Customer Identification Program (CIP) FAQS
This FAQ page provides information about HSA Bank’s Customer Identification Program (CIP).
In accordance with the USA PATRIOT Act, HSA Bank is required to collect some basic information from all new accountholders. The information is used to validate the accountholder’s identity. It is sometimes necessary to collect additional forms of identification from the accountholder.
HSA Bank is required to collect the following:
Residential address (No P.O. Boxes)
Date of birth
Social Security Number
HSA Bank will contact the employee by mail with details regarding what additional information is needed. This correspondence will include a Health Savings Verification Form that will need to be completed and returned to HSA Bank.
There are four convenient ways for the employee to provide this information.
HSA Bank may close out the account if the proper forms of identification are not obtained within 60 days of notification. Should there be any funds in the account at time of closing, the funds will be returned to the account holder and reported to the IRS as an Excess Contribution Removal..
When an employee’s account closes, you will not be able to fund their accounts. Should there be any funds in the account at time of closing, the funds will be returned to the account holder and reported to the IRS as an Excess Contribution Removal. To reopen the account, the employee will need to submit a paper application with the required forms of identification.
Available to employers, HSA Bank’s CIP Report identifies any employee who is being asked to provide additional forms of identification. You can review the reporting guide for additional information on the report.
The report displays all employees required to furnish additional forms of identification in order to be in compliance with the CIP protocol. Employees will continue to appear on subsequent reports until the required forms are completed, received and verified; otherwise the account (s) will be closed. Once all required forms have been verified, the employees will appear on the report one final time with the date on which they were validated. A report displaying no activity indicates that you do not have any employees required to provide additional forms of identification.
After logging into the Employer Administration Website, the CIP Report can be viewed by clicking on the “Reports” tab.
Upon viewing the CIP Report, you can follow up with the employees who are required to furnish additional forms of identification. By following up with them, you can help prevent unnecessary account closures.
The CIP Report is available weekly to employer contacts with reporting permissions.
HSA Bank recommends that you contact each employee listed on the report to ensure that they understand what they need to do to avoid account closure. Although your employees will receive communications directly from HSA Bank, the communications are often overlooked. With your help, your employees will satisfy the CIP requirements and maintain active accounts.