Forma recommends beginning the individual transfer process after 1-2 payroll cycles. Before beginning the transfer process, note that some custodians charge one-time closure fees or have specific instructions for transfers.
Please make sure you have liquidated all your assets with your previous custodian before you opt-in to the transfer.
- Download the Individual Transfer Form
- Complete the entire form, including your Forma HSA account and routing numbers. These numbers can be found by logging in to the Forma member portal. Section 1 of the HSA transfer form must include your personal information (address, phone number, etc).
- Send the completed form to your previous custodian. Reach out to your HR/Benefits Team for this information if needed.
What happens next?
The previous custodian will place a hold on the employee’s HSA while they transfer the funds. During that hold, there will be no access to those HSA funds. Expected completion of the individual HSA transfer is 4-6 weeks.