Health Savings Accounts (HSA)

2024 HSA Migration FAQ

What is changing?

Benepass is excited to announce a new partnership with Pacific West Bank, Member FDIC as our new primary card-issuer for all Benepass Flex Cards, effective June 2024. 

Continue reading below for more information on what steps you'll be required to take as an account holder, as well as detailed information about the migration process.

What does this mean for me?

This update involves transitioning banks and card-issuers. This means that you can expect:

  • New HSA Cards: Benepass Visa(R) Debit Cards currently associated with your Benepass HSA will be replaced automatically
  • New account details: You will complete a consent to updated agreements to enable us to open your new HSA at Pacific West Bank, Member FDIC
  • Balance transfer: Upon receipt of your reissued card, your balance will be transferred via ACH. 

What action will I need to take?

To avoid interruption with your Benepass Health Savings Account (HSA), you will be required to provide your consent to several updated agreements that will enable us to open your new HSA at Pacific West Bank, Member FDIC, and transfer your current balance to the new account.

Accept updated disclosures

The updated disclosures will be housed directly in the Benepass platform. To accept the new HSA consents, you can:

  1. Log into the mobile app; or
  2. Log in at https://app.getbenepass.com/
  3. Navigate to your HSA workspace

Starting July 8th, the HSA request will pop-up at each log in until accepted. 

Due date

The due date for accepting the updated HSA disclosures is Thursday, August 1st, 2024. Failure to accept the HSA disclosures will result in the closure of your HSA and cancellation of the associated debit cards, resulting in any remaining balance being remitted to your address on file via check.

What can I expect?

The transfer process has been designed and intentionally phased to ensure a seamless experience for account holders.

Cards

Physical cards: Once you've accepted the updated disclosures, you will be mailed a replacement card for any previously issued physical cards. The card will arrive inactive and can be activated anytime after Monday, August 5th 2024.

Activating your physical card will initiate the funds transfer between your previous account and your newly opened account at Pacific West Bank, Member FDIC.

Following activation, your funds will be in transit for up to 48 hours. During this time, card spending will not be available. 

Cards for dependents/spouses: Any physical cards that were previously issued to a spouse or dependent on your account will also be reissued and mailed to you automatically. Due to requirements of our new banking partner, these cards will be reissued in the account holder's name only.

Virtual cards: For account holders who have only been issued virtual cards, you will be issued a replacement card automatically in early August. At the time of issuance, your funds will be transferred to your new account. Your funds will be in transit for up to 48 hours and during this time, card spending will not be available. You will be notified of your upcoming transfer and card issuance date in advance via email.

Billing details: All newly issued cards will have new card numbers and details. If your previous HSA card was on file with any vendors, such as pharmacies or doctors, please make sure you notify them of the new billing details as soon as they are available.

Spending

Throughout the migration process, you can continue to access your balance in the following ways:

  • Expense submission and reimbursements will continue without interruption 
  • Virtual cards will be reissued automatically to all account holders in early August
  • Physical cards will be reissued in advance to all existing holders following the acceptance of updated consents, and are anticipated to arrive on or around August 5th.

If your card details are on file with any merchants, or saved to a mobile wallet such as Apple or Google Pay, please ensure your old card details have been removed and replaced with your new card.

HSA Balance

Once you've accepted the updated disclosures, Benepass will create a new account on your behalf at Pacific West Bank, Member FDIC. To transfer your available balance, either you or Benepass will initiate an ACH payment to your new account.

  • For physical cardholders, the activation of your replacement physical card will act as the initiation of your balance transfer. You may choose any date between August 5th and August 14th to activate your card and initiate the transfer. If you do not activate your physical card before August 14th, Benepass will transfer your HSA balance for you automatically on August 14th. Please note that once the transfer is initiated, your balance will be in transit and unavailable for direct card spending for up to 48 hours.
  • For virtual cardholders, your balance will be transferred by Benepass in early August. You will be notified via email of your transfer date in advance so that you may plan accordingly any spending. Please note that once the transfer is initiated, your balance will be in transit and unavailable for direct card spending for up to 48 hours.

While card spending will be temporarily interrupted during the transfer, your balance will remain available to you to access via reimbursement. You will see no change to your balance on the Benepass app during the transfer.

Once funds have arrived to your new account, the transfer is complete and you can continue to use your HSA with your newly issued cards exactly as before.

myHSA Investments

From August 1st to August 30th, transfers between Benepass and myHSA Investments will be paused due to the ongoing migration.

If you anticipate that you will need access to spend any funds that are currently invested during the month of August, please ensure that you have liquidated those investments before August 1, 2024.

Following the creation of your new HSA with Pacific West Bank, Benepass will work with myHSA Investments to automatically update your account with your new bank information. No action will be required from you. 

Transfers

Starting July 10th, Benepass will hold all incoming or outgoing HSA transfer requests until the migration has been completed.

For any account holders wishing to transfer their HSA to a new custodian, or transfer a previous balance to Benepass, the process may be initiated in early to mid August, following the creation of your new account at Pacific West Bank.

Notifications

Benepass will contact you regularly during this process with reminders, updates, and other required notices.

Reminders

You will receive periodic reminders for incomplete disclosures leading up to the due date. 

Updates

You will receive notifications informing you about the ordering and reissuing of any virtual and physical cards on your account as those actions occur. If Benepass will be migrating your account on your behalf, you will be notified of that transfer date in advance. 

Account Closure Notice

All account holders will receive an account closure notice on July 30th, 2024. This is a required notice that we must send to all account holders in advance of an upcoming account closure.

If you have completed the updated disclosures, this email is simply to give you notice that your account with Blue Ridge Bank will be closed on August 30th. Your account will be transferred in advance of this date and no additional action is required of you.

If you have not completed the updated disclosures, this email notifies you that your account will be closed on August 30th, and any remaining balance will be remitted to the address on file via check.

Important Dates

July 8, 2024: Review and accept updated disclosures directly in the Benepass app

July 30, 2024: All account holders will be notified of upcoming account closure at Blue Ridge Bank

August 1, 2024: Final day to accept updated disclosure agreements

August 1, 2024: Final day to withdraw funds from myHSA until September

August 5-14, 2024: Transfer window. During this time, you may choose to initiate your transfer by activating your physical card, or you may be informed by Benepass that your balance will be transferred

August 14, 2024: Automatic transfer date for all employees who have not yet initiated their transfer

August 30, 2024: All account at Blue Ridge Bank are closed. Any accounts with a remaining available balance will have their funds remitted to the address on file via check

 

 

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