You may want to double check your plan of making in-kind transfers to Fidelity from HSA Bank/Drivewealth. I reached out to HSA Bank last week to find out whether securities that were purchased using the new Choice option can be transferred in-kind to another HSA custodian like Fidelity as we previously could with Schwab or TD Ameritrade. The HSA Bank customer service representative told me that in-kind transfers were not allowed or supported and that the securities would need to be liquidated first.I have been suffering for years with HSA Bank because of my employers contract and been doing transfers nearly every pay period to my Fidelity HSA acct because of the $1k minimum.
It's been a real pain , because over half the transfers fail and never work. I have to repeatedly make phone calls to both parties, conference calls and re-do or re-fax the transfers.
I had already transferred TDA holdings to Fid (love them both) , never did get any money into my CS HSA acct cuz I transfer the cash before it reaches the $1k threshold!
I have since been waiting on 2 transfers for over 2 weeks never to be seen at HSA Bank. Today I used the "choice" option to buy a couple shares, seemed to work ok. I will transfer those shares to fidelity from drivewealth as soon as I can get an account number.
Cigna, HSA Bank and drivewealth partnerships are aa laughing stock.
If your proposed plan does actually work, please us know. I think that many of us would be interested in using it as an alterative to waiting for weeks for partial account transfers between HSA Bank and Fidelity to be processed and dealing with the risk of checks getting lost in the mail.
Statistics: Posted by cspitzer — Sat Aug 17, 2024 6:30 am