Is there a way to download the HSA Invest account from HSA Bank?

DashQuark
DashQuark Member ✭✭
edited September 15 in Download, Add/Update Accounts (Mac)

The financial institution is HSA Bank and they used to send money to another institution like Schwab so you could invest some of your HSA. I guess they realized they could make more money taking a percentage of all your HSA money so now they have HSA Invest but that account does not appear to download. Has anyone been able to get that data into quicken?

Answers

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Here is the current fidir.txt file entry for HSA Bank:

    25899 25899 25899 HSA Bank https://www.hsabank.com 1-877-851-5274 https://account.hsabank.com/#/auth/login?partner=15 ACTIVE BANKING,ACCOUNTINFO&EXP-WEB-CONNECT NOT_QBP NA

    You can see that BANKING and ACCOUNTINFO can downloaded using EWC+, but there's no INVESTMENT indication.

    Since HSA Bank has no brokerage arm they are using Devenir and Schwab. So although HSA Bank promises "a seamless experience to manage your saving, spending and investing on one website and one app", I"d say it's not up and running yet. My investment account is with Schwab (used to be Etrade) and I can download directly from Schwab. Apparently you have to select either Denveir or Schwab as the broker, so I'd go and look at their web sites to see in you can get the information from there.

  • DashQuark
    DashQuark Member ✭✭

    Thanks for the confirmation @Tom Young. I received this from HSA Bank

    The existing Devenir and Schwab programs will gradually be phased out beginning in September and ending in 2025.

    It looked like if you had uninvested money they would pull it back and start billing you for having money at HSA Bank. I am looking forward to retirement so I can move my money to a lower cost institution.

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭

    @DashQuark

    I don't think HSA Bank has done a good job, at all, in explaining how this program works or will work. So you now have a separate "HSA Invest" account?

    HSA Bank is owned by Webster Bank, a commercial bank, and as far as I can see neither of these entitles have brokerage activities. However Webster provides "Wealth Management" advice using the services of LPL Financial a registered broker dealer. Webster's web site includes this statement:

    "Webster Bank (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services."

    So if I had to guess I'd say that the actual trading account is with LPL Financial. I'd think that would have to be disclosed in the HSA Invest sign up process.

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