out my HSA (Bancorp) is being bought out by Healthequity and they do not have a linked brokerage account set up. Does anyone here have an HSA that has stock buying and selling privileges through it (not just mutual funds)? I have 3 weeks to figure this out or it gets transferred to them which I do not want. Thanks!


Sent from my iPad using Tapatalk

[MichaelB]

HSA Bank uses TD Americatrade for investment options. http://www.hsabank.com/hsabank/members/hsa-investments

[Mulligan]

Quote:

Originally Posted by MichaelB HSA Bank uses TD Americatrade for investment options. http://www.hsabank.com/hsabank/members/hsa-investments

Thanks Michael. Not many that do. I found 3 others but never even heard of them. I have heard of this outfit before and do remember now people being positive about them. Fees look very reasonable to. Now I just have to call them and figure out if I have enough time to do a direct transfer or pull it out and send it myself. I only have 3 weeks so it will be a tight window.


Sent from my iPad using Tapatalk

[Cobra9777]

Go to hsasearch.com. Click on the 'advanced search' option. Next to investments offered, check 'self-directed brokerage'. Click search. You should get 9 results. It would appear that HSA Bank and Select Account are both popular choices. HSA Bank uses TD Ameritrade, while Select Account uses Schwab.

[MichaelB]

Cobra9777, nice link, thanks.

Mulligan, you have a third choice, which is to do a rollover. HSA Transfer – HSA Rollover – Transfer Funds into an HSA - HSA Bank I use HSA Bank (not a recommendation) and have done yearly transfers and one rollover, all went quickly and smoothly.

Whatever custodian you choose, I would suggest you make sure it be a bank, or a bank subsidiary, and not just a standalone HSA service provider. The regulation of the bank is much more rigorous.

[Mulligan]

Quote:

Originally Posted by Cobra9777 Go to hsasearch.com. Click on the 'advanced search' option. Next to investments offered, check 'self-directed brokerage'. Click search. You should get 9 results. It would appear that HSA Bank and Select Account are both popular choices. HSA Bank uses TD Ameritrade, while Select Account uses Schwab.

Thanks Cobra. I had stumbled unto Select Account on a search but missed HSA Bank. Select looked good but I never even heard of the outfit. Didn't want my money going to Nigeria in my haste to transfer.
This Bancorp outfit are tools slamming me on short notice. And then transferring to another outfit which doesn't offer brokerage, so its a forced liquidation. At least the timing was good as I was still in some cash, but still had 3 issues to sell. One I just bought 100 shares this Monday. Luckily some nitwit had an overbid on a bid price so I sold them to him and will come out a few bucks ahead anyways. Still it irks me.


Sent from my iPad using Tapatalk

[Mulligan]

Quote:

Originally Posted by MichaelB Cobra9777, nice link, thanks. Mulligan, you have a third choice, which is to do a rollover. HSA Transfer – HSA Rollover – Transfer Funds into an HSA - HSA Bank I use HSA Bank (not a recommendation) and have done yearly transfers and one rollover, all went quickly and smoothly. Whatever custodian you choose, I would suggest you make sure it be a bank, or a bank subsidiary, and not just a standalone HSA service provider. The regulation of the bank is much more rigorous.

Im going with your call, Michael. If I remembered correctly you got screwed over on an HSA several years ago, so I assumed your vetting on this one was probably pretty thorough.
I just called and they said they should be able to do the transfer within the time period through that link you just sent. Its funny how I can remember things like your HSA problem, but cant remember what I was supposed to do 10 minutes ago...


Sent from my iPad using Tapatalk

[REWahoo]

I've been with what is now HSA Bank for eight years and haven't had any issues with them.

[Coolius]

Happy to see that you got good information and solutions from the forum members.

The rollover is the best option by far. saves you the hassle of doing paperwork, selling shares at possible loss, and time spent on forms and the phone.

Hope things go smoothly for you.

[MichaelB]

Quote:

Originally Posted by Mulligan Im going with your call, Michael. If I remembered correctly you got screwed over on an HSA several years ago, so I assumed your vetting on this one was probably pretty thorough. I just called and they said they should be able to do the transfer within the time period through that link you just sent. Its funny how I can remember things like your HSA problem, but cant remember what I was supposed to do 10 minutes ago...

Ah, yes. I had Shawnee HSA, a service company, which used Canopy Financial, a non-bank custodian. The Canopy execs are all either in prison or dead, for using the HSA funds as their personal spending accounts. The Shawnee team set up shop under a different name and are out giving others the same cut-rate second class lousy service as before.

There are just a few banks that offer HSA accounts directly. Most, like Wells Fargo, use a subsidiary. Not sure why. HSA bank is a subsidiary of Webster Bank.

As for your memory, don't give it a second thought. Even if you do it won't matter much, you'll never remember.

[Senator]

Quote:

Originally Posted by MichaelB Whatever custodian you choose, I would suggest you make sure it be a bank, or a bank subsidiary, and not just a standalone HSA service provider. The regulation of the bank is much more rigorous.

Great point. I knew Jeremy Blackburn personally from the article below. I never could figure out how the guy had so much money at an early age. I once received $200 for ~45 minutes of work I did for the guy. I mowed the guys 1/4 acre lot and got paid $200.

