What does the term “Customer Identification Process” (CIP) mean, and how does the process work?
When you apply for your HSA, some personal information — including your correct name, address, date of birth and Social Security Number — must be verified before the account will be opened. This is a requirement of Section 326 of the USA Patriot Act and referred to as the “Customer Identification Process” (CIP). If your information passes the verification process, you should receive a Welcome Kit in December. If you enroll in the HSA later in the year, you should receive a Welcome Kit within 10 to 14 days of completing the verification process. This will include your HSA debit card and important information about how the account works.
