Fidelity HSA Transfers takes 20 days?

[xlf11]

Do you mean they still transfer electronically but sell your MF before that? Or they send you a check at home address? I also have HSA with my current employer at Optum Bank and hope to get rid of it as soon as possible. It is all in cash.
I guess you wanted to initiate a transfer after the retirement, correct? Do you know if it is possible to make transfer while still employed? But the plan is to quit during the year and no company's match is expected?

I got the OB from employer as well and after retirement OB started to charge a $3/m fee. I have tried to research on what's the best way to transfer, but have not pulled trigger yet. You have to liquidate OB MF to cash before it can be transferred (no in-kind allowed, whether you do it or OB will do that for you). The best seems to open a Fido HSA then initiate transfer from there (better than getting a check to you then mail to Fido). You actually can transfer whole or part of HSA to any HSA brokers while still with the employer. The only drawback is that your employer may prefer certain HSA broker to matchup and/or direct contribution.

 

[audreyh1]

I don’t know of anyone who has been able to transfer HSA assets in kind.

 

[G-Man]

I don’t know of anyone who has been able to transfer HSA assets in kind.

I had to liquidate my HSA at HSA Bank before the transfer to Fidelity.

 

[audreyh1]

Everyone I have read about rolling over to a Fidelity HSA account was required by their former HSA custodian to liquidate first.

 

[teej1985]

The former HSA custodians tend to drag their feet in sending the assets. It's not Fidelity's fault.

 

[audreyh1]

The former HSA custodians tend to drag their feet in sending the assets. It's not Fidelity's fault.

Yes, you can clearly lay the blame at the former custodians' feet and I wasn't suggesting otherwise. I'm also sure Fidelity would accept transfer in kind if the other party were willing.

 

[ocean view]

OH Boy! This is a bit of a hot button for me.

Years ago I did a direct-transfer of an employer sponsored HSA to a 3rd party. It took months.

Never again did I do a direct transfer. I always used 60-day rollover/ aka indirect transfers where you just withdrawal the funds from the original trustee and deposit the funds with the new trustee -- being sure to have the new trustee code it as a 60-day / indirect rollover.

Note that some retirement account transfers (ie inherited IRAs) may not allow for direct transfers so proceed with caution if you have not done indirect / 60-day transfer/rollovers in the past.

Also be warned that, in general, there is a limit of home many indirect/60-day rollovers that you can do per year -- at least for IRAs.

-gauss

+1 for the 60 day rollover/indirect transfer.

I was moving mine from HSA Administrators to Fidelity. Not only does this method save time, as the disbursement was just a few business days, but I also avoided the transfer fees and account closure fees.

After I withdrew all of my cash (I had to liquidate investments) I called to close the account. The rep said that normally there was a fee to close the account, but since the balance was zero they would waive the charge.

 

[BeWealthy]

Does anyone have experience transfering a HSA from Lively to Fidelity? I like the idea of the 60-day rollover. However, I initiated a transfer early last week. I suppose it's not too late to do a withdrawal.