Optum Bank, Inc. is headquartered in Salt Lake City and is the 9th largest bank in the state of Utah. It is also the 141st largest bank in the nation. It was established in 2003 and as of June of 2019, it had grown to 371 employees at 1 location. Optum Bank, Inc. has an A+ health rating.
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!
This Is The Worst Place On The Planet
Do not ever do business with this place - I have been trying to get an APPROVED expense payment for 6 months - It has been escalated NUMEROUS times and every time I call back - I have to wait at least 2 weeks for processing before I can find out if it was sent or not - only to find out every time that it is still pending.......WTF - I will NEVER EVER do business with them again If I could give it 0 stars I would BEWARE OF THIS PLACE
Straight Up Scam
They may operate just enough within the grey areas of the law to not get caught but be prepared to never see your money again. I've never been able to login to their main website. Always says "Login error try again in 10 minutes" or "Site error please try again". If you do file a claim it will be denied no matter how much documentation you send. If you do talk to customer service (which is almost impossible to reach) they are completely useless. My workplace uses this bank but from everyone here if you open an HSA once you have a decent amount it will be unathourized transfered to an overseas account and their fraud department does nothing. Open an FSA and all charges will be denied for the year and then they get to seize your funds. NEVER give these scumbags money only way you might ever see it again is in the hopeful class action lawsuit. But im sure they'll vanish the moment that comes down. Sorry to anybody else who signed up and is stuck in the same boat as me.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57408 |
| Year Established | 2003 |
| Employees | 371 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.57% |
| Return on Equity - YTD | 19.98% |
| Annual Interest Income | $150.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $10.30B$8.74B |
| Loans | Q2 2019vs Q2 2018 | $1.13B$843.5MM |
| Deposits | Q2 2019vs Q2 2018 | $8.37B$7.42B |
| Equity Capital | Q2 2019vs Q2 2018 | $1.43B$984.8MM |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $11.7MM$10.0MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $2.3MM$3.9MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $0$0 |
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| Optum Bank, Inc. Locations | ||
|---|---|---|
| Optumhealth Bank, Inc. | 2525 Lake Park Boulevard, Suite 110 | Salt Lake City, UT 84120 |