How do I transfer my Health Savings Account (HSA) from Redwood Credit Union (RCU) to another Institution? (This is a non-reportable transaction to the IRS)
You will go to the Institution where you want your funds to be transferred to. They will complete their Health Savings Account (HSA) Direct Transfer Request Form for you to sign.
In order for Redwood Credit Union to process your HSA Transfer Request, we require the following:
- The original HSA Direct Transfer Request Form from the other Institution.
(We require original signatures from the HSA Owner and from the other Institution stating they will accept the funds as the new Custodian/Trustee.)
- Attach a copy of your most recent Redwood Credit Union statement
The HSA Direct Transfer Request form must be mailed to:
Redwood Credit Union
Attn: Retirement Services Department
PO Box 6104
Santa Rosa, CA 95406
What if I want to receive a check to Rollover to another Institution?|
(This is a reportable transaction to the IRS as a Normal Distribution and you have 60 days to rollover the funds to another Institution.)
- Go into a Redwood Credit Union Branch (RCU) and meet with one of our Member Relationship Specialists
- The check is made payable to the HSA Owner only
- A RCU Member Relationship Specialist will have you sign a completed HSA Withdrawal Instruction Form #2606H.
If you have any questions, please feel free to call Retirement Services at 707-576-5362.