August 5, 2015 by Tony Novak
A man wrote to OnlineAdviser today:
“Who does one go to when the HSA fails to distribute or transfer funds. We have been waiting months for our HSA to transfer our money to our new HSA provider. How do HSA customers hold HSAs accountable for reasonable fiduciary practices?”
I have not heard of this problem before. HSA administrators are generally banks or investment firms and HSA accounts are held to the same standards as all other accounts held by that institution. The regulatory authority for your account depends on the type and location of the custodian. For example, a bank is accountable to its state banking regulators who do receive and resolve consumer complaints of this type.
You may want to share some additional details like the name of the bank to see if I have any more information or perhaps a contact in that bank’s HSA department. But I suspect there is another problem issue here. Some additional communication with the custodian would likely uncover the whole problem and reveal the solution.
FWIW, I suggest using the HSA custodian supported by or integrated with your insurance whenever possible.