Benefit Wallet HSA Transfer to HSA Bank
HSA Bank will become the new administrator of your Health Savings Account (HSA) with Baylor University beginning January 1,2024. If you have an HSA balance at Benefit Wallet, you have the option to authorize HSA Bank to transfer your existing Benefit Wallet HSA to HSA Bank. Please read carefully for details and how to elect a transfer.
Benefits of Transferring your HSA to HSA Bank
- One account – Your 2024 Baylor HSA contribution and payroll deductions, if elected, will be contributed to a new account with HSA Bank. If you decide to transfer your Benefit Wallet HSA, you’ll have one website, one statement, one administrator and one account for ease of use and peace of mind. Having one account and one HSA administrator may also simplify your tax reporting.
- Avoid administrative fees– If you authorize HSA Bank to transfer your existing HSA to HSA Bank by November 24, 2023, you’ll avoid extra account fees with Benefit Wallet. If you keep your HSA with Benefit Wallet, you’ll be charged a monthly maintenance fee of $3.50 and a closing fee of $25 (if you choose to transfer your account in the future).
- Investment options – HSA Bank offers multiple ways to invest your HSA funds. A minimum balance in your HSA cash account may be required. Learn more.
Steps to Transfer your HSA to HSA Bank
Prior to November 24, 2023, follow these steps to authorize (or decline) to transfer your Benefit Wallet account to HSA Bank:
- Access the HSA Bank Transfer Site and enter access code: G58X4H.
- Enter your full name and Social Security number.
- Read the ESIGN authorization and consent information.
- Select “I accept” or “I decline.” (Remember, if you choose to keep your account with Benefit Wallet or transfer it later, you’ll assume all monthly fees. Benefit Wallet will charge you a closing fee of $25.)
If you elect to transfer your Benefit Wallet HSA to HSA Bank, there are some important dates to keep in mind:
- February 7, 2024: Last day you can use your Benefit Wallet HSA debit card for any expenses you may incur before your remaining funds are transferred to your HSA Bank account.
- February 8, 2024: Blackout period begins to allow for the transfer of funds from Benefit Wallet to HSA Bank (which means these funds will not be available until the funds are deposited in your HSA Bank HSA).
- February 20, 2024: Funds transferred from Benefit Wallet to HSA Bank. You should see your new balance reflected on or around February 23, 2024.
PLEASE NOTE: Your 2024 Baylor HSA contribution and any 2024 HSA contributions you elect to make from your pay will be funded to your HSA Bank account with your first payroll of 2024. Any 2024 HSA contributions made to your HSA Bank account will be available to you upon their funding. Your HSA Bank account is not impacted by the blackout period. The blackout period will only affect the availability of your HSA funds at Benefit Wallet if you elect for those funds to be transferred to HSA Bank for you.
If you’ve previously decided to invest your HSA funds at Benefit Wallet or plan to invest your funds with HSA Bank, please read the following IMPORTANT HSA INVESTMENT INFORMATION:
If you plan to transfer your Benefit Wallet HSA to HSA Bank, please read carefully:
If any of your HSA balance is invested in Benefit Wallet investment funds, you may liquidate your investments by February 8, 2024. If you don’t liquidate your investments by February 8, 2024, Benefit Wallet will liquidate your investments on your behalf and transfer the proceeds to your account at HSA Bank. You will not be able to invest any of the funds in your HSA while the transfer is pending, until you accept the Health Savings Account Custodial Agreement and other documents from HSA Bank.
The investment options through HSA Bank (and any applicable trading fees) may be different from those available through Benefit Wallet, and you may not be able to buy the same investments you held with Benefit Wallet.
- HSA Bank offers multiple investment options: Devenir Guided Portfolio Self-Directed Investment Program, TD Ameritrade Self-Directed Brokerage Account, or both.
- Trading fees may be applied by TD Ameritrade in the self-directed brokerage account.
- If you have a negative account balance, uncleared checks, recurring electronic funds transfers, or any repayment requests pending at the time of transfer, your transfer may not occur even if you have authorized it.
- Your HSA funds will not earn any interest while the account transfer is in process.
Note that the sale may occur at an inopportune time, and any transactions pending as of the date of the transfer will be canceled. If you have any repayment requests pending at the time your account is closed by Benefit Wallet, those repayment requests may not be processed by Benefit Wallet. Investment accounts are not FDIC insured and they are not bank guaranteed. Investment accounts are not deposit accounts, or an obligation of HSA Bank, and they may lose value. They are not guaranteed by any federal government agency.
Call 833-260-9713 to talk with an HSA Bank Client Assistance Center representative 24/7.