Forma can move all of your employees’ HSAs from your previous custodian to Forma in a single, bulk transfer.
To get started, your Implementation Manager will schedule a kick-off meeting with you and your previous HSA custodian to discuss timelines, communications, legal text, and contacts for the bulk transfer.
During this call, Forma will review a detailed transfer plan to track the HSA bulk transfer action items.
The exact details will depend on your current HSA custodian, but generally the bulk transfer will follow the below steps:
- Employee Elections
Employees elect to open an HSA with Forma through your benefits administration (ben-admin) system. During this process, they’ll acknowledge a set of terms and conditions provided by Forma during implementation. These must be built into your ben-admin system. - Send Elections File to Forma
Once elections are complete, you’ll send a file to Forma to create HSA accounts for all participating employees before the start of the plan year. - Employee Registration & Opt-In
Employees register their Forma accounts and will be prompted to opt in to the HSA bulk transfer. - Confirmation & Coordination
After the opt-in deadline, Forma will confirm the list of employees who opted in and send that list to the previous HSA custodian. - Employee Action Required
Employees must liquidate any invested HSA balances with their previous custodian before the transfer can occur. - Transfer Fee Payment
The previous custodian will provide an invoice and remit payment for any transfer fees via ACH or wire. - Account Hold & File Preparation
The previous custodian will place a hold (timing varies) on affected HSA accounts. During this time, they will review and prepare the necessary transfer file to send to Forma. - Transfer of Funds
The previous custodian will initiate the transfer via ACH. Funds typically arrive in employees’ new Forma HSA accounts within 2–3 business days.