If you already have an HSA with another provider, we can totally help you move your money to First Dollar. Some of the steps may seem a little old school, we know, and we're working on ways to make it digital. Until then, follow these simple directions below!
One method is called a “rollover” which you can do whenever you want but you are limited to only one (1) rollover each year.
- Call your current HSA and tell them you'd like to do a rollover.
- Your existing HSA custodian (provider) will probably issue you a physical check. In some cases, they can also transfer funds directly to your personal checking account.
- You then deposit that check or transfer the exact funds into First Dollar as a Category Rollover within 60 days to avoid tax penalties.
Note: An easy way to deposit the rollover check into your First Dollar HSA is to use your bank app to deposit a check into your personal checking account and then deposit to your HSA from your personal checking account. Again, you will need to deposit the exact amount into your HSA to avoid tax penalties.
The other method is what is called a "trustee-to-trustee transfer." The good news is that you don’t have to deal with a physical check, but the bad news is there may be fees from your existing provider. Don’t worry, First Dollar has no fees outside of what we have listed in our pricing section. We value transparency and we value your business. To begin:
- Open a fee-less First Dollar Heath Savings Account and keep your account number on hand.
- Download our HSA Direct Transfer form and fill it out. It's just one page!
- Send the form to your existing HSA provider.
- The banks will then transfer money between each other.
Trustee-to-trustee transfers can happen an unlimited number of times per year. There is no limit on how many times you do this. If you have multiple HSAs from existing employers, consolidating to First Dollar is simple and easy.
Source: Publication 969 (2018), Health Savings Accounts and Other Tax-Favored Health Plans.