KANSAS CITY, Mo.--(BUSINESS WIRE)--
UMB
Healthcare Services, a division of UMB
Bank, n.a., announced today that it reached nearly $2 billion in
health savings account (HSA) assets and deposits as of Jan. 31, 2017, a
30 percent increase from $1.5 billion at Jan. 31, 2016. In addition,
individual health savings accounts surpassed 988,000 as of Jan. 31,
2017, compared to 818,000 accounts as of Jan. 31, 2016.
UMB Healthcare Services benefit cards for Flexible Spending Accounts
(FSAs), Health Reimbursement Arrangements (HRAs) and HSAs numbered more
than 5.6 million as of Jan. 31, 2017.
“We are excited that our growth at UMB Healthcare Services has outpaced
the industry for another year and we are proud of our innovative
financial health care solutions,” said Begonya Klumb, CEO of UMB
Healthcare Services. “We have been at the forefront of this rapidly
growing industry and will continue to provide our clients and account
holders with the technology, support and administration they need to
effectively manage health care payments and savings.”
According to a Midyear
2016 report from Devenir, HSAs nationally had grown to an estimated
18.2 million accounts with $34.7 billion in assets as of June 30, 2016.
This is a year-over-year increase of 22 percent in assets for the
industry.
“Our unique multi-channel model has allowed us to consistently outpace
our peers in this fast-growing industry,” said Ben Morris, President of
UMB Healthcare Services. “With that growth comes the opportunity for us
to explore new technological innovations that further enhance our
offerings. For example, we recently launched
a partnership with Microsoft Azure to bring our HSA applications
into the cloud.”
Since the inception of Medical Savings Accounts in the late 1990s, UMB
Healthcare Services has been a financial services leader in the health
care marketplace. Today, UMB is a leading provider of a suite of health
care financial solutions, including an HSA custody and investment
platform and multi-purpose card technology supporting HSAs, FSAs and
HRAs.
Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.
UMB Investment Management selects mutual funds in various asset classes
for inclusion in the UMB HSA Saver® Investment Program. UMB Investment
Management is a department of UMB Bank, n.a. UMB Bank, n.a. is a wholly
owned subsidiary of UMB Financial Corporation.
Investments in securities through HSA investment account are:
Not
FDIC Insured • May Lose Value • No Bank Guarantee
UMB Custody Services provides safekeeping and settlement of the mutual
fund investments in the UMB HSA Saver investment program. UMB Custody
Services is a division of UMB Bank, n.a.
UMB Healthcare Services® and UMB HSA Saver® are registered trademarks of
UMB Financial Corporation.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial
holding company headquartered in Kansas City, Mo., offering complete
banking services, payment solutions, asset servicing and institutional
investment management to customers. UMB operates banking and wealth
management centers throughout Missouri, Illinois, Colorado, Kansas,
Oklahoma, Nebraska, Arizona and Texas, as well as two national
specialty-lending businesses. Subsidiaries of the holding company
include companies that offer services to mutual funds and
alternative-investment entities and registered investment advisors that
offer equity and fixed income strategies to institutions and individual
investors. For more information, visit umb.com,
umbfinancial.com,
blog.umb.com
or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank
and LinkedIn at linkedin.com/company/umb-bank.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170215005662/en/
UMB Financial Corporation
Nikki Pursley, 816-423-6902
npursley@crossroads.us
Source: UMB Financial Corporation