Optum Bank

Worst FSA Card EVER. Requires documentation for every transaction despite it being used at a hospital, medical center or dr's office. STAY AWAY FROM OPTUM.

I have the FSA card for daycare and expenses similar to that. Not only did i NEVER get my card in the mail, after months of $ being deducted from my paycheck i called to close the account and they are REFUSING to give me my $ back. I am still without my money and I Intend to SUE this company if they do not return it. DO NOT DO BUSINESS WITH THEM. They are thieves.

Tons of fees and it will bleed your account dry if your account value isn't over their stated minimum. I had a small employer plan left over from a job fresh out of college. I wasn't able to invest because my account value was under the minimum and also wasn't eligible for the fee waiver as again it was under the minimum to avoid the account fee. This is predatory in my opinion as it bleeds dry small accounts like mine. If my account had a higher value I would have been able to invest to potentially offset any fees and would have hit the minimum to avoid the fee altogether. Extremely bad practice. My account was a small one from an old employer, I actually forgot about it until I found some paperwork on it in my files. When I went to check in on it, the account had lost 1/3 of the value due to the predatory fees mentioned above. To top it off, when I transferred out to a provider that wasn't going to bleed the remaining account value dry, they charged an additional $20 transfer out fee.

I too wish I could give a 0 review to Optum. I ended up at Optum due to Wells Fargo transferring my HSA. I had been unable to access my account online for close to a year and customer service and IT could not solve the problem despite numerous calls and hours on the phone.I finally decided to transfer my account to Fidelity which required liquidating all the funds during the market downturn. This process took multiple calls and conversations because they said I had to do it via the website which of course hadn’t worked for me for a year. Finally they liquidated the accounts (during the downturn causing a loss of $). Fidelity initiated an electronic transfer over a month ago and hasn’t been able to get the transfer completed and was told today they issued a check (to whom I don’t know). Absolutely the worst experience ever. Don’t do anything with Optum. Fidelity has been great though!

I have been a long standing Health Saving Account client of Optum Bank after the account transfer from Wells Fargo(they quit doing them). I wanted to increase the number of investment choices so I decided to transfer my funds to Fidelity.

I set up a Fidelity account and they tried to pull in my funds. I was told that Optum can not do in-kind transfers. When I looked at Optum's Investment tabs on their website I did not see the possibility of selling the mutual funds for cash. There was only the possibility to transfer them into Money market securities. I figured that a Money Market security also would be a in-kind transfer.

I called up the Wellsfargo past client number. The customer service staff walked me through which screen to go to for a link to hit that said "liquidate investments." That's where the problem occurred because the software had a option to invest the cash into preselected investments choices once it cash level gets over $2020. The customer service rep did not tell me to turn that feature off in their software. Or more importantly the software is not smart enough not to turn that feature off if you "liquidate investments". SO, the day after I called my investments were sold(October 12, 2022). On October 13th, the Mutual fund auto investment Purchase was done. Once again I had to try to have Fidelity to pull the cash from Optum. On October 14th I received a email telling me once again that they can not do in-kind transfers. REALLY!!

So I go back into their website and sure enough mutual funds were invested. I remembered the where I had to go on the Website to "liquidate investments" and I knew that I had to find where I should turn off the Auto Investment Purchase option. So, I turned it off. Unfortunately, the market dropped during the few days and their incompetence costs me $2,263.

I have been on the phone numerous times and no one calls me back with a solution and a refund of my money so I can get my cash out of their and reinvested into the market.

I can not recommend using Optum for HSA accounts and maybe other accounts that involve a software package without proper logic and customer service people that don't understand their software as well!!

FSA Account Rendered nearly useless - Excessive Documentation. Company is demanding full documentation for co-pays and deductibles billed my the major medical center - the very purpose of an FSA account. This is a 100% documentation mandate from the hospital for on going care. Customer service is abysmal and is willing to engage in intimidation and threats to the consumer to protect their own incompetence.

Opened FSA account with Optum. They processed 2 claims and then blocked (but did not deny) the subsequent claims even though the claims were legitimate (same exact claims that were approved before). I wasted months of jumping through ther hoops until the account timed out and they took my balance to cover "account maintenance". Yes. It took a lot of maintenance to not to pay out on legitimate claims. I thought banks were trustworthy, apparently not all banks are.

Horrible customer service. The card is useless unless the organization providing care is ONLY for childcare and they code their POS system that way. For example, our local boys and girls club, that provides daycare, preschool, after and before school care can't take the card because they are categorized as a community organization. Now I have to pay for preschool out of pocket after I have been having funds withdrawn from my paycheck as well. Essentially I am paying for it twice until I get reimbursed. Got a tremendous run-around and attitude when I called about my card getting declined. Terrible experience and not at ALL worth investing in the FSA because I have to pay out of pocket anyway.

I wish I could give them something lower than 1 star. Never have I felt like my own money was being held hostage. Unnecessarily complicated procedures for FSA claims. Never giving them another cent in the future, hoping my company finds another provider to work with.

Unnecessarily difficult to upload statements. They request documentation for every single transaction. Customer service is absolutely not helpful. I won't be signing up for FSA next enrollment period, it's not worth the aggravation.