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Bank of America HSA Problems


Guest rbk08
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Hi,

After a year of working with Bank of America's HSA product connected to our Tufts Health Insurance HDHP, Tufts decided to sever their relationship with Tufts effective 1/1/10.

We believe this decoupling has led to our horrible experience with trying to speak to someone at Bank of America to transact business for new participants and a participant that has been arbitrarily terminated in their system.  However, every contact phone number we have for customer service results in wait times of 50 minutes, automatic hang ups and no live person to speak to.  Using the help section on BoA's website yields no results either - cases are arbitrarily marked "closed" when there has been no discussion/resolution.

Is anyone else experiencing this problem with Bank of America HSA?  If so, could you share any success you've experienced recently? 

Does anyone have any ideas about which government agency provides oversight (we've contacted both the DOL and IRS and both claim the other has jurisdiction)? 

Any insight/wisdom is deeply appreciated.

~Rebecca

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I never got into HSAs mainly because I think that it is a bad idea, but I keep my ears open. From what I hear, what you are experiencing is fairly common with many of the large entities claiming to provide HSA services. So it is not only BofA.

George D. Burns

Cost Reduction Strategies

Burns and Associates, Inc

www.costreductionstrategies.com(under construction)

www.employeebenefitsstrategies.com(under construction)

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  • 2 weeks later...

I've had problems with BOA "HSA for Life." The "for Life" part of their branding describes the amount of time you have to wait on queue with their customer support unit. Opened an account in August after pulling my HSA from Mellon HSA whose website I was unhappy with. BOA cashed my deposit check and sat on it for a month before crediting my account. Then, this month, they pay my dentist $833 twice. Not cool. Then a $4.50 monthly service charge appears for the first time on my statement in January. Did they think I wouldn't notice? Yikes. And their web-based ticket system is attrocious. These people just sit there somewhere in the world and try to decide what canned template they can activate to answer a question. I now end my queries with ,"No canned templates please." When I asked them via the online system what the $4.50 service fee was for and why it had suddenly appeared after six months, here was their answer:

"Thank you for contacting Bank of America Benefit Solutions. Please go to www.bankofamerica.com/hsaforlife, and please select the schedule of fees link. Once you get to this site, if you scroll down there will be a script telling you how you can save. To the right of that there is a link in blue that says: HSA Schedule of Fees (pdf). click on that and it will exlain everything to you. If you have any further questions, please contact us at 1.866.791.0250. "

Sounds like Bank of America tried to roll out an HSA system too quickly and outsourced the development and implementation to another banking institution. If someone knows the story behind the story of this, please let us know.

Hi,

After a year of working with Bank of America's HSA product connected to our Tufts Health Insurance HDHP, Tufts decided to sever their relationship with Tufts effective 1/1/10.

We believe this decoupling has led to our horrible experience with trying to speak to someone at Bank of America to transact business for new participants and a participant that has been arbitrarily terminated in their system.  However, every contact phone number we have for customer service results in wait times of 50 minutes, automatic hang ups and no live person to speak to.  Using the help section on BoA's website yields no results either - cases are arbitrarily marked "closed" when there has been no discussion/resolution.

Is anyone else experiencing this problem with Bank of America HSA?  If so, could you share any success you've experienced recently? 

Does anyone have any ideas about which government agency provides oversight (we've contacted both the DOL and IRS and both claim the other has jurisdiction)? 

Any insight/wisdom is deeply appreciated.

~Rebecca

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Guest allancoleman

After years of problems dealing with JPMorgan Chase , our Aetna Health Savings Account custodian , the wife and I recently applied for a institute - to - institute roll - over transfer of our family and wife's seperate individual HSA accounts at our local credit union .

Last year , 2009 , when I turned 65 and went on Medicare and could no longer deposit money into our family HSA , we sent a check to JPMorgan Chase for the wife's recently opened HSA account last January of 2009 for the maxium $4,000.00 allowed . JPMorgan Chase took it upon themselves to deposit the check clearly made out for a deposit to my wife's seperate individual HSA account we had recently opened at that time and put it in our family HSA account . Upon calling JPMorgan Chase on the phone , they admitted the error was theirs , however they could not easily resolve the problem on the phone and I had to do a series of letters via certified mail and faxes until several months later JPMorgan Chase finally had our seperate family and wife's individual HSA account statements with JPMorgan Chase correct . After making the maxium $4,050.00 2010 HSA deposit to the wife's seperate individual HSA account for this January of 2010 , I found out that our local credit union now offered HSAs .

After I received my ending JPMorgan Chase HSA account statement for 2009 for our family HSA , I took that statement down to our local credit union and they filled out paperwork that I signed for a institute - to - institute roll - over transfer of our family JPMorgan Chase HSA account to our local credit union . And then after the wife received her own seperate individual HSA account statement ending January 12th that showed her own HSA deposit for $4,050.00 for this calendar year of 2010 , she also signed paperwork at this local credit union for a institute - to - institute roll - over transfer of her own individual HSA account with JPMorgan Chase HSA to be transferred to her own local credit union HSA account . The credit union took care of all the paperwork and transfer process . All we did was sign at the local office . It took all of 15 minutes for each account .

After a few weeks , the wife and I should have our own family and her own seperate individual HSA accounts set up at our local credit union with zero monthly fees if we maintain a balance of greater than $50 in our HSA accounts . :rolleyes: . When I'm not happy with a custodian for any type of financial account , I always vote with my feet .

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