Launched in 2003 in Salt Lake City, Optum Bank started as an industrial loan corporation originally named Exante Bank. The bank changed its name to OptumHealth Bank in 2008 and to Optum Bank in 2012.
Here are five things to know about Optum Bank:
1. It operates as part of the financial services unit of Optum, UnitedHealth Group’s health and wellness company that serves more than 115 million people. There are 150-plus Optum locations around the globe.
2. Optum Bank services more than 3 million accounts and manages $10 billion in assets. More than 1 million providers use Optum Bank’s electronic payments and statements to receive electronic claims payments.
3. Employer benefits like health savings accounts, flexible spending accounts and health reimbursement arrangements are Optum Bank’s key offerings. It stores funds people put into these accounts to pay for future medical care.
4. It’s digitally focused and doesn’t have any cash on location. Users can track balances, recent transactions, contribution limits, and payments, as well as pay bills and search for qualified medical expenses on a mobile app.
5. Optum Bank has invested more than $46 million into low- and moderate-income housing developments, along with other community initiatives.
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