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 did not agree to the Thread bank migration but still have investments in your Forma HSA, you can liquidate them by following these steps:
- Log into your Forma account.
- A pop-up and a banner at the top of your account will prompt you to liquidate your HSA investments. Click "Get Started."
- Follow the steps to sell your investments. This process is similar to a regular sale, but you must liquidate 100% of your investments to close your portfolio.
- Enter your bank account details to receive the transferred funds once they settle.
Once your Drivewealth account balance reaches $0, your HSA account will be closed. However, you will still have access to tax documents, transaction history, and uploaded receipts.
Tax Implications of the Transfer
- Trustee-to-Trustee Transfer (Not Taxable): If you provide the account and routing details for another HSA account, the transfer is considered a trustee-to-trustee transfer and is not taxable.
- Taxable Transfer (Penalty Applies): If you provide details for any non-HSA bank account, you will incur a tax penalty, as your one annual HSA rollover was already used during the banking migration process.