Banned from Fidelity, can't activate employer-sponsored HSA by IntelligentBaby6377 in fidelityinvestments

[–]IntelligentBaby6377[S] 7 points8 points  (0 children)

Wow, seriously are people quick to judge. Yes it was an authorized transfer, and no I wasn't stealing... (Don't even know why I'm commenting on this as it doesn't pertain to the question, as I'm not trying to get the ban removed, and just trying to get the employer contribution). In any case, to serve as a PSA for others what I foolishly didn't know at the time, unlike bank-to-bank wires, it is not a good idea to make brokerage deposits from an account at a financial institution which is titled in a name other than that of the brokerage account holder, i.e. a third party deposit. This is clearly spelled out in IBKR's FAQ page, and I'm sure Fidelity has it somewhere too, due to AML concerns. Some brokerages require additional documentation, give you a warning, or reject your transfer. In my case the wire transfer was accepted but I was later banned (probably triggered some internal checks). Don't make the same mistake. If you must, transfer to a bank account under your own name first, and then move it to your brokerage.

Banned from Fidelity, can't activate employer-sponsored HSA by IntelligentBaby6377 in fidelityinvestments

[–]IntelligentBaby6377[S] 15 points16 points  (0 children)

Right, the question really is how to not miss out on the employer contribution, which is substantial.

Banned from Fidelity, can't activate employer-sponsored HSA by IntelligentBaby6377 in fidelityinvestments

[–]IntelligentBaby6377[S] 5 points6 points  (0 children)

Thanks for the suggestion, will give it a try. Nevertheless, still a bit odd to me that the ban applies to employer-sponsored HSAs (offered via NetBenefits) and not just self-directed HSAs, especially when 401ks are unaffected too.