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Questions on Switching to Fidelity HSA
Old 07-13-2020, 09:41 AM   #1
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Questions on Switching to Fidelity HSA

I'm thinking about switching my HSA custodian from HSA Administrators to Fidelity since with HSA Admin, I'm not crazy about the fees and statements that still to me, don't make any sense.

I know several folks here have made the jump to Fidelity. From what I understand, moving from HSA Admin, I'd have to first cash out into a HSA Admin's cash account.

1) How long did it take to cash out? I wanted to wait until there's an uptick in the market (like now) for a few days before cashing out. I confess, doing some market timing .

2) When moved to Fidelity, I know Fidelity has some new funds (for example, Fidelity Health Savings Fund (FHLSX) for HSAs and I'd probably invest there. But I invested not another Fidelity fund (not just for the HSA) would there be additional fees? I really didn't see a mention either way on the Fidelity site I was looking at.
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Old 07-13-2020, 10:14 AM   #2
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The cash out occurred by the next day if I recall correctly, so you might be able to catch an up day if you cash out before market close.

The Fidelity HSA is a full brokerage account. You have a huge number of no fee options and very low cost fund offerings and no fee ETF and stock trades. Fidelity has a full range of very low cost index mutual funds. You also have access to funds from other companies, but some require transaction fees.
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Old 07-13-2020, 11:01 AM   #3
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Originally Posted by audreyh1 View Post
The cash out occurred by the next day if I recall correctly, so you might be able to catch an up day if you cash out before market close.

The Fidelity HSA is a full brokerage account. You have a huge number of no fee options and very low cost fund offerings and no fee ETF and stock trades. Fidelity has a full range of very low cost index mutual funds. You also have access to funds from other companies, but some require transaction fees.

Thanks for the helpful info. The wheels are in motion. I just did my cash out request. According to the HSA Admin site, transactions done by 2 pm est go in effect the same day. So, I had about an hour to spare.
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Old 07-13-2020, 02:25 PM   #4
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Well, so much for market timing.

Market was up over 500 pts earlier so had me thinking, I'm going make a killing cashing out my HSA before switching to Fidelity's HSA. Then Dow decides to take a dive and ends up only up about 10 pts.
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Old 07-13-2020, 03:00 PM   #5
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So are you having HSA Administrators send you a check?

I went through a trustee-to-trustee transfer between HSA Administrators and Fido and it was a PITA. It would have been much easier/quicker to just do a regular withdrawal for my account balance and have them send me a check and then walk into the nearby Fido office and deposit it to my HSA account and have then tag it as a rollover contribution.
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Old 07-13-2020, 04:27 PM   #6
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So are you having HSA Administrators send you a check?

I went through a trustee-to-trustee transfer between HSA Administrators and Fido and it was a PITA. It would have been much easier/quicker to just do a regular withdrawal for my account balance and have them send me a check and then walk into the nearby Fido office and deposit it to my HSA account and have then tag it as a rollover contribution.
Haven't put anything in motion yet except the cashing out.

Plan on doing a trustee-to-trustee transfer. Saw a previous thread about HSA Admin dragging their feet. That's a big reason why switching in the first place .
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Old 07-13-2020, 05:15 PM   #7
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My trustee to trustee transfer took along time - maybe a month? And in the end Fidelity contacted me to call HSA Administrators to get status. They were a pain.
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Old 07-13-2020, 06:45 PM   #8
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My trustee to trustee transfer took along time - maybe a month? And in the end Fidelity contacted me to call HSA Administrators to get status. They were a pain.
Did HSA make you jump through hoops just get got a status?

Sounds like they refused to give a status to Fidelity?

I'm not that much in a rush as waiting about a month is fine with me. But don't like dealing with those who are a pain.

Reminds me of years ago trying to work with a credit union. Wasn't long before I closed out the account and took my business elsewhere.
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Old 07-13-2020, 07:00 PM   #9
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Quote:
Originally Posted by pb4uski View Post
So are you having HSA Administrators send you a check?

