How to Get Optum Bank HSA Fees Waived or Refunded Easily
Optum Bank is the most acceptable HSA account for investment management because of the tools and services offered by Betterment. Betterment is an online Robo-advisor and cash management firm. These services include auto-deposit, investment sweeping, and automated portfolio rebalancing.
Optum also connects with personal financial tools like Personal Capital to help you keep track of all fees and investment performance. However, the most significant downside is that Optum bank HSA fees are higher than most firms. Depending on what you're purchasing with your investment, you'll have to pay annual maintenance and custodial fees.
An average American spends $7 each month on banking fees. While $7 may not appear to be a large sum, these charges may build up over time, leaving some people with a $100 deficit in their bank accounts each year. Overdraft costs for frequent overdrafts are about $450 more per year than those who aren't enrolled in an overdraft protection program.
Most people pay these fees without giving them a second thought — but did you know that there's a way to get around them? You can and avoid paying them with the proper argument and explanation. But doing this for every bank fee you get is a waste of your time. That is why DoNotPay is here to appeal your bank fees automatically and get them waived or refunded.
Common Optum Bank Fees
A monthly of $2.75 is charged by Optum Bank, which may be avoided by maintaining a more outstanding balance. Your company determines the exact amount. The sum is $3,000 for people. If you choose to use these alternatives, it will also charge you the following fees:
- Each ATM transaction costs $2.50, plus any fees levied by the ATM's bank.
- Transfer your HSA to another bank or custodian for $20 (outbound).
- The cost of a printed statement is $1.50. You may avoid this cost by opting for online bill delivery.
Finally, you'll be paid a monthly brokerage fee of 0.03 percent of your invested assets, up to $10 per month, if you opt to invest part of your HSA money. As a result, this brokerage charge only applies to the first $33,000 in your account.
What Is an Overdraft?
You may borrow money from your bank when you need to make a payment that exceeds your normal bank account balance. Overdrafts are helpful in this situation. When you take out an overdraft, you must pay a charge besides the interest rate. Most overdraft fees range from $30 to $35.
Here are some of the top banking institutions' overdraft fees.
|Bank of America||$35|
What Is an ACH (Automated Clearing House) Transfer Fee?
It's an electronic network that allows banks to send money to other financial institutions. At its most basic level, an ACH transfer is a transaction that electronically sends money from one bank to another.
While using ACH to send money is easy, the convenience may come at a cost. However, you may make ACH transfers without incurring fees at many banks.
On the other hand, some banks will charge a fee for the service.
|Bank||ACH Fee||Processing Time|
|Citizens Bank||$3 for standard-time delivery
$10 for next-business-day delivery
|1-3 business days|
|Bank of America|| $0 for inbound transfers
$3 for standard-time delivery
$10 for next-day delivery
|Three business days|
|M&T Bank||$3||1-3 business days|
|PNC Bank||$0 if done online, $3 if done in-branch||2-3 business days|
What Is an ATM Fee?
Depending on whether the ATM you use is in-network or even overseas, bank ATM fees can range from $2.50 to $5 or more for each transaction. When you make withdrawals, or deposits, from an ATM that your bank doesn't control, it may charge you a slew of additional costs.
These fees are sometimes levied by your bank and the firm that runs the ATM you use.
|ATM Operator Fee|
|BB&T||$2.50||$5.00 and 3%||$2.50|
|Bank of America||$2.50||$5.00 and 3%||$3.00|
|BBVA Compass||$2.50||$2.50 and 3%|
Optum Bank HSA Fees Explained
At Optum Bank, only a monthly maintenance cost and, if applicable, an ATM withdrawal fee, outward transfer fee, and monthly investment fee should be expected.
|Monthly Fee||$2.75/month (waived when balance reaches $3,000)|
|Printed Statement Fee||$1.50 (waived if the customer chooses e-statements)|
|Account Closure Fee||$20|
|Minimum Balance for Investing||$1,000|
|Brokerage Fee||0.03% monthly fee
• Capped at $10/month ($33,000 in assets)
|ATM Withdrawal Fee||$2.50|
Tips for Avoiding Optum Bank HSA Fees
The $2.75 monthly maintenance cost charged by Optum Bank is a little more than we'd want, but it may be avoided by keeping $3,000 in the HSA checking account. Consider maxing out your HSA as soon as possible to avoid this cost.
Although most individuals are concerned about the monthly account charge, there are a variety of additional HSA expenses to be aware of. Examples are paper statements, ordering checks, ordering a new debit card if yours is lost or stolen, and withdrawing excess contributions.
These charges can mount up quickly, but they can frequently be avoided.
- Register for electronic statements.
- Instead of ordering checks, use your debit card or transfer money to your checking account and pay your provider with it.
- Keep track of your HSA balance and avoid being overdrawn.
How to Get Optum Bank HSA Fees Waived Easily with DoNotPay
If you want to get your Optum Bank HSA fees waived easily with but don't know where to start, DoNotPay has you covered in 4 easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4- digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
Why Use DoNotPay to Get Optum Bank HSA Fees Waived
- Fast—You won't have to wait hours for your Optum Bank HSA fees to be waived or refunded.
- Easy—You don't need to battle filling out lengthy documents or keeping track of all the processes required.
- Successful—You may rest confident that DoNotPay will present your case in the best possible light.
DoNotPay Works Across All Groups With the Touch of a Button
Keep in mind that DoNotPay can assist you with various issues in distinct entities, not simply those involving Optum Bank.
We'll also help you to fight:
- Chase Bank overdraft fees
- TD Bank overdraft fees
- Fifth Third bank overdraft fees
- Bank of America overdraft fees.
- Bank of America ATM fees
- Citizens Bank overdraft fees
- Wells Fargo checking account overdraft fees
- PayPal transfer to bank fees
We can also help you locate banks without overdraft fees and find out if banks charge overdraft fees on weekends.
What Else Can DoNotPay do?
DoNotPay can help solve many other issues. Here are some other services which DoNotPay offers:
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Don't let banks take advantage of you with unfair fines and fees. Use DoNotPay to file an appeal and have them waived.