Optum Bank, Inc.
Optum Bank, Inc. is headquartered in Salt Lake City and is the 11th largest bank in the state of Utah. It is also the 157th largest bank in the nation. It was established in 2003 and as of June of 2017, it had grown to 158 employees at 1 location. Optum Bank, Inc. has an A+ health rating.
Optum Is SUPER
My company switched HSA providers and Optum made it so easy for all the employees to move their money. They cam out to all our locations and explained everything and made it super simple. The two times I have had to call to ask something, the customer service people were nice and helpful. Plus, they don't have all the little fees that add up (like wanting your statement printed or getting paper checks). I highly recommend.
Go Elsewhere If You Can
Like many thousands of others, I was stuck with Optum when Wells Fargo decided to quit offering HSA accounts and transferred all of them to Optum. I worked for WF, and the whole time I was there as a business banker I was strongly encouraged to sign up as many businesses as possible to offer their employees WF HSA's. Within 90 days of retiring (and setting up several Medicare accounts for ACH payment) WF suddenly changed their mind and dropped HSA's entirely. Great. I was already well aware of Optum's very SUBoptimal Health Benefits website (also used by WF), so I wasn't looking forward to an Optum Bank experience, but it's even worse than I feared. It is not possible to do any transactions on the site without it crashing and asking you to try again later. In the meantime, you don't know if the transaction went through or not. I certainly wouldn't trust it with an Autopay of any important insurance. I'm now shopping for another bank to handle my HSA and will have to transfer all my ACH's once again. So two thumbs down for Optum AND Wells Fargo.
Awful, Awful, Awful
My bank decided to exit the HSA business and stuck us with Optum. Awful service. Why in this day and age of ETF it takes 5 days to make a deposit available, I will NEVER be able to figure out. On the rare, unfortunate occasion I have had to talk to one of their *customer service* reps, it has been completely non-productive. They don't know their own product and were not very pleasant. OK, maybe my frustration over their lack of product knowledge made them a little prickly, but for crying out loud. TRAIN YOUR CUSTOMER SERVICE REPS!!!!!
Terrible Service
My HSA was transferred from Wells Fargo and Optum misspelled my name. I spent a frustrating 10 minutes on the phone only to be told I needed to write a letter and fill out a form for a name change. Their mistake - my valuable time!
Data as of Q2 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57408 |
| Year Established | 2003 |
| Employees | 158 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.49% |
| Return on Equity - YTD | 12.73% |
| Annual Interest Income | $83.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2017vs Q2 2016 | $7.78B$5.48B |
| Loans | Q2 2017vs Q2 2016 | $523.2MM$457.3MM |
| Deposits | Q2 2017vs Q2 2016 | $6.41B$4.16B |
| Equity Capital | Q2 2017vs Q2 2016 | $939.5MM$841.7MM |
| Loan Loss Allowance | Q2 2017vs Q2 2016 | $5.5MM$5.0MM |
| Unbacked Noncurrent Loans | Q2 2017vs Q2 2016 | $1.8MM$2.0MM |
| Real Estate Owned | Q2 2017vs Q2 2016 | $0$0 |
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| Optum Bank, Inc. Locations | ||
|---|---|---|
| Optumhealth Bank, Inc. | 2525 Lake Park Boulevard, Suite 110 | Salt Lake City, UT 84120 |