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Welcome to HealthEquity

Your HSA is now administered by HealthEquity

We are excited for the opportunity to serve you and continue building your health savings. Beginning end of May, you will start receiving the world-class service for which HealthEquity is recognized. Below is a detailed timeline of the transition:


03/20/20 Member resignation letter sent
04/21/20 BNY Mellon custodial resignation letter mailed to any new account holders enrolled since March 20
05/08/20 Last day to contribute or invest additional dollars at BNY Mellon
Week of 05/11/20 Cards and welcome kits (mailed together) will be sent to accountholders allowing them to access the HealthEquity member portal
05/14/20 Last day to use WageWorks HSA debit card
05/20/20 Investments in WageWorks HSAs will be liquidated by BNY Mellon
05/21/20 Account balances are transferred from BNY Mellon to HealthEquity
05/22/20 Funds will be available on HealthEquity HSA cards1 with balances from BNY Mellon


While HealthEquity and BNY Mellon are continuing to move forward with the timeline as originally provided to you, HealthEquity continues to monitor and review the ever-changing impact of the COVID-19 coronavirus, including the impact it is having on invested HSA dollars. We are following a process that we hope will minimize, to every extent feasible, the time that you will be out of the market, allowing you to return to investing quickly when and if you choose.

The movement of invested funds at BNY Mellon takes place over just three days beginning May 20 as follows:

  • May 20 - All investments held in your HSA will be liquidated by BNY Mellon to cash.
  • May 21 - All cash generated by the investment liquidation on Day 1 will be transferred to HealthEquity into the Schwab Retirement Government Money FundTM (the “Money Market Fund”) on the HealthEquity investment platform.
  • May 22 - If you had investments in your HSA, the Money Market Fund will display in your HSA member portal, and you may move your funds into the investment options available to you in your account.

Please note, you will continue to have full access and ability to make changes to your current invested funds on the BNY Mellon investment platform prior to May 20. The last day for you to invest additional funds through BNY Mellon is May 8. As described above, you will have access to your new HealthEquity HSA and the investment desktop to begin investing on May 22.


Why change? Why now? We hear and fully understand your concerns about moving forward with this transition amid the COVID-19 Coronavirus pandemic. This is a period of serious health risk and intense economic uncertainty.

Let us be clear: Your wellbeing is our number one priority. In fact, this public health crisis only underscores the urgency of our mission. Since day one, we’ve helped millions to connect health and wealth, empowering wellness today and financial wellbeing tomorrow.

There’s never been a time where our mission is more important. Delay at this stage only undermines the ultimate goal. The faster we execute this transition, the sooner you will be able to access the HealthEquity HSA experience.

Rely on our experience and expertise HealthEquity has been a leader in MSA and then HSA administration since 2002 and has successfully transitioned thousands of HSAs over that time. Although we’re in a period of tremendous uncertainty, you can be confident that we are prepared for your transition.

We’re here for you every step of the way.

Impact on HSA cash assets

Assets held in your HSA that are not invested will be transferred to a custodial cash account that is federally insured and will be subject to a HealthEquity custodial agreement ("Custodial Agreement"). The per account per month ("PAPM") fees that are applicable to your HSA will not change as a result of the transfer of your HSA to HealthEquity. However, your current fee schedule is being replaced with the fees set forth on the HealthEquity Fee Schedule (which may be updated from time to time on a schedule of fees) shown below under "HealthEquity fee schedule as of March 20, 2020."

HealthEquity receives other revenue as described below. The fees may differ from the fees that are currently applicable to your HSA. Among other things, the Custodial Agreement describes revenue that HealthEquity receives from HSAs. Under your current HSA arrangement, a portion of the PAPM that WageWorks charges is remitted to BNY Mellon as part of BNY Mellon’s compensation for custodial services rendered. Following the transfer of your HSA to HealthEquity, these payments between BNY Mellon and WageWorks will no longer be made. Instead, the PAPM charged on your HSA will be earned and retained entirely by HealthEquity. In addition, HealthEquity will earn compensation from cash assets held in your HSA (based on the difference between interest paid by banks where cash is deposited and the interest retained in your HSA), and HealthEquity will earn interchange fees in connection with the use of the debit card that will be issued in connection with your HealthEquity HSA. Interchange fees are paid by merchants where the debit cards are used and not by you.

Impact on HSA investment funds

Any assets in investment funds will be transferred to the Schwab Retirement Government Money Fund™ (the "Money Market Fund") on HealthEquity’s platform. This transfer will occur in two stages:

  1. All existing investments will be liquidated automatically one day prior to May 21, 2020.
  2. After the transfer to HealthEquity is completed, the proceeds will be invested in the Money Market Fund. HealthEquity will waive indefinitely its record keeping fees with respect to the Money Market Fund.

