State trust law determines when an HSA is “established.” The usual definition for trusts is that accounts are typically established when they are funded (first contribution has posted to the account).
- Employer can fund through their portal (aka Contribution Manager) by using a template or importing a simple 5 column CVS file.
- Direct Deposit-with employee authorization disclosing their account number.
- External file upload, if needed, sent via secured channel.
- Send a check w/a supporting list of contributions to be made.
Yes, Liberty would be happy to provide your vendor and/or client with ACH instructions and support as needed.
The easiest and most efficient way to open accounts is via online account opening, however, we have options for file upload and paper to be converted to file that does add time to the process since it is manual.
Auto open enrollment is an option that Liberty supports. It does require multiple file templates(EDI) that can be uploaded to open the accounts. Employees will still need to go in and register to use the accounts and written authorization is required by the employee allowing the employer to open these accounts for them.
For Florida contact Patti Shirley at 941-927-8293. For the rest of the country contact Anna Kissick 937-234-4247
The biggest benefit to working with Liberty is that we offer big bank technology but supported by hometown customer service:
- Technology: dedicated employer portal; ability to automate contributions and pre-date contributions, multiple administrators ability, calculators, direct deposit capability, auto sweep out of named accounts for withdrawals, etc.
- Customer Service: Sunset Policy-every call is acknowledged and responded to by end of day, or at the very latest, the next morning. Mistakes will be made, however, how that mistake is taken care of and the follow up with your team will be our differentiator.
As a partner, you have a price option-speak to your Liberty representative to see what best works for you.