Module 7 Closing & Reopening Accounts

Quiz by Jody McNelis

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Shortly after opening her HSA, Robin moved to a new apartment. A few days later she received a letter from the BNY Mellon requesting proof of her residential address. Robin updated her address with her health plan and threw out the letter, thinking that would resolve the discrepancy. Robin received second and third letters and, assuming that there was a delay in processing her new address, she tossed those out too. What is going to happen to Robin's account?
29

Her account will be closed because she did not respond to the requests for information.
Her account will remain open and she will not receive any more requests.
Her account will remain open for one year.
Her new address will be submitted to the Bank of New York Mellon and she will not have to provide the requested documentation.

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Q1
Shortly after opening her HSA, Robin moved to a new apartment. A few days later she received a letter from the BNY Mellon requesting proof of her residential address. Robin updated her address with her health plan and threw out the letter, thinking that would resolve the discrepancy. Robin received second and third letters and, assuming that there was a delay in processing her new address, she tossed those out too. What is going to happen to Robin's account?
Her account will be closed because she did not respond to the requests for information.
Her account will remain open and she will not receive any more requests.
Her account will remain open for one year.
Her new address will be submitted to the Bank of New York Mellon and she will not have to provide the requested documentation.
30s
Q2
If an account was closed due to escheatment, what two documents must a member return to reopen their account?
A letter of request and a reopen account form
A letter of request and a new MSC
A new MSC and a copy of the driver’s license
A reopen account form and a new MSC
30s
Q3
True or False: For accounts closed due to overdraft, paying back the overdraft balance guarantees that the member can reopen the account.
FALSE
TRUE
30s
Q4
True or False: After an HSA is closed, the debit card remains active for 90 days.
FALSE
TRUE
30s
Q5
When the member dies, the funds in the HSA can be disbursed/transferred to all of the following EXCEPT which one?
The estate
The spouse
The beneficiaries on file
The employer
30s

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