Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Overview / Commentary
866-234-8913
2525 Lake Park Blvd, # 110
Salt Lake City, UT 84120

Optum Bank, Inc. is headquartered in Salt Lake City and is the 13st largest bank in the state of Utah. It is also the 255th largest bank in the nation. It was established in 2003 and as of June of 2014, it had grown to 94 employees at 1 location. Optum Bank, Inc. has a A+ health rating.

Reviews (4)

Optum Health Bank Gives Away A Customers $10832.45 To Someone The Don't Know

From March 3 2013 thru March 28 2013 Optum Health Bank released $10832.45 out of my Health Savings Account

to foreign companies with out my authorization for purchases made by someone who they don't know. I only became aware of this on 01/31/2013 when I called them about the 1099-SA I received in the mail that showed $8826.70 was distributed out of my account. The customer service agent I reached at the number on the back of my Savings Card directed me to Optum Health Bank's web site and had me create an account so that I could look at the Statements on line.This was my first time on the site and my first  time looking at transaction statements. I'm so upset

with this Bank for its negligence and the lack of concern for my welfare.The rest of the facts concerning this crime and

Optum Health Banks response to it will be on going and I will be posting my story everywhere possible.The word needs to get out that this Bank has no clue about fraud prevention , security of deposits and customer  service. When any resonable person who looks at these 91 transactions in 19 days over 3500 miles away from my home in  foreign countries for non medical purchases red lights should have been flashing in thier fraud department.The rest of this story will come after I hear from thier Fraud Department.

 John Lahm

410 493 7191

 

Poor Service

I have been with OptumHealth Bank for over 3 years, and the service has been consistently bad. The ONLY reason I have an account there is because it is the only provider offered by my employer for our HSA plan. The account reps I experienced have been in-flexible and treated me as if I owed them for handling my account. The reps I dealt with also had poor knowledge about their product. When I made an extra year-end contribution to my plan they hold held my funds (about $3,000) to the maximum extent allowed by law, even though the funds had cleared my sending bank. This bank also charges heavily for all activities: $3.00 per month service charge; $20.00 for an outbound transfer from your account to another financial institution; etc...additionally, a full listing of the fees are not available on their web site. Clearly this bank knows the tax benefit to an HSA is greater than their charges, and as a result they appear to overcharge and under-invest in quality service. I would never bank here if I didn't have too.

Go Elsewhere With Your HSA

I would rate this place zero star if the site lets me. Horrible service, unintuitive website, and charges closing fees to transfer the balance. I hope my new HSA bank will be better than this. But the bar is so low I can imagine I could not get better services.

This Bank Can Not Be Trusted

I have some issues with my health saving account. The customer service line has been called to get things corrected. Well, one thing was heard over the phone and entirely different thing seen over my online account. I find it extremely hard to believe they care about anything I have to say about my account. They reassured me that error has been corrected and their website may have a lag of 2-3 days to reflect that change. While it has been over 10 days, nothing has been changed online. Who do I really believe?? If I had other option, I would never choose this place for my HSA.



Health

Data for Q2 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of June 30, 2014 Optum Bank, Inc. had $720,000 in non-current loans and owned real-estate with $336.62 million in equity and loan loss allowances on hand to cover it. This gives Optum Bank, Inc. a Texas Ratio of 0.21% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Optum Bank, Inc. experienced no significant changes from 0.12% as of June 30, 2013 to 0.21% as of June 30, 2014, resulting in a negative change of 78.59%. This indicates that the balance sheet and financial strength for Optum Bank, Inc. has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Optum Bank, Inc. has increased its total deposits by $404.66 million, resulting in 19.8% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Optum Bank, Inc. has shown is excellent.

Capitalization

GRADE:
B+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Optum Bank, Inc. has $3.14 billion in assets with $336.62 million in equity, resulting in a capitalization level of 10.73%, which is above average.

Institution Statistics

Overall
FDIC Certificate #57408
Year Established2003
Employees94
Primary RegulatorFDIC
Assets and Liabilities
Assets$3.14 billion
Loans$333.31 million
Deposits$2.45 billion
Equity Capital$332.68 million
Loan Loss Allowance$3.94 million
Unbacked Noncurrent Loans$720,000
Real Estate Owned$0
Historic Data - June 2013
Assets$2.68 billion
Equity Capital$306.51 million
Loan Loss Allowance$3.26 million
Unbacked Noncurrent Loans$720,000
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets2.06%
Return on Equity20.52%
Interest Income$40.00 million
Rates

Sorry, we do not have rate data for Optum Bank, Inc.

Locations


Optum Bank, Inc. Locations
Optumhealth Bank, Inc.2525 Lake Park Boulevard, Suite 110Salt Lake City, UT 84120