Optum Bank, Inc. is headquartered in DRAPER and is the 9th largest bank in the state of Utah. It is also the 101st largest bank in the nation. It was established in 2003 and as of December of 2024, it had grown to 726 employees at 1 location. Optum Bank, Inc. has an A health rating.
Terrible Bank!
Terrible bank! Absolutely terrible service! Don't expect to get any customer support... all their representatives seem to lack skills (aside from using buzzwords!), and they’re located in India! I wanted to transfer my HSA account from their custodian to another company! They kept me waiting for months, asked me to liquidate, which caused a significant loss for my portfolio when they could have simply journaled it off their books to my new custodian. They made me wait a month to transfer my money while deducting a monthly fee from it, and eventually charged me for the transfer… If you have time for a headache or want to stay with them forever, go ahead… otherwise, if you see this ridiculous bank, run!
3Rd Class Bank
worst bank service .. bloddy hell. stay away from them .. leeches
Qualifies As Racketeering
It's abundantly clear from the other comments that Optum Bank is a racketeering operation.
When you have a problem with Optum Bank, your issue will likely be resolved fastest if you submit a complaint to the Consumer Finance Protection Bureau (CFPB).
Go to:
https://www.consumerfinance.gov/complaint/
The system is quick and easy to use. Here are some tips to make the process easier when submitting a complaint against Optum Bank:
1. For the question "What is the complaint about?", choose "Checking or savings account." They don't have an "HRA" choice but "Checking or savings account" works fine.
2. For "What type of banking product?, choose "Other banking product or service" and enter "Healthcare Reimbursement Account" in the text box below the answer.
3. For "What type of problem are you having?", choose "Managing an account."
4. For "What best describes your problem", choose whatever is most descriptive of the problem. Usually this will be "Problem making or receiving payments(bill pay, mobile or online payments, bank offsets, transaction holds)" or "Funds not handled or disbursed as instructed".
5. For "Company Name", enter "Optum". The name "OPTUM BANK, INC." should then automatically populate the field.
6. For "We need this information to help the company find you in the system . . .", select "billing address" and fill in your address.
You'll probably get an email from a government affairs rep at Optum Bank within a few business hours of submitting the complaint, and almost certainly within one day. The governmental affairs reps are much easier to deal with than the foreign-based Optum Bank phone reps.
After you've submitted your first complaint, many of the fields will automatically repopulate for subsequent complaints after you log on to the system, so future complaints are even faster and easier to submit.
Run Away, Run Away!
I've had the same experience as many others that have posted here. Every interaction with them has been unpleasant. Upon transferring my account to my Fidelity HSA, I've been told that they mailed a check to Fidelity. WTF. Who mails checks? I doubt my account number is on the check and now I have two accounts (old and new) showing zero balances. Where's my money?
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57408 |
| Year Established | 2003 |
| Employees | 726 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.31% |
| Return on Equity - YTD | 31.21% |
| Annual Interest Income | $719MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $18.65B$16.4B |
| Loans | Q4 2024vs Q4 2023 | $6.4B$4.92B |
| Deposits | Q4 2024vs Q4 2023 | $14.92B$13.98B |
| Equity Capital | Q4 2024vs Q4 2023 | $2.16B$1.55B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $76MM$45MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $18MM$12MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $8MM$0 |