Consumer complaint received 2023-01-18
Product: Checking or savings account — Savings account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: OPTUM BANK, INC. (MN)

Optum Bank wrongly processed my HSA transfer request submitted in XXXX 2022 and I lost {$2100.00} due to their wrong operation. 
My HSA transfer request is to partially transfer my fund from Optum HSAXXXX to XXXX XXXX XXXX XXXX. ( Optum HSA account remains active ), I submitted a transfer request in XXXX. 
1. On XX/XX/2022, Optum Bank sent me an email which stated that they could not do transfer investment in-kind. 
See Attachment # XXXX. XXXX I called Optum and was told I had to liquidate investment account and move the fund from investment account to HSA cash account. I did it accordingly. 
Note : For each HSA customer, Optum Bank maintains two accounts : cash and investment account. The cash account is used to reimburse the medical claims. The investment account is used to invest mutual funds. 
2. On XX/XX/2022, Optum Bank created a transfer check by dropping {$100000.00} from my HSA cash account. The check was directly sent by Optum Bank to XXXX. 
See Attachment # 4. Optum Transfer Check.pdf. ( date is XX/XX/XXXX ) 3. On XX/XX/XXXX morning, I saw an email dated XXXX XXXX at XXXX XXXX  from Optum Bank and the emails stated We're writing to confirm a recurring transfer from your Optum Bank health savings account ( HSA ) to your chosen investment* elections. If you did not request this transfer, please contact us immediately. 
See Attachment # 2 : XXXX The XXXX wrongly stopped the transfer check which had been sent to XXXX and moved the fund to investment account. 
I called Optum Bank immediately and talked to the supervisor of customer service. I clearly stated that this recurring transfer was wrong and please stop it. The transfer check should not be stopped because Optum Bank had already sent the check to XXXX and XXXX had received it. 
See Attachment # 4 : XXXX XXXX XXXX. ( The check issue date : XX/XX/XXXX. XXXX received the check on XXXX XXXX ). 
I was told by the supervisor that he would resolve this problem. The fact is that he did not fix the problem. The pending transfer check {$100000.00} was wrongly stopped and the fund went into market and then it went back to HSA cash account. This wrong processing lost {$2100.00} ( $ XXXX {$100000.00} ) See Attachment # 4. XXXX XXXX XXXX XXXX XXXX. On XX/XX/XXXX, Optum Bank refuse to pay the transfer check ( ( {$100000.00} ). 
See Attachment # 3 : XXXX XXXX XXXXXXXX XXXX See Attachment # 6 : XXXX XXXX XXXX XXXX : Optum Bank Problem Summary.

1. Optum Bank did not complete the transfer right after dropping the money from my HSA cash account on XX/XX/2022. The transfer check set aside for days before it being sent to XXXX. 
Note : Based on the date stamp on the check, XXXX received the check on XX/XX/2022. 

2. Optum Bank wrongly stopped the transfer check which they had sent to XXXX. 
Its fund was back to cash account and recursive transfer happened because HSA auto-transfer flag was on.

Note : Optum Bank has a HSA auto-transfer flag which controls moving fund from HSA cash account to investment account. It was off status while I moved the fund to HSA cash account for this transfer. One week after Optum dropped {$100000.00}, I turn on the flag so my future contribution will automatically do auto-transfer. 
3. Optum Bank did not stop the wrong recursive transfer after receiving my call on XX/XX/2022.