Optum Bank, Inc. is headquartered in Salt Lake City and is the 8th largest bank in the state of Utah. It is also the 135th largest bank in the nation. It was established in 2003 and as of September of 2020, it had grown to 380 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 ???????.
NOT Optimum Experience!
Individual HSA - Optum has a history of receiving transfers from my account (i.e., CASH funds are electronically withdrawn from an outside account to my HSA) and they do not make them available from my HSA for days after they have the money. So I no longer have MY money in one account ... and I cannot access MY money in my HSA. Their policy says "it MAY take up to 5 business days from the initiation date for funds to become available." It should read, "WE WILL TAKE 5 OR MORE BUSINESS DAYS ..."
HSA Is Functionally Useless; Effectively A Scam
My experience with Optum HSA is that it is functionally useless; they take money from you, but when you spend it on healthcare, as stipulated, and submit itemized receipts for an eye exam (just as an example), it is rejected for "not being a valid medical expense". Nobody from customer service will answer any question about why a claim is denied (even if it's for a medical expense).
This company needs to be shut down; they do not provide the service they claim to provide.
Fraud Enablers
If I could give them zero stars, I would. If your employer is looking for a HSA vendor, tell them to steer clear of Optum Bank. I would not recommend this place to my worst enemy. I had the HSA through a previous employer and was not really using it. I did not monitor the account because I trusted Optum Bank to monitor my account for any unusual activity or fraud. They failed miserably. My wife went to the doctor and used our HSA credit card. The card was declined and when I called Optum Bank to find out the balance, we were robbed of $2900.00 all from the same vendor. Optum Bank failed to flag these transactions as fraud and allowed these charges to continue. The fraud unit investigated and gave us half the money back claiming that is all they were responsible for. Getting the money back was not easy. They dragged their feet for 6 months. They failed to look out for fraud, and they pointed the finger back at me – they took zero responsibility . They are corporate criminals and their executive team belongs in jail.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57408 |
| Year Established | 2003 |
| Employees | 380 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.3% |
| Return on Equity - YTD | 15.29% |
| Annual Interest Income | $215.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $12.56B$10.66B |
| Loans | Q3 2020vs Q3 2019 | $1.70B$1.21B |
| Deposits | Q3 2020vs Q3 2019 | $9.53B$8.46B |
| Equity Capital | Q3 2020vs Q3 2019 | $1.94B$1.54B |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $19.7MM$12.6MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $189.00K$2.0MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $0$0 |