Common use of Important Information about Procedures for Opening and Maintaining your HSA Clause in Contracts

Important Information about Procedures for Opening and Maintaining your HSA. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial organizations to obtain, verify, and record information that identifies each individual who opens an account. What this means for you, when you open an account, you are required to provide your name, residential address, date of birth, and identification number. As part of the ongoing maintenance of your account the TPA and/or the Custodian may require other information or documentation to identify you. You understand that your HSA may be closed if additional verification is not possible. Upon such closure, funds deposited in your HSA will be returned to you, less any fees or expenses chargeable against your HSA. Neither the TPA nor the Custodian shall be liable for any tax consequences or tax withholdings you may incur as a result of the transfer or distribution of your assets.