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Contributor ⭐⭐
April 13, 2025

Avoid HSA Bank! It will rip you off.

  • April 13, 2025
  • 8 replies
  • 4316 views

This bank is highly unethical. Specifically, once your account drops below $5,000, they start charging you $2.50/mo. You'll never know that they're doing that, unless you check your account, online.

 

Think about that, before you compare their action to a "normal" bank account: You started this account long ago, when you had a high deductible, medical insurance policy. You were, rightfully so, taking a step to safeguard an amount of money that you felt would cover your medical expenses as you aged. Now, in your later years, your account is dwindling down, if you're paying off medical expenses with it. At some point, your account MUST drop below $5,000, if you're using it, and you cannot, legally, put more money into it, and take what you put in off your tax return, if you've got Medicare.  HSA Bank knows that, and just sits by waiting to start helping itself to your $30/yr. for its bogus service charge!

 

I found out about the above, yesterday, and I found a totally free HSA account provider within an hour of my doing so. My account is being rolled over. My account at HSA Bank will be closed. 

 

FWIW,  HSA Bank pulled another fast one on me, some years back. They started an interest bearing account option without letting me know. I found out about it, on my own, and converted my HSA Bank account to their interest bearing account. Oh boy, I got about .30/mo. with their great rate. LOL!

 

Avoid HSA Bank!

    8 replies

    SummerOnTheWay1
    April 13, 2025

    📎@sgm55 , are you saying this info was NOT in the paperwork they gave you when you OPENED your account?  🤔

     

    ➡️*** YOU WROTE: Specifically, once your account drops below $5,000, they start charging you $2.50/mo.

     

    Take care,

    Nicole  👵

    sgm55Author
    Contributor ⭐⭐
    April 14, 2025

    I opened an HSA Bank account about twenty years ago. The account I last had wasn't even available, at that time. I can't swear that I wasn't emailed some hundred paragraph disclosure of BS legalese, in the last few years, but I was never sent an alert that my account was now subject to a $2.50 service charge, after dropping below $5K.

     

    Banks are as unethical as most other Big Business operations. My experience is simply one of the thousands of Big Business screw jobs the public has to watch out for. 

     

    Caveat Emptor, and all that other stuff.......

     

    UPDATE:  I honestly don't appreciate folks hijacking the subject of this post, as seen below.  If you want to discuss your bank, S&L, Credit Union, etc., start your own thread.

     

    **I found a no-fee HSA, at Fidelity.  The debit card you apply for has "HSA" on it AND there is no charge to get it or use it. 

     

    To date, HSA Bank has NOT refunded the $25 they charged me to close my account, even though I've called, twice, and been told they would send me a rollover check in that amount.  Again, BANK ELSEWHERE!

    SummerOnTheWay1
    April 14, 2025

    📎@sgm55 , I am sorry this happened to you. Are there any OTHER options available to you?  🤔  Hopefully can move your money before it is all gone. Hmmm, what about a Credit Union? I bank with Truist and all I have to do is keep $5 in BOTH savings and checking. I have had this setup from when it was SunTrust. Now there are setups like the one you have. Lol, $5,000 - NOT in my lifetime even when I was NOT retired. Take care, Nicole  👵

     


    [*** @sgm55 wrote 4/13/25:

    I opened an HSA Bank account about twenty years ago. The account I last had wasn't even available, at that time. I can't swear that I wasn't emailed some hundred paragraph disclosure of BS legalese, in the last few years, but I was never sent an alert that my account was now subject to a $2.50 service charge, after dropping below $5K.

     

    Banks are as unethical as most other Big Business operations. My experience is simply one of the thousands of Big Business screw jobs the public has to watch out for. 

     

    Caveat Emptor, and all that other stuff....... ***]


    sgm55Author
    Contributor ⭐⭐
    April 14, 2025

     This forum uses software from the Dark Ages, it seems.  Horrible!