UMB Bank S
UMB Health Services, is a division of UMB Bank, n.a., based in Kansas City Missouri. UMB Healthcare Services is a top 10 custodian, with account holders throughout the nation. Today, UMB Healthcare Services provides solutions for more than 5.6 million healthcare spending account cards, including more than 1.28 million HSAs, with nearly $2.8 billion in HSA assets and deposits. Check out this infographic to learn more about the UMB Bank.
Report Card for UMB Bank
as a Spending Vehicle
Fees for Individuals (Non-Employer Group)
The best HSAs for spenders are characterized by low maintenance fees. UMB Bank's $2.95 monthly maintenance fee is a little higher than we’d like to see, but can be avoided by holding $3,000 in the HSA checking account. To avoid this fee, consider maxing out your HSA as quickly as possible.
The best HSAs for spenders also have very few additional fees that are layered on top of the maintenance. These fees are not recurring in nature, but can be incurred by the account holder if they undertake a certain action. UMB Bank’s fee schedule has a moderate amount of additional fees.
Below we have reconstructed UMB Bank's fee schedule to exhibit fees spenders are most likely to encounter.
- Monthly Fees
- 2Paper Statements$0.50
- Behavioral Fees
- Excess Contribution$0
- Stop Payment$20
- Point of Sale$0
- 3ATM Withdrawal$2.50
- Check Distrtibution$15
- Replacement Card$0
2Free electronic statements
3Free ATM withdrawal within UMB Bank ATM network
Below is a heat map chart that you can use to compare UMB Bank's fees with the other top HSA administrators in our study.
When you, your spouse, and your dependents have qualified medical expenses that aren’t covered by your health care plan, you can use your HSA money tax-free to pay for them. There are multiple ways you can spend from your HSA.
(✔) Debit Card
With the debit card, UMB Bank transfers money directly from your account to the provider to pay for medical expenses. You don’t have to pay cash up front, submit a claim, or wait to be reimbursed.
(✔) Bill Pay
With UMB’s online repayment tool you can pay your provider directly. Upon your direction, UMB will send a check directly to your provider.
HSA checks are also a convenient way to pay for eligible medical expenses.
Debit Card/Digital Wallet (ApplePay, Samsung Pay, Garmin Pay, FitBit Pay)
A new and convenient way to pay for your eligible healthcare expenses. ApplePay, Samsung Pay, Garmin Pay, FitBit Pay allows you the ability to pay for qualified medical expenses using your UMB HSA Visa® debit card with a single touch of the finger from your mobile device.
You can pay for qualified medical expenses out-of-pocket and reimburse yourself anytime using your HSA money. As long as you opened your HSA before the expense was incurred, your reimbursement will be tax-free. You can:
UMB Bank connects your HSA account to your bank, making reimbursements for expenses easy and straightforward. This makes it easy to reimburse yourself for medical expenses paid out-of-pocket.
(✔) ATM Withdrawls
Use a UMB Bank ATM or any other ATM to make a withdrawal. Note: fees will be incurred if you opt to repay yourself via an ATM withdrawal.
You can also request reimbursement by and mailing in a paper form. This method will take longer. Note: A check reimbursement fee of $15 will apply and will be deducted from the account prior to making the distribution.
With a single user ID and password, you gain access to the following features:
Graphs and reports to monitor contribution limits
“Shoe Box” to record and upload related medical invoices
Easy to use Bill Pay feature
Utilize contribution feature to set up electronic transfers
Access to online videos, calculators and other useful tools
Experienced HSA Team
Access to a team of HSA expert customer service representatives that employ a proactive educational approach to teaching participants the ins and outs of HSAs.
When you’re on the go, save time and hassles with the WealthCare Mobile App. Check your balances, transactions, and claim details for all your reimbursement accounts. The WealthCare Mobile App supports a wide variety of customizable SMS alerts to empower consumers to more pro-actively manage their accounts. Participants may opt-in or out of receiving SMS alerts at any time.
Annual deductible met
Payroll deposit received
HSA statement available
Monthly balance update
Use ReceiptVault to securely store and organize HSA receipts for qualified medical expenses. You can even store receipts if the expense was not yet paid by the HSA to easily track unreimbursed expenditures and know the amount available for tax-free withdrawal at a later date.
Pros & Cons
- Long history of administering HSAs
- Dedicated HSA customer service team
- Feature rich mobile app
- Receipt storage tool
- Maintenance fee can only be avoided wit $3,000 balance in the HSA checking account
- Opaque fee disclosures on website
Which participants are best suited for a UMB Bank HSA?
Those who plan on holding at least $3,000 in their deposit account. No monthly maintenance fee would be incurred under these circumstances.
Participants looking for a well rounded HSA offering.
Dual-purpose use (spender / investor). UMB Bank has some fantastic investment options.