Can someone from Arkansas point me to the specific code where I can find if we are allowed to charge dormant fees on HSA accounts. I sometimes have trouble researching State items.

There are no separate rules for HSA accounts.

You have to first meet the requirements of § 18-28-205. Dormancy charge - so it needs to be clearly spelled out in your account agreements.

Second, I assume that the HSA is truly subject to the abandonment clock running, such as the periodic statements being returned undeliverable under d(iv) of § 18-28-202. Presumptions of abandonment.

Thank you!

Isn't the intent of an HSA to be hopefully an unused account that might be inactive in your system if the customer and their covered dependents are healthy? Make very sure your dormancy disclosures cover your bases. One of my former co-workers has an HSA with over $60K in it as the family has been blessed with good health. She intends to use the funds as supplemental retirement money when she finally begins to withdraw the funds. We just call once a year to check in.

The specific action that you or the customer has to take in order for them to not be eligible for escheatment to the State is really a State law issue and typically has nothing to do whether the account is an HSA or not.