BofA Jumps into HSA Game

CHARLOTTE, N.C. – If credit unions aren’t ready to step up and offer Health Savings Accounts (HSAs) apparently one banking giant is planning to take action. Just in time for this fall’s benefits enrollment period Bank of America will be standing ready to offer HSAs to the commercial marketplace. BofA Global Treasure Services has recently announced that the bank giant will offer HSA custodial and administrative services to health plans and employers. Plans are underway to offer HSAs directly to small businesses and consumers in the near future. According to BofA GTS Healthcare Industry Strategy SVP Catherine Warren, the bank is “uniquely positioned to support the changing dynamics in the marketplace” since its brand is one that consumers “recognize and trust.” The Bank of America HSA product is the result of collaboration among its Global Treasury Services, Insurance Services Group, Consumer Banking and Card organizations. “HSAs are an important tool to help our customers manage their rising healthcare costs. The customer servicing model we have put in place is first class,” said Bank of America Health Savings Account Product Executive Justin Raniszeski, “And, we are already working on next-generation features and options to ensure our HSA customers are able to maximize their medical savings.”