UMB HSA Saver Account

Observant1

Confirmation statements for my UMB HSA Saver account have been unavailable for mutual fund purchases
made since 04/22. I first contacted UMB regarding this issue on 05/10.
I've sent or received six emails/phone calls related to this matter.
The Customer Care Manager was unable to provide an estimated resolution date when we last spoke on 06/05.
I've finally decided to send an email to the Chairman/CEO of UMB Financial Corporation
and to the President of UMB Financial Corporation.
I'm not familiar with UMB's internal applications/systems but it shouldn't take over a month to resolve this issue.

Edit/Add: The email to the Chairman/CEO and President was composed and scheduled to be sent on 06/18.
I cancelled sending this email and submitted a BBB complaint instead.
If the issue is not resolved within a reasonable time, I'll then send an email to the Chairman/CEO and President.

bee

Can't offer any solutions to your present HSA provider issues, but Fidelity offers an HSA that might be a consideration to transfer to.

Patrick1

i use fidelity hsa very happy with it

BaluBalu

@Observant1,

I have a non-Fidelity HSA and can not transfer out but based on everything I read and researched, I can vouch for Fidelity HSA.

Observant1

Thank you all for the Fidelity HSA suggestions.
Morningstar rated the Fidelity HSA as the best HSA for spending
and the best HSA for investing in 2022 and 2023.
I've read other favorable reviews as well.
I have multiple accounts with Fidelity and plan to open a Fidelity HSA in the future.
I'm currently still employed and contributing to the UMB HSA.
UMB does not allow in-kind transfers for HSAs so I've delayed transferring this account to Fidelity.
My recent experience may provide the impetus...

bee

instead of "transfer in kind", how about a cash trustee to trustee transfer?

BaluBalu

@Observant1,

I am with HealthEquity and they do not allow in kind transfers either and my State does not recognize HSA which means State taxes to liquidate and move. I may still do it if the market crashes in 2025.

But you may have leverage I do not. UMB has a relationship with Fidelity and see if you are able to use that to your advantage.

Observant1

Not sure about cash trustee to trustee transfers.
But I believe this would entail selling my mutual fund shares and going to cash.
Depending on how long the transfer takes, I'd probably be "out of the market" for several weeks.

Observant1

@BaluBalu,

It really stinks that your state does not recognize the HealthEquity HSA
and you need to pay state taxes to liquidate and move the HSA.

msf

New Jersey and California do not conform to federal law regarding HSAs. Plain and simple, they just don't recognize them. From the states' perspective these are simply taxable accounts.

https://thefinancebuff.com/california-new-jersey-hsa-tax-return.html

FWIW, I had an HSA account with The HSA Authority (acquired by UMB in 2022). It didn't take me long after Fidelity opened its HSA to retail customers to move my account there.

Observant1

Interesting!
I didn't realize that New Jersey and California laws do not conform to federal HSA provisions.
This is unfortunate for Garden State and Golden State residents with HSAs.

yogibearbull

Federal and state tax laws are different and not always in sync. HSA isn't the only area. 529s have similar issues when some federal-qualified expenses aren't state-qualified expenses.

A huge example is that SECURE 2.0 allows rollover of some excess 529 funds into Roth IRA. But such 529 withdrawals aren't qualified withdrawals for many states. Illinois 529 is just fixing this problem by making these rollovers qualified.

BTW, a search "UMB HSA Complaints" brought up some links including BBB - UMB seems to respond promptly to those.

stayCalm

One can be surprised at the technical glitches that one encounters.

In my Marcus(owned by Goldman Sachs) savings account dashboard, I had a outbound wire (which I had previously cancelled) showing a status of scheduled for more than a year after the cancel date.

Despite numerous mails and phone calls, Marcus turned out to be incapable (or didn't give a sh%t) of fixing the issue.

Observant1

@yogibearbull,

"BTW, a search 'UMB HSA Complaints' brought up some links including BBB - UMB seems to respond promptly to those."

Thanks for the tip!

BaluBalu

Anyone that transferred HSA to Fidelity,

I would like to gather your personal experience which I recognize may vary and could be different from my eventual experience:

Did Fidelity reimburse any fees charged by your HSA provider for partial or full account transfers? (Irrespective of your experience, I will ask Fidelity if they would reimburse before I submit the transfer request.)

How long did it take to complete the transfer from the time you submitted the completed forms with Fidelity? (Fidelity website says 2-5 weeks.)

https://www.fidelity.com/go/hsa/transfer

Thanks

BaluBalu

I had some issues with my Healthequity account. The first line Rep said I did not know how to use their website and I immediately asked for a supervisor. The Sup had a completely different attitude. She started by saying she is confident of solving the issues. After spending two hours and together figuring workarounds, she said “I will not blame you if you ever want to move your account to a different company” and then went on to tell me how to get around their account closing fees.

Observant1

I never received a response to my BBB complaint filed on June 17 (seven business days elapsed).
The Customer Care Manager I've previously worked with called me today to report the missing
Confirmation Statements were now available. I just confirmed this issue has finally been resolved.
It took thirty-one business days and multiple emails/phone calls to fix this problem!
Customers should not have to expend this much effort to remediate issues especially when UMB was at fault.