How to transfer HSAs to SEFCU
If you use SEFCU as the primary custodian of your employees’ HSAs, SEFCU can work with you to facilitate the movement of their HSAs from a previous custodian to SEFCU.
An employer generally cannot force employees to establish HSAs with any particular custodian, or unilaterally transfer employees’ HSAs to a particular custodian. However, an employer may pick a primary custodian for its employees’ HSA program. This allows an employer wishing to establish payroll deposits to the HSAs, for example, to avoid an obligation to make arrangements with multiple custodians.
At SEFCU we are confident that your employees who have HSAs at a different custodian will want to take advantage of SEFCU’s HSA program. So we provide two easy options for your employees to move their HSAs to SEFCU.
Employees can use our Transfer/Rollover Form to instruct a different custodian to move their HSA funds to SEFCU. Transfers usually take 4-6 weeks, depending on which financial institution is the previous custodian. An individual may transfer HSA assets in this manner an unlimited number of times.
Health Savings Account Transfer Request
Employees can use this form to move HSA assets from another financial organization to your HSA at SEFCU.
Or, employees may use our Transfer/Rollover Form to make the contribution themselves. In this case, the employee withdraws his or her HSA funds from the previous custodian and moves them to the SEFCU HSA.
Two rules apply here. First, an individual must deposit the funds with us prior to 60 days from the time the HSA funds were withdrawn from the previous custodian. Second, an individual can roll over the same funds only once every 12 months.
Employees can complete this form if they currently have a Medical Savings Account (MSA), Flexible Spending Account (FSA), or an HSA with another custodian and want to roll those funds over to your HSA at SEFCU.