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Welcome aboard, mobank HSA customers! We’re delighted to have you.
Keep reading to learn more about what this transition means for you and what happens next.
Frequently Asked Questions
Sounds like a good move! What do I need to do to opt in?
Nothing. Sit back, and we’ll transition your account for you. In the meantime, you’ll receive more information about your new account.
When will my account change?
On January 1, 2017, mobank will begin the process of transitioning your current HSA to HealthSavings—a process that takes up to two weeks. During that same time, your new account will be opened here at HealthSavings so that you can log in and contribute to it, even while we’re transferring your mobank funds over.
Will there be any disruption to services?
Mobank will move funds from your mobank HSA to your new HealthSavings HSA between January 1, 2017 and January 14, 2017. During that time, you won’t be able to deposit or withdraw funds from your mobank account. You will, however, be able to contribute to your new HealthSavings HSA and withdraw from those new contributions while you’re waiting for your mobank HSA funds to transition over.
What if I need to access my mobank HSA funds during the transition period?
Depending on where the funds are in the transition process, there may be a way for us track them down, but there’s no guarantee. To find out whether your mobank HSA funds are accessible at any point during the transition, feel free to contact us:
Monday–Thursday, 8:30 a.m. – 7 p.m. ET
Friday, 8:30 a.m. – 5 p.m. ET
Tel: (888) 354-0697
Also, please keep this in mind as you prepare for any anticipated medical expenses in early January 2017.
What happens if my mobank HSA balance is below $50 on December 31, 2016?
If your balance is below $50 at the end of the year, mobank will cash out your account and mail you a check for the balance. Keep in mind that this would be considered by the Internal Revenue Service (IRS) a distribution for non-eligible medical expenses, which means the money would be subject to taxes and penalties.
Can I still make deposits into my current mobank HSA?
After December 31, 2016, your mobank HSA will no longer be accessible. Until then, you can still make deposits into your existing account like you currently do. All deposits made to your mobank HSA before the end of the year will transition over to HealthSavings.
Where can I access the custodial agreement for my new HSA?
The custodial agreement was included in a recent mailing, sent at the end of November 2016.
Will there be a minimum balance requirement on my new HSA?
Nope. Once your account has been transferred, there will not be a minimum balance requirement on your new HSA.
I’d like to transition sooner. Is that possible?
Sure! Just stop into a mobank branch or give them a call to get the ball rolling prior to January 1, 2017.
Will I get a new debit card?
Yes. During the transition period (the first two weeks of January 2017), you and any current authorized signers will receive new debit card(s) for your new account.
Will my HSA beneficiar(ies) transfer to HealthSavings?
No, but you’ll receive instructions on how to designate beneficiar(ies) as soon as your HealthSavings account is open.
When will my current debit card stop working?
Your mobank HSA debit card will no longer work as of January 1, 2017.
How long can I access my mobank HSA transaction data and statements?
You will have viewing access to your mobank HSA until January 31, 2017.
When will mobank cut off auto-contributions?
Mobank will stop accepting any contributions on December 31, 2016. Any auto-contributions after that will be returned.
How will I be able to invest my HSA funds?
Communications from HealthSavings will guide you through the process of selecting your investments. Stay tuned!
Is there an option to not transition my HSA?
Of course. Just let mobank know by the end of the year that you’d rather not automatically transition your account. Simply give them a call or stop in to let them know what you’d like them to do with your account balance. There are three options:
Just sit tight while we transition your account, and keep an eye on your mailbox and inbox for detailed instructions from HealthSavings on how to access your new account. And rest assured—you and your HSA will be in good hands.
NOTE: Our office will be closed for Good Friday on Friday, April 19. The NYSE will also be closed and trading will resume on Monday, April 22.