What does the term “Customer Identification Process” (CIP) mean, and how does the process work?
When you apply for your health savings account (HSA), some personal information including your correct name, address, date of birth and Social Security number must be verified before the health savings account can 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 passing the verification process. This will include your HSA debit card and important information about how the account works. If your information does not pass CIP, the bank (J.P. Morgan Chase) will send you a letter within three days explaining the issue and asking you to mail or fax additional information verifying your identity back to the bank.
When you apply for your Health Savings Account (HSA), some personal information including your correct name, address, date of birth and Social Security number must be verified before the Health Savings Account can be opened. This is a requirement of Section 326 of the USA Patriot Act and referred to as the “Customer Identification Process” (CIP).
