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#1993355 - 02/04/15 04:51 PM HEALTH SAVINGS ACCOUNT STATEMENTS
Marqann1 Offline
New Poster
Joined: Feb 2011
Posts: 14
Our current health savings accounts are in a demand deposit product. Most are set up with a quarterly statement. Since there is electronic activity, is a monthly statement or interim transcript statement required as for a savings account?

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Operations Compliance
#1993371 - 02/04/15 05:21 PM Re: HEALTH SAVINGS ACCOUNT STATEMENTS Marqann1
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Anytime there is electronic activity (few exceptions), you must provide a monthly statement. If there is no activity, you must still provide a quarterly statement. Refer to 1005.9(b). This isn't limited to savings accounts.
_________________________
David Dickinson
http://www.bankerscompliance.com

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