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.
If you have an existing investment account and migrate to Thread Bank, there will be no impact to your HSA investments after the migration is completed. Please note that HSA members will be unable to buy or sell investments from December 12, 2024 to January 15, 2025.
You will remain invested in the funds you had selected before the migration. And the investment lineup will be the same as you experienced before the migration.
For new members joining Forma after November 7, there will be a temporary pause on opening new HSA investment accounts. As Forma transitions to a new bank partner, these members will be unable to open an account until December 19. This pause is to ensure funds are migrated smoothly and securely during the bank transition.
For members who did not agree to the migration, but still have investments in their Forma HSA, they can liquidate these investments. They will need to add a bank account to transfer the funds to using one of the below methods:
- Following prompts across the website
- Navigating to their HSA details page and clicking into My investments > Manage investments > Withdraw as cash
In order to avoid any tax penalties, the bank account information needs to be that of another HSA account.