What is the Customer Identification Program?
Under the USA PATRIOT Act financial institutions are required to verify the identity of anyone who would like to conduct financial transitions with them.
What is required to pass CIP?
The Customer Identification Program (CIP) process must be completed within the first 90 days of accounts being opened. The process can be completed in the employee portal of Optum Financial and takes 3-5 days from the time a document is uploaded. Upon login, they should see the 'Upload Documents' button. The following are acceptable forms of documentation:
- For an Address Validation: A driver’s license, state identification, bank statement, or a current phone or utility bill displaying the input address. Note: You must use your residential address, not a P.O. Box.
- For a Social Security Number (SSN): A social security card.
- For Date of Birth: A driver’s license, U.S. passport, birth certificate, or state identification.
- For Name Validation: A social security card, passport, birth certificate, marriage certificate, divorce decree, legal name change certificate or state identification.
Documentation can be uploaded as a screenshot or picture directly into the portal. Documentation will either be auto-approved or reviewed within 24 hours. Once the documentation is approved the account will automatically open and the funds will be available the same day.
If your company has Optum Financial you should receive your benefits debit card within 7-10 business days after passing CIP. If you already have a benefits card from Optum for commuter or FSA accounts, your HSA funds will become available to you once your documentation has been approved. Once your account has been approved you will receive an email confirmation and will be able to access your funds.
What if the 90 day cut-off has passed?
You will receive up to four email communications directly from Optum Financial with the specific information they need to complete CIP. Justworks will also work directly with Optum Financial to verify your information. However, if we are not able to verify your information and you have not been able to provide the documentation that is required after 90 days the account will be closed. You will receive an email that your account is closed and any existing funds will be returned to Justworks and then taxed and returned to the account holder.
What if I have not passed CIP and have already initiated a rollover from a previous HSA?
While an account is pending it is not possible to complete a rollover of funds. If a rollover fails the funds will be returned to the employee. Keep in mind no taxes have been withheld and there may also be a 20% penalty on the funds. Employees should contact Optum Financial Customer Service for help at 1 (877) 292-4040 or email email@example.com.
To avoid returned funds it is best to wait until your account has been established and you have passed CIP.
If I had an Optum Financial account prior to joining Justworks do I still have to go through CIP?
Yes, all members who would like to open an HSA will have to complete the CIP before doing so.
If I fail CIP does it affect my FSA or commuter benefits?
No, CIP will only affect setting up and accessing your HSA account.