Welcome to HealthEquity

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 UMB Bank as part of UMB Bank’s compensation for custodial services rendered. Following the transfer of your HSA to HealthEquity, these payments between UMB Bank 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.

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 on May 13, 2021.
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 11, 2021 (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/csamhsa/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.

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, 2021 using either of the following options:

1. Request a complete distribution of your HSA funds by mailing to UMB 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 UMB, 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 844.355.0150. We are available 24/7.

In the event you have multiple HSAs with UMB Bank 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.

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.