Members Health

If you use E Federal Credit Union as the primary trustee of your employees’ HSAs, E Federal Credit Union can work with you to facilitate the movement of your employees’ HSAs from a previous trustee to E Federal Credit Union.

An employer generally cannot force employees to establish HSAs with any particular trustee, or unilaterally transfer employees’ HSAs to a particular trustee. An employer may, however, pick a primary trustee for their employees’ HSA program. This allows an employer wishing to establish payroll deposits to the HSAs, for example, to avoid an obligation to make arrangements with multiple trustees.

We at E Federal Credit Union are confident that your employees who have HSAs at a different trustee will want to take advantage of E Federal Credit Union’s HSA program. Therefore, we provide two easy options for your employees to move their HSAs to E Federal Credit Union.

First, however, your employees must complete our HSA application. E Federal Credit Union must have a signed, approved HSA application on file before an employee can transfer or roll over funds from a previous HSA trust institution.

1. Transfer

Employees can use our Transfer/Rollover Form to instruct a different trustee to move their HSA funds to E Federal Credit Union. Transfers usually take 4-6 weeks, depending on which financial institution is the previous trustee. An individual may transfer HSA assets in this manner an unlimited number of times.

2. Rollover

Alternatively, employees may use our Transfer/Rollover Form to make the contribution themselves. In this instance, the employee withdraws his or her HSA funds from the previous trustee and moves them to the E Federal Credit Union HSA.

Two rules apply here. First, an individual must deposit the funds with us prior to 60 days from the time the HSA funds were withdrawn from the previous trustee. Second, an individual can roll over the same funds only once every 12 months.

You may download a Transfer/Rollover Form by clicking here.