Bank of America takes information security seriously and the privacy and security of your personal information are our top priority. You can feel confident that your identity and account information is safe when you have a Health and Benefit Account with us. Here’s what we do.
We’ll send you alerts if we identify unusual or suspicious activity on your account.
A temporary block may be placed on your account when fraud is suspected to prevent ongoing fraudulent activity.
A risk-based, multi-factor authentication process is used to validate your identity whenever you access your Health and Benefit Account.
Teams of specialists are dedicated to support you and ensure that our data is secure. This includes our Health Benefit Solutions (HBS) Fraud Team and Customer Care Center.
You may incur no liability for unauthorized use of your card or card number up to the amount of the unauthorized transaction.
To be covered, report purchases made by others promptly, and don’t share personal or account information with anyone.
Bank of America works hard to protect you against fraud. However, it’s important that you work alongside us and take reasonable measures to protect against unauthorized access and identity theft.
Use caution when sharing your personal information, including your Social Security number, PINs, passwords and account numbers.
Log in to your account to check that your personal information is correct. Verify your email address so you can receive important notifications about your account. Also confirm your mailing address and phone number in case we need to reach you.
A strong password is eight or more characters that contains letters, numbers and symbols. Use different passwords for each financial account and never use the same password for social or shopping websites. For help creating a strong password, visit How to Create a Strong Password.
If you see a debit card charge or receive a notification for a change you did not request, please contact our Customer Care Center immediately.
If you suspect fraud or an error on your health and benefit account debit card, please contact Customer Care at the number on the back of your card to report the charges as soon as possible. Customer Care will cancel your debit card, issue a new one and send you a Transaction Dispute Form Footnote * to complete.
* This form must be completed and submitted as soon as a disputed or fraudulent transaction is identified and must be received within 120 calendar days from the original transaction date.
1 The $0 Liability Guarantee covers fraudulent transactions made by others using your Bank of America consumer debit card. To be covered, report transactions made by others promptly, and don't share personal or account information with anyone. Access to funds next business day in most cases, pending resolution of claim. Consult customer and account agreements for full details. Please note: You’re responsible for reviewing your statements and reporting unauthorized transactions.
A summary of the main features of each type of health and benefit account, and how some accounts can work together.
Watch these real-life scenarios to see what qualified expenses you can use a health savings account to cover.
Maybe your answer is “Medicare will pay for it.” And that’s partly true, with emphasis on “partly.”
About Triple Tax Advantages: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. Any interest or earnings on the assets in the account are tax free. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
Bank of America, N.A. makes available The HSA for Life® Health Savings Account as a custodian only. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. In addition, an employer making contributions to the HSA of an ineligible individual may also be subject to tax consequences. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.
Bank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish. The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. Bank of America acts solely as claims administrator performing administrative tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. The sponsoring employer or individual under an independent plan is solely responsible for ensuring such arrangements comply with all applicable laws.
The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. Bank of America and its affiliates are not tax or legal advisors. The calculators are not intended to offer any tax, legal or financial advice and do not assure the availability of or your eligibility for any specific product offered by Bank of America or its affiliates. Please consult with qualified professionals to discuss your situation. This site may contain links to third-party content, which may be articles, videos, or calculators, regarding health plans only as a convenience. Some articles, videos and calculators may have been written and produced by third parties not affiliated with Bank of America or any of its affiliates.
Neither Bank of America nor any of its affiliates or employees provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. This material should be regarded as general information on health care considerations and is not intended to provide specific health care advice.
Please consult with your own attorney or tax advisor to understand the tax and legal consequences of establishing and maintaining a HSA, FSA, Dependent Care FSA, and/or HRA plan.
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Bank of America, N.A., Member FDIC.
Mutual Fund investment offerings for the Bank of America HSA are made available by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a registered broker-dealer, registered investment adviser, Member SIPC, and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”). Investments in mutual funds are held in an omnibus account at MLPF&S in the name of Bank of America, N.A., for the benefit of all HSA account owners. Recommendations as to HSA investment menu options are provided to Bank of America, N.A. by the Chief Investment Office (“CIO”), Global Wealth & Investment Management (“GWIM”), a division of BofA Corp. The CIO, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM.
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