I have been with HSA Bank for several years, and up until recently, have been satisfied with their platform. They allow transfers to TD Ameritrade, where I can purchase many Vanguard ETFs commission-free, and it was pretty straightforward to set up these transfers. When I logged in to transfer my 2015 contribution, I found the revamped website much more difficult to navigate than the previous version. I did finally figure out how to set up the transfer, but it took much longer than it should have.
Regarding their fees, as long as you keep a minimum of $5000 with them, you will not incur a monthly 'maintenance' fee. If you want to invest that amount, be prepared to cough up $27 over the course of the year for that privilege. Not unreasonable, in my opinion.
I had a question about a possible over-contribution for 2014, and I sent an email in early December. I received a response almost a month later, with an apology for the delay. I suspect that they are dealing with a larger than usual number of inquiries about the website redesign, and are totally in the weeds.
Since I only have to deal with them twice a year (once to make my contribution, and then once more to move those funds to TD Ameritrade) I will stay with them for the time being. If you anticipate interacting with their customer service department on a more frequent basis for problems with your debit card or payment issues, be forewarned you may be in for some frustrating experiences.
Problems.Took # phone calls to get card validated. Card won't go through Bank ATM. Card won't go through Drs office machine. Card won't go through anything. Problems. Customer Service acts like you have some nerve using your own money. Problems. Problems. Problems.
We could not get into our account because it kept asking us a security question that was not on the list we chose. Three times, I sent an email asking them to fix it. Three times, they sent me a response that did not answer my request, meaning they didn't even really read the request. After 9 phone calls over a week and a half, I finally got the help I needed, which was access to my account to I could pay off a medical bill for a breast biopsy. HSA CS are condescending, suspicious, minimally helpful, and not worth the time I put in to get into the account!
When I opened an acount 4 years ago through my then employers benefits package, this bank charged me to open my account, then every month they charged me a rediculous amount for a service fee...more than what an average account holder gets in interest. My current employer's benefit package offers an HSA with another bank so not wanting to maintain two accounts I decided to transfer what funds were left in the older account and close that account. This bank charged me $25 to close the account. I would never use this bank again!!!
This bank just sucks. They take forever to fund the account when yhou make a deposit, and they have more ludicrous fees than any other bank I have dealt with. They even have a "customary $25 fee" to CLOSE THE FREAKIN ACCOUNT! What a con. Oh.. and their website sucks to. Barely user friendly - very poor programming. I can't tell you how much I hate this bank.
* rip off fees
* unprofessional website
* limited customer service
* inability to unlock one's own account
how can you lock my username and not provide a way for me to unlock it other than calling a rep who works only some of the time? You cannot in this day and age, expect to provide a 24/7 online service that doesn't let people access it. Particularly if you force them to use the online only service by fees on paper statements. Fees example - $. 75 if you want a paper statement (but if you're online only you can only access your online account when their reps are working if you get locked out)
fees if you have less than $3k in your cash account, fees if you have have an investment account with them unless you have $5k in the cash account (hey isn't an hsa supposed to be about investing for your future? ), fees for using the debit card unless you sign etc etc etc etc. Avoid this company.
Impossible to get them on the phone. Tried twice and hung up after 15 minute wait both times. Every time you call you get a message saying we are experiencing longer than normal wait times. This is BS!! They do not have enough staff. Sorry I opened an account with them.
Useless, completely and people must work there because of poor choices. Forget customer service and that fact that you are the client, yes you are. Option 4....leave a message in their voicemail and they WILL call you back...........only if you have annoying music or sounds to play because they WILL NOT call you back, be assured about this.
I've been a somewhat happy HSA customer for the last 5-6 years...but they recently made some BIG changes that make our ability to use this bank a royal pain.
History: Every HSA Bank customer is issued a debit/credit card for paying for their valid medical expenses out of their HSA Bank account. It all worked very well for the past years. A few weeks ago, I received a new HSA debit/credit card in the mail. As I always do when something like that happens, I destroyed the old card and put the new card in my wallet. Next time I went to the Pharmacy to pick-up a refill (a valid HSA charge) they declined the transaction. It took 3-4 days to get through to the bank (they just can't answer the number of calls they are currently getting from upset customers) to finally find out that the new card ONLY works at a VERY LIMITED number of pharmacies in our town. All they had for me was some work arounds that are a big pain in the rear.
If you are looking for a bank for a Health Savings Account...stay away from this one until they get their act together.
I currently have an hsa at chase. Very good online interface and easy to use but they just hit me with a $3/month fee so i looked at hsa bank to save money and get a better interest rate. However when i tried to contact them i had to go through a gauntlet of "sales pitches" for medical alert systems, major retailer rebates and then they tried to con me with a collect call callback scheme! This is an unprofessional outfit that seems like they are running a scam to just nail you with charges for stuff you don't need. I will look elsewhere for a place to park my hsa funds as i don't trust these folks. Buyer beware!
If you enjoy high fees and a $25.00 closing fee this is your bank. Also be prepared to wait 3 days for transfers into your account. Try your credit union they normally are free.
They consider funds invested in a totally "different" account than the regular HSA, which by the way, is probably the lowest paying HSA in existence as far as interest, unless you have tens of thousands in your HSA, in which case you wouldn't be letting it just sit there anyway. The reason for doing so is so they can charge monthly fees. If you choose to invest, you will be charged a large monthly fee unless you have over $8,000 invested (5Kinvest account+3k cash account). This is where they completely mislead the consumer to the point of being scammers to lure customers in with their supposed low fees if you have over 3K...I can't believe this place hasn't been sued yet. Take ANY place that charges a 25 dollar fee just to close your account with a grain of salt. There is a reason why they charge that, they probably make more money off cancellation fees than anything, because their service is garbage. I will be cancelling my account and I urge others to do some research on peoples experience with them before opening an account like I did. Also the manager is intolerant and has no customer service experience. I would not give them further business if they paid me.