The Internal Revenue Service (IRS) has officially approved DataPath Financial Services, Inc. to act as a nonbank trustee or custodian for Health Savings Accounts (HSAs). This means DFS is allowed to help people open and manage HSA accounts, even though it’s not a bank. The IRS reviewed DFS’s application and confirmed that it meets all the rules needed to safely and properly handle these accounts.
This approval is important because it shows that DFS is trusted by the government to follow strict guidelines when managing your HSA. However, DFS must continue to follow these rules to keep its approval. If anything changes—like the company merging with another or not keeping proper records—it may need to reapply or could lose its approval. This letter doesn’t mean the IRS recommends any specific investment or plan—it just confirms that DFS is allowed to offer HSA services under federal law.