Optum Bank, Inc. is headquartered in Draper and is the 8th largest bank in the state of Utah. It is also the 125th largest bank in the nation. It was established in 2003 and as of June of 2022, it had grown to 530 employees at 1 location. Optum Bank, Inc. has an A+ health rating.
Horrible First Time Impression
11/14/19 & 2:51PM
While sitting in the car riders line (I’m usually waiting every day for about an hour and half to pick up my boys from school), I called Optum Bank to check the balance of our HSA Account. I put in the necessary information and waited for a customer service representative.
In no time someone came on, but didn’t say anything FOR THIRTY TWO MINUTES- 32 minutes ??! I could hear other representatives talking to their customer caller. So I said “Hello, Hello” a couple of times! NOTHING! I repeated the Hellos.
Sitting in the car riders line means I have the time to sit! I wanted to see how long this Optum Bank Customer Representative would sit and listen to me play ALL my Candy Crush Saga and Toy Blast Game Men, a couple of Flow Free Boards and Word List Puzzle - STILL NOTHING! So my kids finally get out of school and the Optum Bank Representative is STILL ON THE PHONE!
I started talking to my boys about their day, and the upcoming Thanksgiving holiday. It wasn’t until I was stopped at a red light and said “Let me screenshot my phone so I can saved how long I’ve been on this call” that the Optum Bank CS Representative hung up the phone. By this time, an entire thirty two (32) minutes had passed and I still hadn’t found out the simple information of account balance ???????.
Worst Cusomer Service Yet!
Having just spent nearly 2 hours on the phone with Optum's so-called "Customer Service" in the Philippines, I am praying that I don't die before depleting my HSA account. The Filipinos are pleasant enough but they are difficult to understand and haven't a clue about Optum's procedures. I've been trying since 2017 to get a beneficiary on my Optum account - sending email and snail mail versions of the Designation of Beneficiary form - and every year they send me an email saying they have no beneficiary designation. And their Utah phone number - 801 982 3000 - is out of service !!!
I don't believe they are a legitimate business, based upon the other reviews here. They are a well-organized scam.
MK Williams
Optum manages my Retiree HSA account. In April, 2022 I used their debit card 4 times and they challenged 2 out of the 4 charges! Demanding that I provide additional documentation about the charges, or they will refuse access to MY OWN FUNDS! There was nothing suspicious about the debits. One was to directly to a medical lab for my routine pap smear, BILLED BY MY OB/GYN, and the second charge was to a medical imaging center called Solis mammography imaging for a diagnostic mammogram! For heaven sake, nothing about those charges are suspect!! Also, why are they challenging 50% of my the debits TO MY OWN FUNDS? This extra BS I must go through is harassment and the "customer service" department is a complete JOKE! Robotic, incompetent agents who refuse to escalate to a supervisor or manager or even give the name of person in charge! I can't find the receipt for the lab bill. When I asked what happens next, does Optum keep my money? I was told a supervisor whould call " within 24-48 " hours to explain. That was a week ago, I have not been called. How can Optum get away with this?
Tax Form On Death Distribution
I closed out my late husband's HSA after my husband's death in 2021. Received the check promptly, Problem is that I still (4/14/2022) have NOT received the tax form detailing the distribution. After a total of 8 phone calls over a span of two and a half1 months, A "supervisor" explained to me that death distributions don't belong on 1099-SA And apparently didn't know that they are taxable. My solution is to refer them to the IRS and my state SCDOR. And let them deal with the idiocy of Optum.
If I could give 0 stars, I would.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57408 |
| Year Established | 2003 |
| Employees | 530 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.83% |
| Return on Equity - YTD | 15.49% |
| Annual Interest Income | $162.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $15.07B$14.45B |
| Loans | Q2 2022vs Q2 2021 | $3.72B$2.61B |
| Deposits | Q2 2022vs Q2 2021 | $12.74B$11.59B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.54B$2.04B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $29.2MM$24.0MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $786.00K$156.00K |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |