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Title
What to Know: Bank of America System Upgrade
Date
06/06/2017
Description

What to Know: Bank of America System Upgrade

On June 26, Bank of America, our third-party administrator for Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA, LFSA and DCFSA), will make several updates to their system to help you better manage your account.

Updates apply to all Bank of America savings accounts: Health Savings Account (HSA), Health Care Flexible Spending Account (FSA, LFSA) and Dependent Care Flexible Spending Account (DCFSA).

Teammates will be receiving communication from Bank of America and CHS prior to the updates, during the updates and after the updates.

Key Enhancements

  • A redesigned member website with an online chat option
  • Enhanced investment features
  • New mobile app
  • New, more secure, chip-enabled debit cards, to be delivered June 16- June 26 

Actions to Take

  • Dependent information (Social Security Numbers) must be updated before a dependent can activate their new debit card. Teammates may update the SSN now in preparation for the change.

  • There will be a blackout period from June 20 at 5:00p.m. until June 26 at 12:01a.m. During this time, savings accounts will not be accessible and debit cards cannot be used. Teammates will need to use another form of payment for prescriptions or medical care and can reimburse themselves from their savings account on June 26. Teammates are encouraged to fill any maintenance prescriptions prior to June 20.

  • Teammates with HSA investment accounts need to take action and enroll in Auto-Invest by June 16, 2017, at 1:00p.m. If teammates do not enroll in Auto-Invest, the funds will be liquidated and the proceeds will be deposited into their HSA cash account. To enroll in Auto-Invest, follow these steps:
    1. Log in to your account
    2. Click “Investment Balance” in Account Balance> Select Continue > Investment Summary Tab 
    3. Click “Automatic Investment”
    4. Check the box to “Enable Automatic Investment”
    5. Select your Investment Options
    6. Summit and Confirm
  • Teammates who need to order prescriptions from CarolinaCARE during the blackout period (June 20 at 5:00 p.m. until June 26 at 12:01 a.m.) may use a different payment option. Teammates can file a manual HSA claim to be reimbursed for expenses. CarolinaCARE accepts the following:
    • CHS payroll deduction (when available)
    • Visa credit/debit cards
    • MasterCard credit/debit cards
    • American Express
    • Discover
    • Money order
  • Teammates with existing prescriptions at CarolinaCARE, who use their HSA as the payment option, will need to update their debit card information to avoid delay in refills. After activating your new debit card, update your payment information with CarolinaCARE by following these steps:
    1. Log on to CarolinaCARE
    2. Go to Personal Information
    3. Go to Payment Methods
    4. + New Payment Method, and then follow the prompts
  • Once the updates are complete, on June 26, teammates will need to register on the new website by creating a new username and password, verifying personal information, setting-up account preferences, completing the authorized user form, verifying or designating beneficiaries and bookmarking the new site. To register: 
    1. Go to the login page
    2. Go to the New User section
    3. Click Get Started under “No Code” and follow the on-screen prompts

Dates to Know

Before June 16 at 1:00 p.m. If you have investments, confirm Auto-Invest is enabled to allow your funds to transition in kind
June 16 after 1:00 p.m. Investment trading temporarily unavailable
Before June 18 Add your dependents’ SSN so they can activate their new cards
June 20 at 5:00 p.m. Existing debit card(s) no longer active
June 21 HSA contributions and claims transactions temporarily unavailable
June 23

Account access temporarily unavailable

June 26 at 12:01 a.m. Account access restored, new debit cards available for use

For more information, visit Bank of America or call 1-866-731-4206.