Your account will not be invested (i.e., you will not receive interest or investment earnings) during the period from liquidation until investment in the Money Market Fund. Following the transfer, you will have access to several low-cost mutual funds. In order to invest your investment funds in an investment other than the Money Market Fund, you will need to log in to your HealthEquity account, agree to HealthEquity’s investment terms and choose a different investment allocation for your investment funds.

Other than the Money Market Fund, investments on the HealthEquity platform will be subject to investment fees (expense ratios) charged by the funds, plus a monthly investment administration fee equal to 0.03% of your average daily investment balance (capped at $10.00 per month). In addition, if you choose to use the Advisor™ service offered by HealthEquity Advisors, LLC, you will be charged a monthly fee of 0.05% of your average daily advised balance (capped at $15.00 per month). Investments are subject to risk, including the possible loss of the principal invested, and are not FDIC or NCUA insured, or guaranteed by HealthEquity. Investing may not be suitable for everyone and before making any investments, review the fund’s prospectus.

If you would like to liquidate your investments on your own, in advance of the transfer, you will need to do so before May 20, 2020 (the "Opt-Out Date"). If you do not liquidate your investments on your own, you agree to be subject to the investment terms applicable to the Money Market Fund, which terms will be sent to you prior to the Liquidation Date and are also available at www.healthequity.com/bnymellon2/members/, and you agree that you understand and are willing to bear the risks associated with investing in the Money Market Fund.

Again, you will be able to transfer your investment balance to new funds at any time after the transfer is completed by logging in to your HealthEquity account, agreeing to HealthEquity’s investment terms and choosing a different investment allocation.

Move the HSA to a different custodian

If you do not want your HSA transferred to HealthEquity, you must liquidate your HSA or complete a transfer of your HSA by May 11, 2020 using either of the following options:

  1. Request a complete distribution of your HSA funds by mailing to BNY Mellon a completed account transfer form found under the ‘Learn More’ section.
  2. Provide us with a written transfer request from a new custodian or trustee to transfer your HSA:
    • The request must be submitted on the new custodian’s HSA transfer form.
    • Please send the transfer request to: WageWorks; P.O. Box 9813; Providence, RI 02940-8013.

By not choosing either of the options above, you will be electing HealthEquity as the new custodian of your HSA, and your HSA will be automatically transferred to HealthEquity. If you want HealthEquity to be your new custodian, you do not need to do anything with respect to your HSA funds held at BNY Mellon, which will be automatically transferred to HealthEquity.

After the transfer, you will continue to have the right to transfer to another HSA vendor at any time. If you have questions, you can call 844.351.6849. We are available 24/7.

Have multiple HSAs?

In the event you have multiple HSAs with BNY Mellon as the custodian, or already have an HSA with HealthEquity, your HSAs will be consolidated into one HSA at HealthEquity, and HealthEquity will rely on your most recently updated information in establishing your new HSA. For example, if you have different addresses associated with different HSAs, HealthEquity will use the most recently updated address information for your new HSA. In addition, HealthEquity will not be able to establish beneficiaries for your HSA. Please confirm that all account information in your current HSA(s) is up-to-date, and once you receive confirmation from HealthEquity that your new account has been established, please confirm that the information associated with your new HSA is correct and designate the beneficiaries for your HSA.

HealthEquity fee schedule as of March 20, 2020

Service Fee
Monthly admin fees Same as your WageWorks HSA.1
Reimbursement check $2.00 for paper check. No fee for electronic funds transfer.
Payment to provider No fee.
Electronic payment to self No fee.
Health Account Card2 Waived.
Card transaction No Fee.
Return deposited item $20.00 per item.
Stop payment request $20.00 per item.
Excess contribution correction $20.00 per request.
Account closure $25.00 (waived through May 31, 2021).
Electronic statement No fee.
Paper statement3 $1.00 per monthly statement, avoided with electronic statements (waived through May 31, 2021).

1 Your HealthEquity welcome kit will outline your specific monthly admin fees.

2 This card is issued by The Bancorp Bank, pursuant to a license from U.S.A. Inc. Your card can be used everywhere Visa debit cards are accepted for qualified expenses. This card cannot be used at ATMs and you cannot get cash back, and cannot be used at gas stations, restaurants, or other establishments not health related. See Cardholder Agreement for complete usage restrictions.

3 All members are automatically set up to receive paper statements and will be charged $1.00 per monthly statement. You can avoid this fee if you switch your account preference settings to electronic statements. To do this, log in to your Member Portal and updating your profile or call Member Services.

Account Balance & Transaction History

We expect members will be able to access the BNY Mellon site via single sign-on the WageWorks portal through at least 12/31/20

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1 The HealthEquity© Visa© Health Account Card is issued by The Bancorp Bank; member FDIC pursuant to a license from Visa U.S.A. Inc. Your card can be used everywhere Visa debit cards are accepted for qualified expenses. This card cannot be used at ATMs and you cannot get cash back, and cannot be used at gas stations, restaurants, or other establishments not health related. See Cardholder Agreement for complete usage restrictions.