Effective November 30th, 2015, Bancorp Bank will be transferring HSA custodian responsibility to HealthEquity, Inc. (NASDAQ: HQY). We have recommended Bancorp Bank to a number of companies that have QHDHP with HSAs, and we use Bancorp Bank here at Hollister Insurance. Although we have been happy with Bancorp Bank I feel that HealthEquity will also be a very good partner. We have worked with HealthEquity for FSA and HRA plans in the past and they have proven to have excellent service and leading technology.
Therefore although employers and employees can choose any HSA provider we feel that most people will be comfortable with the change to HealthEquity.
Employees will have received notification and by now perhaps new cards as well. The timing for the change is as follows:
- 12/1/15 – Final day to use Bill Pay from your HSA and to use Funds Transfer within Bancorp Bank
- 12/4/15 – Final day to use your Bancorp Bank HSA Debit Card and final day to write checks from Bancorp Bank.
- 12/5/15 – Account funds will be transferred from Bancorp Bank to HealthEquity and account access within Bancorp Bank will end.
We are happy to answer any questions you have regarding this transition.
Matt Hollister, L.I.A., M.P.H.