News Press Releases

UMB Reaches Nearly 820,000 Health Savings Accounts

UMBF | February 9, 2016

UMB Healthcare Services, a division of UMB Financial Corporation (Nasdaq: UMBF), announced today that it has reached 818,000 individual health savings accounts (HSAs) as of Jan. 31, 2016, which is a 36.4 percent increase from its nearly 600,000 accounts as of Jan. 31, 2015. In addition, assets and deposits reached more than $1.5 billion as of Jan. 31, 2016 after reaching $1 billion as of Jan. 31, 2015.

UMB Healthcare Services also saw an increase in the number of benefit cards it provides for Flexible Spending Arrangements (FSAs), Health Reimbursement Arrangements (HRAs) and HSAs. Cards numbered more than 5.2 million at the end of 2015, up from 4.3 million cards at year-end 2014.

“We are extremely pleased to have another year of growth at UMB Healthcare Services as we continue to provide innovative health care payment solutions,” said Begonya Klumb, CEO of UMB Healthcare Services. “It is an exciting time for us since we have strong growth compared to the industry. We are proud to offer exceptional service to our clients and accountholders, while focusing on educating all about maximizing the benefits of HSAs.”

According to a Midyear 2015 report from Devenir, HSAs nationally have grown to an estimated 14.5 million accounts with $28.4 billion in deposits and assets as of June 30, 2015. This is a 25% year-over-year increase in assets for the industry.

“As HSAs grow in popularity, along with the deposits in those accounts, accountholders are now more interested than ever in learning about using an HSA as a long-term wealth management tool,” said Ben Morris, President of UMB Healthcare Services. “In order to offer cutting edge technology and bolster the benefit of HSA investing, we recently launched an innovative investment tool, UMB HSA Saver®¹. This tool is user-friendly and makes investing with an HSA an attractive option for many.”

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 payment solutions, including multi-purpose card technology supporting HSAs, FSAs and HRAs.

Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.

¹UMB 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.