I went through a trustee-to-trustee transfer between HSA Administrators and Fido and it was a PITA. It would have been much easier/quicker to just do a regular withdrawal for my account balance and have them send me a check and then walk into the nearby Fido office and deposit it to my HSA account and have then tag it as a rollover contribution.
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My trustee to trustee transfer took along time - maybe a month? And in the end Fidelity contacted me to call HSA Administrators to get status. They were a pain.
I had the same experience, so glad to be rid of those idiots.
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Old 07-13-2020, 07:40 PM   #10
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It took 6+ weeks for me.
I hate Optum Bank.
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Old 07-13-2020, 07:41 PM   #11
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I am looking at Fidelity too. Has anyone done a transfer out of HSA Bank/TDA?

I really do not want to have funds out of the market.
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Old 07-13-2020, 07:42 PM   #12
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I just did this. Switched from Optum Bank HSA to Fidelity.

Made the request and after a month with nothing showing up I contacted Fidelity. All they could tell me was to call Optum. Called Optum and was told first I had to convert everything to cash. Nobody told me that. So I immediately did that. Went back to Fidelity and created a new transfer request and the money was received by Fidelity directly from Optum within a week.
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Old 07-13-2020, 09:53 PM   #13
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Quote:
Originally Posted by easysurfer View Post
Did HSA make you jump through hoops just get got a status?

Sounds like they refused to give a status to Fidelity?

I'm not that much in a rush as waiting about a month is fine with me. But don't like dealing with those who are a pain.

Reminds me of years ago trying to work with a credit union. Wasn't long before I closed out the account and took my business elsewhere.
They were refusing to give Fidelity some of that transfer status information and requiring the customer to call in for that information.
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Old 07-14-2020, 05:33 AM   #14
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It took 6+ weeks for me.
I hate Optum Bank.
I'm getting the impression it takes a long time for all of them. I transferred from healthequity to Fido a few months ago, and it was weeks (3-4?) before the money was available at Fido.
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Old 07-14-2020, 07:52 AM   #15
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That is why I think it is easiest/best to just do a full withdrawal and have them send you a check since that can happen quickly, then deposit the check to you new Fido HSA and have them code it as a rollover contribution.
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Old 07-14-2020, 07:59 AM   #16
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This thread has a lot of answered questions and documented experiences: https://www.early-retirement.org/for...nts-94781.html
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Old 07-14-2020, 12:00 PM   #17
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Quote:
Originally Posted by pb4uski View Post
That is why I think it is easiest/best to just do a full withdrawal and have them send you a check since that can happen quickly, then deposit the check to you new Fido HSA and have them code it as a rollover contribution.
Agree as long as it is that simple. My concern was that it might not get recorded as a transfer as opposed to a withdrawal.
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Old 07-14-2020, 12:28 PM   #18
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Rollovers are reported on line 14b of Form 8889... I received a Form 5498-SA from Fidelity reporing it as a rollover.
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HSA Bank/TDA to Fidelity
Old 07-14-2020, 01:28 PM   #19
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HSA Bank/TDA to Fidelity

Quote:
Originally Posted by Montecfo View Post
I am looking at Fidelity too. Has anyone done a transfer out of HSA Bank/TDA?

I really do not want to have funds out of the market.

I did this about 18 months ago. My Fidelity guy even had his assistant fill out my paperwork and send it off to HSA and TD for me.


The transfer from TD was very quick and smooth.


The transfer from HSA Bank (a bit of uninvested cash), took weeks and multiple phone calls.


I cannot ever see me doing business with HSA Bank again. I still have multiple accounts with both TDA and Fidelity.
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Old 07-16-2020, 02:25 PM   #20
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I have our HSA accounts in Fido already, and am considering changing over my Vanguard accounts to Fidelity due to a idiotic Vanguard Flagship Representative.

I have heard about better customer service at Fidelity & they have a Office in our city. Further investments will be in Vanguard ETFs.

If any body has transferred their accounts over to Fido, wonder how their experience was ?
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