This change only impacts select Forma members. All members impacted will be notified directly via email about account changes. If you have not been notified, then this change does not impact your account.
After Thursday, November 14, 2024, HSA members will need to complete the below steps to agree to Forma’s new banking partner Thread Bank.
Steps to agree to new terms:
- Log into Forma.
- If you see the banner titled ‘Action needed: Quick steps to update your HSA and pre-tax card’, you’ll need to complete this step.
- Before starting the migration process, please confirm that your phone number is correct. During the migration flow, a two-factor authentication (2FA) code will be sent to your phone to verify your identity.
- To confirm and/or update your phone number, navigate to your profile in the upper right corner of the website.
- Once you have confirmed your phone number, return to the homepage and click ‘Get started’ on the banner to continue the migration process.
- A new browser window will open that explains how Forma’s new banking partner is Thread Bank and outlines the steps of the transition. You will see a button to “View and Sign Terms” that you will click to continue.
- The system will then prompt you to verify your identity. A 6-digit code will be sent to your phone number on file and you will need to enter that code to proceed.
- Next, you will be shown a screen telling you that Forma will open a new account for their HSA. On this screen, you will click the “I consent” button to agree to the updated terms.
- Also on this screen, you will see a checkbox next to “I’m not subject to backup withholding”. Most individuals are not subject to backup withholding and therefore should check this box – here is additional information to determine if you are subject to backup withholding.
- If you check the “I’m not subject to backup withholding” checkbox, then another box will appear with your SSN or ITIN auto-populated. You should confirm that the SSN or ITIN is correct. If the SSN or ITIN is incorrect, then you will need to contact Forma at support@joinforma.com to update your information within Forma. You should also need to contact their company’s HR or benefits administrator to update your personal information.
- Finally, you will see confirmation screens explaining that their account has been created and their funds will transfer on December 16, 2024.
Notifications within Forma
If an employee logs into Forma and has not yet signed the updated terms, they will see notifications and prompts to complete the banking migration.
A modal which pops up every time the user logs in until they’ve agreed to the new terms:
A banner on the homepage:
A banner on the HSA summary page (the default page):