Optum Bank, Inc. is headquartered in Salt Lake City and is the 11th largest bank in the state of Utah. It is also the 186th largest bank in the nation. It was established in 2003 and as of September of 2016, it had grown to 33 employees at 1 location. Optum Bank, Inc. has an A+ health rating.
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.
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.
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.
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.
410 493 7191
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.
|FDIC Certificate #||57408|
|Return on Assets - YTD||1.54%|
|Return on Equity - YTD||12.3%|
|Annual Interest Income||$85.5MM|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$5.67B$3.98B|
|Loans||Q3 2016vs Q3 2015||$459.4MM$379.7MM|
|Deposits||Q3 2016vs Q3 2015||$4.26B$3.07B|
|Equity Capital||Q3 2016vs Q3 2015||$863.2MM$397.2MM|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$4.9MM$4.2MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$1.7MM$1.1MM|
|Real Estate Owned||Q3 2016vs Q3 2015||$0$0|
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|Optum Bank, Inc. Locations|
|Optumhealth Bank, Inc.||2525 Lake Park Boulevard, Suite 110||Salt Lake City, UT 84120|