Canopy Financial was a financial technology vendor in the health savings account area.

Quote:

Two co-founders of Canopy Financial, Inc., a bankrupt health care transaction software company based here, have been sentenced to 15 and 13 years in prison for defrauding investors and clients of more than $93 million.

https://www.fbi.gov/chicago/press-re...-600-customers

[Mulligan]

Quote:

Originally Posted by Senator Great point. I knew Jeremy Blackburn personally from the article below. I never could figure out how the guy had so much money at an early age. I once received $200 for ~45 minutes of work I did for the guy. I mowed the guys 1/4 acre lot and got paid $200. Canopy Financial was a financial technology vendor in the health savings account area. https://www.fbi.gov/chicago/press-re...-600-customers

If that would have happened to me I would have personally begged the Judge to cut the prison sentence in half.....Provided I was allowed the opportunity to beat the crap out them for an hour first or until I was too tired to punch anymore.


Sent from my iPad using Tapatalk

[sengsational]

Elements Financial links to TD Ameritrade.

[Mulligan]

Geez, what a cluster getting signed up already... Started yesterday evening and 3 phone calls later, I am finally in just "pending status" for a few more days. Every organization anymore treats a PO Box address like your a drug lord running under an alias... Yes, law abiding citizens in small towns actually still own homes and have a PO Box!


Sent from my iPad using Tapatalk

[Gotadimple]

Quote:

Originally Posted by REWahoo I've been with what is now HSA Bank for eight years and haven't had any issues with them.

+1
They are a little slow to produce the monthly bank statement, but the website is easy to navigate. Customer Service is excellant.

- Rita

[Mulligan]

Quote:

Originally Posted by Gotadimple +1 They are a little slow to produce the monthly bank statement, but the website is easy to navigate. Customer Service is excellant. - Rita

What I have liked in 3 phone calls with them is they actually hire American customer service agents who speak in a language I understand.


Sent from my iPad using Tapatalk

[Texas Proud]

Quote:

Originally Posted by Mulligan Geez, what a cluster getting signed up already... Started yesterday evening and 3 phone calls later, I am finally in just "pending status" for a few more days. Every organization anymore treats a PO Box address like your a drug lord running under an alias... Yes, law abiding citizens in small towns actually still own homes and have a PO Box! Sent from my iPad using Tapatalk

My old boss lived on 200+ acres.... had a PO box...

BUT, there is a difference in your house address and your mailing address.... if you are not willing to give out your physical address, then expect to be treated like a drug lord...

[Mulligan]

Quote:

Originally Posted by Texas Proud My old boss lived on 200+ acres.... had a PO box... BUT, there is a difference in your house address and your mailing address.... if you are not willing to give out your physical address, then expect to be treated like a drug lord...

I have no problem giving out my physical address in fact giving it out usually causes the problems I get. Application asked for address so I just write the PO Box on first line physical address on second line this usually solves most problems....Application was blocked saying they do not take PO Box.... So I flipped it and put physical first then PO...It went through but no response... Called agent to inquire and she said it was blocked and denied also because the Po Box was on application... If I dont put the PO Box on application nothing will ever get sent to me. The materials would be rejected by mail and sent back. Plus then a second problem would occur as none of the info would correlate with HSA I am transferring from.
On third call was able to get an agent who could override the application and get the PO Box mailing address established.


Sent from my iPad using Tapatalk

[Mulligan]

BTW- I believe most of the PO Box issues with regulations are stemmed from 9-11 legislation. Nothing sinister with the PO Box. 15 years ago I moved to this town, renting, knowing I would buy a house. It is such a pain to transfer all addresses so I just set up a PO Box so I wouldn't have to change addresses again. Its on my daily walk trail so I pick it up on the walk. Some transactions cause huge problems so I am used it, yet others are no problem at all. Im still at the point to keep it as is and complain rather than make one out in front of my yard and change all my address.
Plus I would have to build a fancy brick one to match everybody else's as the "hood" wouldnt appreciate a box sitting on top of a post.


Sent from my iPad using Tapatalk

[Senator]

Quote:

Originally Posted by Mulligan If that would have happened to me I would have personally begged the Judge to cut the prison sentence in half.....Provided I was allowed the opportunity to beat the crap out them for an hour first or until I was too tired to punch anymore.

I wanted to sit down with him at some point over a lunch to see how someone could be so successful at such a young age. As it turned out, I could have just as well talked to a bank robber.

And not that tattoos mean anything, but this guy had two full sleeves that you could not place a dime on either of his arms and not touch a tattoo. His back was the same way. He said it was from a "different life", when he had a motorcycle shop. It was a far cry from being a 31-year old white-collar worker wearing a suit and tie. As he progressed, I wondered "how can you go from that much ink to a million-dollar lifestyle at just over 35 years old?" It was a bit of a fascination for me.

Ferrari's, Range Rovers, a Shelby, $60K+ motorcycle, $800K house in MN, home in Malibu, CA, a horse ranch, etc. And that was only the stuff I saw. His wife joked with me once that most of the neighbors probably thought that they were drug dealers.

Money was no object. I even did a dumpster dive when he was cleaning out his house, picked up about $300 worth of new tools and supplies.

It was interesting when I searched his name after his wife said that they were a bit short on money and wanted to negotiate my prices.