Optum Bank, Inc. is headquartered in Salt Lake City and is the 8th largest bank in the state of Utah. It is also the 139th largest bank in the nation. It was established in 2003 and as of September of 2019, it had grown to 394 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 ???????.
TERRIBLE EXPERIENCE!!!!
I had the worst experience with Optum. I kept receiving cards but they never worked and finally decided to cancel my membership. Luckily I got back all the money from July's reimbursement. Despite my cancellation, they still charged me for August. Like WTF!?!? They promised to reimburse me for August. They only sent me $8.50 check in the mail and still owe $156. I was promised numerous times on the phone that I would be reimbursed, once being told that I would receive it as a deposit then a second time being promised that I would receive it in the mail. Then the final time being told by their supervisor that I would never receive the $156. Pretty fucked up that they never reimbursed me for August despite chasing them and waiting on them during September and August. Really just an awful experience. I don't advise Optum to anybody and I guess I shouldn't be surprised to see such awful reviews on this site. Optum, you SUCKKKKK!!!
Bounced Checks
Optum bounced a $5000 check payable to my dentist because I hadn't transferred enough to cover the check from my HSA investment account. Who knew? $25 returned check fee incurred. Wells Fargo, our previous HSA administrator, did it automatically. Optum bounced a second $5000 check to same dentist for no apparent reason. Needed to "research it". I told the customer rep that I expected a check from Optum for the second $25 returned check fee along with an explanation. I am not at all confident future bounces won't happen! I have way more in the account than is needed to cover these checks. I will be transferring my account out of Optum as soon as this mess is straightened out.
Pay Gets Deducted For Commuter Benefits - They Refuse To Refund Or Send Replacement Voucher
This company should not be in business! They are unethical and very incompetent.
My company utilizes Optum Bank/OptumHealth Bank/Optum Financial for commuter transportation benefits (owned by UnitedHealth Group). Every month, my paycheck is automatically deducted to receive a transit voucher check from Optum Bank. It is a new service we have been utilizing since March 2019. The 1st two months I received my vouchers and utilized my voucher checks with no issues. In late April 2019, I received an email (as usual) saying my "order was fulfilled) for my May transit. I never received the voucher check from Optum Bank. I've had numerous emails and phone calls with them for over one MONTH. They said I need to furnish an "out-of-pocket" receipt. When I supplied them a copy of my paystub (highlighting the transit deduction), a letter from my company's finance department and the actual email fulfillment message that I received from Optum when the order was processed. They said that all my documentation does not "count" according to their policy. They said I will need to furnish an "out-of-pocket" receipt, which absolutely makes no sense. Why would I pay an additional $100 "out-of-pocket" to furnish a receipt? I refuse pay an additional $100 of my pay in order to get reimbursed; in essence, I would still be $100 short, because they refuse to reimburse me for the initial $100! To date, they still refuse to reimburse me!
Please do your research! You will see they have horrible reviews all over the internet.
THEY ARE THIEVES! DO NOT SIGN UP WITH THEM - you will be sorry!
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57408 |
| Year Established | 2003 |
| Employees | 394 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.8% |
| Return on Equity - YTD | 21.15% |
| Annual Interest Income | $226.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $10.66B$8.87B |
| Loans | Q3 2019vs Q3 2018 | $1.21B$931.8MM |
| Deposits | Q3 2019vs Q3 2018 | $8.46B$7.46B |
| Equity Capital | Q3 2019vs Q3 2018 | $1.54B$1.02B |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $12.6MM$11.1MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $2.0MM$4.2MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $0$0 |