Avoid HSA Bank! It will rip you off.

[sgm55]

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!

[sgm55]

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

[SummerOnTheWay1]

📎@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  👵

[sgm55]

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]

📎@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....... ***]

---

[papawofboo]

Say what, your Truist is a lot different than ours. To avoid service charges they have a high limit amount or have at least one direct deposit a month. Here is where it gets crazy, SS check comes every 2nd Wed of month. That mean it could be as late as the 14th. The bank's statement date is somewhere between the 10-13th of month, so several times a year we are hit with service charge. Other bank we use, no service charge for people over 62-65 (?). 

The $2.50 is a very very small service charge, if his bank has changed hands he should have gotten a notice with a heading "What New" in bold letters across the top.

[SummerOnTheWay1]

📎  Papaw @papawofboo , I was a member of a Credit Union in Florida about 40 years ago and was VERY CONTENT.

Then SunTrust took them over and EVERYTHING had a price tag.  😱

Anyway, when they MERGED with BB&T, I was SO RELIEVED here in Virginia that I kept my account number.

And YES, my Retirement Social Security direct deposit replaced my paycheck. That is part of the setup, a deposit.

I got hit with a SERVICE CHARGE in 2020 when I "missed" a month when transistioning (spelling off) = NO paycheck and NO social security as yet. Lol, glad I keep an "eye" on things and called bank (SunTrust) to ask WHY?

So far this has NEVER happened again.

Thought of going back to a Credit Union in 2020, but TOO LAZY to go CHANGE everything.

@sgm55 , I would luv to hear what you decided to do = stay with bank or change. NO pressure to reply.

Take care,

Nicole  👵

---

[*** @papawofboo wrote 4/15/25:

Say what, your Truist is a lot different than ours. To avoid service charges they have a high limit amount or have at least one direct deposit a month. Here is where it gets crazy, SS check comes every 2nd Wed of month. That mean it could be as late as the 14th. The bank's statement date is somewhere between the 10-13th of month, so several times a year we are hit with service charge. Other bank we use, no service charge for people over 62-65 (?). 

The $2.50 is a very very small service charge, if his bank has changed hands he should have gotten a notice with a heading "What New" in bold letters across the top. ***]

---

[papawofboo]

Kind of funny, years ago Sun Trust took over our old bank and everything stayed the same. Then what is now Trust took them over and had a few changes, like the service charge. Our other bank is the one that has been taking over smaller banks. Few years ago they were going to merge with another bank and make a big jump up the banking ladder. Feds stepped in and said no. 

What do you think about the Truist logo? I still don't understand it.

On the bulb deal, as of today 10 or 12 above ground. That's a lot better than the high price did.💮

[GailL1]

@SummerOnTheWay1 

SunTrust, now Truist, took over a Credit Union?  Who, that has to be a 1st.  Which one was it?

Since ALL credit unions are owned by their members, this had to be a rather lengthy legal endeavor.

Credit Unions are far superior to any Bank - their interest rate paid is usually higher, their rates for specific type of loans like mortgages, HELOC  or auto loans - to their members is usually lhas a a lower rate.  They are insured the same as Banks although through a different organizational backer - the  NCUA instead of the FDIC but the insured amounts are the same.