This change only impacts select Forma members. All members impacted will be notified directly via email about account changes. If you have not been notified, then this change does not impact your account.
Below is a detailed description of the end-to-end experience an HSA member can expect during Forma’s banking migration. Please note many steps do not involve actions on behalf of the HSA member – we are providing this information for full context and reference.
If you have an active HSA account:
- You will first receive an email on October 21, 2024 announcing the bank migration changes. In the email, we’ll preview any changes to your benefit accounts, ask you to verify your address before October 24, 2024, and share how we will facilitate the migration. There will be clear guidance on the deadline for taking action and what to expect.
- On October 24, you will receive an email with a link to agree to Forma’s new banking partner Thread Bank.
- On October 25, you will receive an account closure notification that says, in 30 days, your old HSA account with Blue Ridge Bank will be closed on November 25, whether you agree to the new banking partner or not.
- The deadline to take action is November 22. Before then, you will receive weekly reminder emails if you haven’t agreed to Forma’s new partnership. There is also a guided in-app experience to help with this process.
- Up until November 24, all HSA functionalities remain the same as before. HSA members and their dependents can swipe their existing pre-tax card, get reimbursed, and buy or sell investments.
- So long as you, as an HSA member, agree to Thread Bank, you will stay invested in the funds you're already invested in.
- Throughout the migration process, you will see a central hub to track your status in the Forma platform directly.
- You and your dependents with an existing active pre-tax card will get a replacement card. New pre-tax cards will arrive approximately 3-4 weeks after you sign the agreement. You should only activate the cards on or after November 28 when Forma has transferred funds to Thread Bank.
- On November 25, all HSA bank accounts with Blue Ridge Bank will be closed, and fund transfers to Thread Bank will begin.
- There will be a short 3-day blackout period between November 25 and November 27 where you:
- Will have limited HSA access to individual contributions, buying and selling investments, withdrawing excess contributions, and initiating individual transfers.
- Will not be able to use your Forma pre-tax card since funds will be in transit from Blue Ridge Bank to Thread Bank.
- Will not be able to submit HSA claims reimbursements during the 3-day fund transfer window.
- Will experience a delay with your non-HSA claims reimbursement as funds transfer, though you will still be able to submit new non-HSA claims during this 3-day window.
- In addition, if you agree to Forma’s new banking partner close to November 22, you will have a 3-4 week pre-tax card downtime until your new pre-tax card arrives. You will still be able to continue with claims reimbursement during this period.
- On November 28, the migration will be complete. You will receive a confirmation email.
- Starting on November 28, you can review your new HSA bank account within the Forma platform. You can check that the full balance has been transferred. You can activate the new debit card and start using it. Managing investments is exactly the same as before. If you plan to make an individual contribution, you will use your updated routing number.
If you have an active HSA and do not sign the agreement by the November 22 deadline, here is what will happen:
- Your existing HSA bank account will be closed on November 25.
- You will receive a check for your remaining balance.
- To avoid any tax penalties, you should deposit this fund into a new HSA within 60 days of receiving the funds.
- You can still access Forma for HSA tax documents.
Finally, if you join after October 24 and have elected an HSA, you will automatically be onboarded to Thread Bank and will not go through the migration process.