What is CIP testing for WealthCare Saver HSA?

Updated August 09, 2022 -- For Administrators and Employees

What is CIP testing?

Customer Identification Program, or CIP testing, is a United States requirement, where financial institutions need to verify the identity of an employee wishing to conduct financial transactions. Generally, CIPs are looking for name, date of birth, address, and identification number (this information can sometimes be outdated, causing a failure).

What if I fail CIP testing?

If an applicant fails the CIP testing, they will be given a URL and unique access code to a DocuSign form where they can go online to upload documentation and validate their identity.

Who performs the CIP testing?

WalthCare Saver works with a third party program to perform the testing.

What should I do if WealthCare Saver contacted me about CIP testing?

Reach out to WealthCare Saver to discuss your CIP test results.

WealthCare Saver : 1-866-287-5675

Monday – Friday, 8 AM to 8 PM EST.

We are not able to schedule contributions to the employee's HSA until they verify the information.

What does the CIP testing email from WealthCare Saver look like?
From: hsaalerts@wealthcaresaver. com
To: Employee's work email address
Subject: Health Savings Account (HSA) Verification Needed - Action Required

"Thank you for your interest in establishing a Health Savings Account (HSA).

In accordance with the USA PATRIOT Art Federal law requires all financial institutions to obtain, verify, and record information that identifies each individual or entity opening an account.

In order to complete the HSA account opening process, please provide the documentation listed below along with a copy of this notification request.

For fastest processing, visit the following link and enter the three letter code from the text below to submit the documentation required: https://wealthcare.com/hsa/verify

Please provide a copy of one of the following (use code "PSA" in the DocuSign from the above link if applicable):

Social Security Card, or
Social Security Benefits Award Letter if it reflects full SSN, or
Recent W-2 form if it reflects full SSN (within last 2 tax vears)

And also provide a copy of one of the documents below:

Current /Unexpired State Issued Driver's License or
Current/Unexpired State Issued ID Card or
Current/Unexpired Passport (US or Foreign), or
Current/ Unexpired Military ID or
Current/Unexpired Permanent Resident Card (aka "Green Card"), or
Current /Unexpired Employment Authorization Card or
Birth Certificate (if the name is the same), or
Certificate of Citizenship/Naturalization

And also provide a copy of one of the documents below:

Paystub/ Voucher (must be issued within the past 60 days), or
Utility Bill with service address listed (must be issued within the past 60 days), or
Phone Bill with service address listed (must be issued within the past 60 days), or
Bank Account/Credit Card Statement with current address (must be issued within the past 60 days), or
Insurance/Investment/Mortgage Statement with current address (must be issued within the past 60 days), or
Vehicle Registration Card (must be issued within the past 60 days), or
Current Annual Lease/Rental Agreement (must be signed within last 12 months)

Important Note: A P.O. Box can only be referenced as a shipping address. There must always be a Residential address referenced in the HSA demographics. Verification documents are required for the Residential address.

If using an alternate method of submitting documentation from the above link, please send a copy of this notification request and the documentation required to validate your identity using one of the submission methods below:

Upload your documents to your Administrator’s online HSA account website ("Portal")
Fax your documents to: 1-855-588-1028
Mail your documents to
WealthCare Saver
P.O. Box 162177
Altamonte Springs, FL 32716

Once your documentation has been received and validated, your HSA will be opened and you will receive a Welcome Communication.

The Customer Identification Program requires us to close your HSA application if we are unable to verify an account owner’s identity. If we do not receive all requested information and documentation within ninety (90) days of your HSA application request, we will close your application.

If you have any questions, please contact your Employer or your Administrator.

Sincerely,
Your HSA Administrator

This is a system generated communication. Please respond as instructed above."

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What is CIP testing for WealthCare Saver HSA?

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