Bancorp Sells HSAs to HealthEquity Timeline and FAQ
November 24, 2015
Bancorp has made the decision to sell many of their Health Savings Account (HSA) to HealthEquity. If you have not already received your welcome packet and debit card from HealthEquity, call HealthEquity member services at 866-436-5800.
Important Dates to Know:
Beginning mid-November: Your new HealthEquity® Visa® Health Account Card* and welcome kit should arrive sometime this week and you will have access to the HealthEquity member portal.
December 4, 2015: Your Bancorp Bank HSA card will be deactivated and checks written will no longer be honored.
December 1, 2015: All contributions should be directed to HealthEquity for processing.
December 7, 2015: The HealthEquity HSA card will be loaded with your balance from Bancorp. Please wait to use your HealthEquity card until after this date.
December 15, 2015: If you have responsibility for account administration fees, the monthly admin fee for your new HealthEquity account will be debited from your HSA. This fee will be waived if your HSA cash balance is above $1,500 on the first day of each month. HealthEquity will honor Bancorp's fee schedule.
Next year in 2016 – You should expect to receive any required 2015 tax forms from both The Bancorp Bank and HealthEquity.
We've been hearing from members a couple of common questions so we've developed the following FAQ list. The list will be updated as additional questions get answered but if you do not see your question here please contact your dedicated account manager.
Who do I contact with questions about my HealthEquity account after this transition?
Contact HealthEquity member services at 866-436-5800
Does HealthEquity issue Checks?
No HealthEquity does not issue checks. Instead members will have the option of using PayChoice. Which is an online bill pay system. By entering the provider information into the Member Portal we can issue a check to that provider or vendor free of charge. The member can also pay out of pocket and be reimbursed by check or EFT.
I didn’t receive debit cards for my dependents?
Members must initiate a request for additional cards by calling HealthEquity member services at 866-436-5800
My name is misspelled who do I contact to correct?
HealthEquity will need proof of the correct name (even if it was correct with Bancorp) such as a photo ID or driver’s license or passport and will need that faxed to 801-727-1005 to the attention of Name Update/Name Correction. It is recommended they reference the account number when sending in their ID and if they don’t have it, they can get it by calling member services at 866-436-5800.
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