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Summary - Optum HSA users need to know:
A close friend told me about a disturbing situation with his HSA (Health Savings Account) provider that I wanted to pass on in hopes of preventing/detecting future fraud. Here are the details.
He enrolled in the Optum Health Bank HSA in February 2012. He had not used the account until November, when he used his MasterCard debit card to make a purchase. At that point he realized he had never received statements from Optum Health Bank. He used their website to create an account, login, and check his balance. At that point he realized there had been an unauthorized charge, at an entertainment park in a different state, for over $400. The unauthorized charge was in July 2012.
He immediately called MasterCard and had the card cancelled. He then called Optum Health Bank, notified them of the problem, and filed a charge dispute in order to try to recover the funds. Because he did not file within 60 days of the unauthorized charge, Optum/MasterCard rejected the claim. He thus personally suffered the > $400 fraud charge.
Note - He never lost his cards, they were always in his possession.
He tried, unsuccessfully, to argue the case with MasterCard. Their policy is that a user must file a dispute within 60 days of receiving a statement. He never received a statement, but it was available online. However, he did not recall ever being informed he would not receive statements other than online statements.
The message - always watch for fraud. Always make sure you are getting/checking statements on ANY account for which you are responsible. If you are an Optum Health Bank MasterCard debit card HSA user, also know that they have poor fraud detection.
- You will not receive statements from Optum Health Bank.
- Optum Health Bank apparently does not let users know they will not receive statements.
- There is no way to request paper statements, or even an email that a statement is ready.
- Optum Health Bank MasterCard debit cards have poor fraud detection.
- Use the online account to check your statements regularly, and look for unauthorized charges.
A close friend told me about a disturbing situation with his HSA (Health Savings Account) provider that I wanted to pass on in hopes of preventing/detecting future fraud. Here are the details.
He enrolled in the Optum Health Bank HSA in February 2012. He had not used the account until November, when he used his MasterCard debit card to make a purchase. At that point he realized he had never received statements from Optum Health Bank. He used their website to create an account, login, and check his balance. At that point he realized there had been an unauthorized charge, at an entertainment park in a different state, for over $400. The unauthorized charge was in July 2012.
He immediately called MasterCard and had the card cancelled. He then called Optum Health Bank, notified them of the problem, and filed a charge dispute in order to try to recover the funds. Because he did not file within 60 days of the unauthorized charge, Optum/MasterCard rejected the claim. He thus personally suffered the > $400 fraud charge.
Note - He never lost his cards, they were always in his possession.
He tried, unsuccessfully, to argue the case with MasterCard. Their policy is that a user must file a dispute within 60 days of receiving a statement. He never received a statement, but it was available online. However, he did not recall ever being informed he would not receive statements other than online statements.
The message - always watch for fraud. Always make sure you are getting/checking statements on ANY account for which you are responsible. If you are an Optum Health Bank MasterCard debit card HSA user, also know that they have poor fraud detection.
I will keep a VERY close eye on that account.
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