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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 early September, you will start receiving the world-class service for which HealthEquity is recognized. Below is a detailed timeline of the transition:

Timeline

07/02/20 Member resignation letter sent
07/17/20 Investor liquidation notice mailed to account holders with invested funds.
08/03/20 HSA Bank custodial resignation letter mailed to any new account holders enrolled since July 2
Week of 08/17/20 Cards and welcome kits (mailed together) will be sent to accountholders allowing them to access the HealthEquity member portal
08/21/20 Last day to make contributions to the WageWorks HSAs
08/24/20 Begin making contributions to the new HealthEquity accounts
08/25/20 Last day for members to invest additional funds from their WageWorks HSA
08/26/20 Last day to use WageWorks HSA debit card or request distributions
08/27/20 Investments in WageWorks HSAs will be liquidated by HSA Bank
09/02/20 Account balances are transferred from HSA Bank to HealthEquity
09/03/20 • Funds will be available on HealthEquity HSA cards1 with balances from HSA Bank
• HealthEquity investment options available to eligible members

Impact on HSA Cash Assets

Assets held in your HSA that are not invested will be subject to a HealthEquity custodial agreement (“Custodial Agreement”), as described below under “Your new custodial agreement” and will be transferred to a custodial cash account held at an FDIC or NCUA insured depository institution where the assets will be eligible for federal deposit insurance. 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 Exhibit A (which may be updated from time to time on a schedule of fees), and HealthEquity receives other revenue as described below under “Your new custodial agreement.” The fees may differ from the fees that are currently applicable to your HSA.

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 on August 27, 2020, six days prior to the Effective Date.
  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 August 25, 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 Opt-Out Date and are also available at www.healthequity.com/hsabank/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 August 25, 2020 using either of the following options:

  1. Request a complete distribution of your HSA funds by mailing a completed HSA Bank Account Closing Form found at www.healthequity.com/hsabank/members/ OR
  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.
    • Send the transfer request to: WageWorks, 1850 West Rio Salado Pkwy Ste. 101, Tempe, AZ 85281.

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, no action is required by you with respect to your HSA funds held at HSA Bank, 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.

Have multiple HSAs?

In the event you have multiple HSAs with HSA 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.

HealthEquity Fee Schedule as of September 2020

Service Fee
Monthly HSA Admin Fee 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 $5.00 – 3 for free (waived through Dec 31, 2020).
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 December 31, 2020).
Electronic statement No fee.
Paper statement3 $1.00 per monthly statement, avoided with electronic statements (waived through December 31, 2020).

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

Your 2020 transaction history will be imported into the HealthEquity system shortly after the conversion.

Prior year transactions, tax forms, and monthly statements are subject to the HSA Bank retention policies, but they can be easily accessed from your HSA Bank account through September 1, 2020. Please consider whether you need to download these historical forms and statements for record keeping purposes.

Account mentors

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Experience our world-class customer support for yourself. Contact us:

844.373.5895


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.