Join Early Retirement Today
Thread Tools Search this Thread Display Modes
HSA Transfer delays--normal?
Old 03-22-2018, 06:56 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
Join Date: Jun 2007
Posts: 10,030
HSA Transfer delays--normal?

On March 1 I started the process to transfer my HSA account from my credit union to SelectAccount. I filled out SA's application and transfer requests forms and emailed it to the address they gave.

My first indication that it was accepted was around March 10 (I can't recall exactly, but that's about right), when the money disappeared from the CU account This is always the scary time, when your money leaves one place and hasn't yet landed where you can see it. A day or two later I got a letter from SA with my account number, and that it was open as of March 1. With the account # I'm able to create an online account to access it.

OK, money should show in about 3-5 business days, right? Every day or two I check, balance is 0. Finally yesterday I lost patience and emailed customer support. No answer yet, but today I did find a "Pending Deposits" screen which shows a "submitted date" of 3/20 and an "Expected Post Date" of 3/30. At least now I can see something that shows my money is getting there, but 30 days to transfer seems really slow.

Is this typical of HSA transfers? 10 days to get it out of my old account, 10 to arrive at the new account, and 10 to get it posted? That seems ridiculous! I hope this isn't indicative of how SelectAccount is to use. I guess I have to stick with them for a year because I've seen multiple places that you can only do one transfer a year.
RunningBum is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-22-2018, 08:22 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
Join Date: Jun 2007
Posts: 10,030
I got a reply back this morning. The rep says they faxed the transfer over March 7 (why did they wait 6 days??), and have received the funds (which I did confirm myself today, apparently March 20) and are in the process of posting them to my account (why does this take 10 days??). She says they typically get a paper check, and the transfer process typically takes a minimum of 3 weeks, and often 30 days or more. There was no indication of this time in their transfer instructions.

I'll just leave this as a "be aware" if you are transferring to SelectAccount (soon to be renamed Further, btw). I wonder if other places like HSABank take the same amount of time.
RunningBum is offline   Reply With Quote
Old 03-22-2018, 10:13 AM   #3
Thinks s/he gets paid by the post
davebarnes's Avatar
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,282
Only 30 days?

I am in my 89th day of trying to move $50K in a tradIRA from Vanguard to Fidelity. That is, Fidelity is in the 89th day of asking Vanguard to release my money and send it to Fidelity. We have had three 3-way conversations and each time Vanguard says: don't see any problems.
Dave Barnes
Old (72) Fart Nerd
AA 76/22/2 (Nov2020), WR=3.8% (living on the edge), 97.23% retired, still working 1/2ish hrs/day
davebarnes is offline   Reply With Quote
Old 03-22-2018, 10:17 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
Join Date: Jun 2007
Posts: 10,030
RunningBum is offline   Reply With Quote
Old 03-22-2018, 10:18 AM   #5
Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 2,442
My experience, they must give it to a mail man who has to deliver by foot other letters to every country in the world before delivering your transfer papers.

Seriously, I've done it twice and it took a very long time. I never used a CU for HSA. I have not idea why, but it has taken a long time.
bingybear is offline   Reply With Quote
Old 03-22-2018, 10:34 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 27,408
I would not be surprised by a custodian to custodian transfer taking well over a month, if not a couple.

Contacting customer support at the new company probably does help speed things along.
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 03-22-2018, 11:17 AM   #7
Thinks s/he gets paid by the post
gauss's Avatar
Join Date: Aug 2011
Posts: 2,889
SelectAccount is slow and nontransparent. Customer support was okay though.

Overall they are very worth it for access to the Charles Scwaab brokerage account with only nominal fees if you set it up right.

I stopped doing "direct transfers" of HSAs one or two custodians ago. I just request a personal check for my balance, close the account, then deposit the funds into the new HSA ENSURING THAT IT IS CODED AS A 60 day/INDIRECT ROLLOVER. You do have to ensure that you don't do this type of rollover too often (ie more than once per/year - I think 366 satisfies the requirement, but do check on your own) or it could go really bad with the IRS.

gauss is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
More of the Same... House Equity losses cause retirement delays chinaco FIRE and Money 54 08-04-2011 11:22 PM
IRS Delays Start of Filing Season for Taxpayers With Itemized Deductions MichaelB FIRE and Money 22 12-24-2010 10:32 PM
Vanguard Brokerage Delays Gearhead Jim FIRE and Money 4 01-23-2009 07:11 AM
Passport renewal delays? TargaDave Other topics 15 04-06-2007 10:36 AM

» Quick Links

All times are GMT -6. The time now is 07:35 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.