HR Update

HSA Transfer Webinar Recording, Deadlines, and Information

HSA Bank became the new administrator of your Health Savings Account (HSA) beginning January 1, 2024. 

If any of your HSA balance is invested in Optum Bank and you plan to transfer your HSA to HSA Bank, you must cancel any automatic sweep to investments and liquidate your investments by 11:59 p.m. ET on February 14, 2024. Failure to meet this deadline means your transfer may not occur even if you have authorized it and you may assume all monthly fees depending on your account balance. 

If you keep your HSA with Optum Bank, you’ll be charged a maintenance fee of $3.75/month (waived if average balance is $5,000 or more) and a closing fee of $20 if you close your account in the future.

Watch the Recorded HSA Transfer Webinar

Account Transfer Timeline

If you elect to transfer your Optum Bank HSA to HSA Bank, there are some important dates to keep in mind:

  • February 9, 2024: Last day to authorize transfer.
  • February 14, 2024: Last day to liquidate investments and cancel any automatic sweep to investments.
  • March 8, 2024: Last day you can use your Optum Bank HSA debit card for any expenses you may incur before your remaining funds are transferred to your HSA Bank account.
  • March 11, 2024: Blackout period begins to allow for the transfer of funds from Optum Bank to HSA Bank (which means these funds will not be available until they are deposited in your HSA Bank account).
  • March 18, 2024: Funds transferred from Optum Bank to HSA Bank. You should see your new balance reflected on or around March 22, 2024.
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