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This email is a
follow-up to the letter we recently sent you providing notice of the
transfer of your HSA to a new custodian, HealthEquity, Inc. The
information contained in both communications is the same. We want to
give you every opportunity to be prepared for this important change to
your HSA.
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An important change is coming to your HSA
Dear Account Holder:
Effective November 30, 2015, The Bancorp Bank will resign as the
custodian of your Health Savings Account (HSA) with The Bancorp Bank
HSA. We have partnered with HealthEquity, Inc. (NASDAQ: HQY), an
IRS-approved HSA custodian and one of the leading HSA administrators in
the country, to serve as the new custodian for your HSA.
We are writing to inform you of this fact and to provide you with
information and help in moving your HSA from The Bancorp Bank to
HealthEquity.
This letter
contains important information you need to know before and during the
switch to HealthEquity. Please review
this information carefully and keep it for future reference. HealthEquity
has also made an information portal available to you at http://healthequity.com/bancorp/members/.
Your new custodial agreement
In the coming weeks, please watch your mail for your HealthEquity welcome
kit, which will include your new custodial agreement and your new
HealthEquity debit card. The HealthEquity custodial agreement, as well as
additional information, can also be viewed at http://healthequity.com/bancorp/members/.
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Key
Dates You Need to Know
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12/01/15
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Final day to
use Funds Transfer from your HSA with The Bancorp Bank
Final day to use Bill Pay from your HSA with The Bancorp Bank
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12/04/15
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Final day to
use your current HSA debit card issued by The Bancorp Bank
Final day to write checks from your HSA with the Bancorp Bank
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12/05/15
&
12/06/15
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Account access
and usage will not be available as account balances are transferred
to your HSA with HealthEquity
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HSA brokerage or investment accounts
If you have a brokerage or investment account with an investment services
firm tied to your HSA at The Bancorp Bank, we will send you a separate
mailing with information and instructions on how the brokerage or
investment account transition will occur. In the interim, you have the
option of liquidating your investments, which would cause the cash to be
transferred back to your HSA in order to be seamlessly included in the
balance transfer to HealthEquity in early December. Once your new HSA is
active on the HealthEquity platform, you can take advantage of the wide
variety of new investment options available to you.
Other options available to you
Please be assured that The Bancorp Bank and HealthEquity are working
closely to make your HSA transition a smooth and positive one. If you
do not want your HSA automatically switched to HealthEquity, you must
liquidate your account or complete a transfer of your account by November
30, 2015 using either of the following options:
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1.
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request a
complete distribution of your HSA funds to you, OR
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2.
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provide us with
a written transfer request from a new custodian or trustee to transfer
your HSA:
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The request
must be submitted on the new custodian's HSA transfer form.
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Please send
the transfer request to: The Bancorp Bank, c/o HSA Transition, 409
Silverside Road, Suite 105, Wilmington, DE, 19809.
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By not choosing either of the above options, you accept
HealthEquity as the new custodian of your HSA, and your account will be
automatically transferred to HealthEquity. If you accept HealthEquity as
your new custodian, you do not need to do anything with respect to your
cash deposits held at The Bancorp Bank, which will be automatically
transferred to HealthEquity.
Statements and tax reporting
You will receive a final HSA statement from The Bancorp Bank at the end
of December reflecting any transactions that occurred before the switch
to HealthEquity. Additionally, The Bancorp Bank will provide documents
for the 2015 tax year for the period we maintained your HSA. HealthEquity
will provide tax reporting for the remaining portion of the 2015 tax
year.
It has been our pleasure to serve you.
We're confident that HealthEquity will provide you with the same high
level of service and support you have come to know and expect. If you
have questions about this transition as it relates to your current HSA
with The Bancorp Bank, please contact Customer Care at 877.644.1509. For
questions about this transition as it relates to your new HSA, please
contact HealthEquity at 877.915.3233.
However, neither The Bancorp Bank nor HealthEquity can provide you with
tax or legal advice. You will need to consult your own professional
advisors.
Sincerely,
The Bancorp Bank
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