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HSAAdministrators New Custodian
Old 08-10-2015, 04:38 PM   #1
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HSAAdministrators New Custodian

Those of you with HSA savings at HSAAdministrators, be prepared for hassles.

Because there's a new custodian, you have to re-enroll. They give everyone a temporary user name and password, and ask you to log on with these temporary values and then change them. The problem is that hackers could find the information necessary to know the name and password. IOW, it is a dumb and insecure way of handling it.

You have to go through six steps for the reenrolling, and they don't all work smoothly.

They have a contact email, but it gets bounced.

They have a contact form, but it fails when you send it.

If you call the 877 number, you can only leave a message.

The thing I liked about HSAAdministrators was that you'd call them and a live and knowledgeable person would pick up the phone.

These guys do not seem ready for prime time. I've got $35K in a Vanguard account under these guys, and I'm worried about their competence.

Is it a simple matter to switch to a new HSA company?

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Old 08-10-2015, 04:49 PM   #2
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After being the only HSA administrators I ever used, I recently left for HSA Bank. I can invest in Vanguard ETF's through TD Ameritrade.

I had a healthy balance at HSA Administrators as well and their new fee structure increased my fees by 65%. The rate they charge dropped, but they removed the cap so the fee applied to the entire account balance. Time to go......

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Old 08-10-2015, 06:17 PM   #3
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I had thoughts about leaving HSA administrators too. When setting up the account for the new custodian, at first I thought that HSA administrators finally got a functioning website. Then after opening and trying to log in again, got a security violation message asking me to call. Such hassle. That was a couple of days ago. So, I try to log in today, but get a message with something like the site not in service at this time. I've decided to just don't even get online there until after their conversion come Sept 1st. I expect then, I'll have to call again and do another password reset.
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