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#563492 - 06/07/06 07:32 PM Health Savings Accounts
linda fox Offline
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Joined: Apr 2002
Posts: 106
Are HSA account subject to Reg DD disclosure requirements?
thank you

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#563493 - 06/07/06 10:59 PM Re: Health Savings Accounts
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 76,955
Galveston, TX
Yes, similar to IRAs held in consumer deposit accounts.

Section 230.2 Definitions
(a) Account
1. Covered accounts. Examples of accounts subject to the regulation are:

i. Interest-bearing and noninterest-bearing accounts
ii. Deposit accounts opened as a condition of obtaining a credit card
iii. Accounts denominated in a foreign currency
iv. Individual retirement accounts (IRAs) and simplified employee pension (SEP) accounts
v. Payable on death (POD) or ``Totten trust'' accounts
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#563494 - 08/25/06 04:07 PM Re: Health Savings Accounts
Denovo Co Offline
Gold Star
Joined: Jan 2005
Posts: 375
NM
We are going to offer debit cards on our HSA accounts, and were told that Reg E disclosures were still not required, due the nature of the HSA. Is this right?

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#563495 - 08/25/06 07:09 PM Re: Health Savings Accounts
Denovo Co Offline
Gold Star
Joined: Jan 2005
Posts: 375
NM
Bump. Anyone?

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#563496 - 08/25/06 09:24 PM Re: Health Savings Accounts
ABrown Offline
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Joined: May 2001
Posts: 279
Texas
What we have been told is to make sure that the Reg E Error Resolution notices are not printed on the statements (or anywhere else, for that matter.) HSA's are not supposed to fall under Reg E.

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#563497 - 08/31/06 04:18 PM Re: Health Savings Accounts
Denovo Co Offline
Gold Star
Joined: Jan 2005
Posts: 375
NM
Even if the Bank is issuing debit cards on these accounts? What if someone has their debit card stolen and their HSA account is wiped out? The customer doesn't have any rights?

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#563498 - 08/31/06 05:49 PM Re: Health Savings Accounts
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 76,955
Galveston, TX
Not under Regulation E, but if it a VISA/MC card, you are going to have to look at your VISA/MC contract to find out how they treat these.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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