Is UMB, as custodian, responsible for determining whether HSA distributions are used for medical expenses?

HSA custodians, including UMB, have no responsibility for determining whether distributions from an individual’s HSA are used for qualified medical expenses. It is the accountholder’s sole responsibility to determine the tax consequences of any distributions, for maintaining itemized receipts and insurance EOBs for tax purposes, and for paying any taxes and penalties arising as a result of any such distribution. All accountholders are encouraged to consult with their legal or tax adviser concerning any questions they may have.