Health Savings Account (HSA) holders may get a notification from the bank that administers their HSA. It may strike you as odd, or even suspicious, that the bank is asking for personal information to verify your identity. The most likely reason this happened? The US Patriot Act of 2003.
About US Patriot Act of 2003
Financial institutions must verify the identity of individuals doing business with them and adhere to a Customer Identification Program (CIP). As part of the CIP process, a financial institution must conduct random checks to remain in compliance with the US Patriot Act.
Promptly contact your administrator to resolve your account issue. Generally, you have 60 days after receiving a distribution check to rollover funds back into an HSA.
- Name
- Date of birth
- Social Security Number
- Residential address
