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62 of CUs banks surveyed offer HSAs
MINNEAPOLIS (1/24/08)--The majority of nearly 1,200 financial institutions, including credit unions, surveyed said they are offering Health Savings Accounts (HSAs) to their members/customers. Customer demand is the top reason that financial institutions are offering HSAs, according to a Wolters Kluwer Financial Services survey (PR Newswire Jan. 23). Of the survey’s respondents, most of whom were credit unions and community banks, 62% said they offer HSAs. More than one third who said they didn’t, plan to offer HSAs in the next three months. The top reason for institutions to offer HSAs was customer demand (80%). HSAs ability to give financial institutions a way to generate new accounts was second (58%). Other significant reasons were: increasing cross-selling opportunities (51%), and growing revenue (51%). About 24% of the total respondents said they had no plans to offer HSAs or were not sure, citing lack of understanding of HSAs, lack of management interest in offering HSAs, and lack of customer demand. “Banks and credit unions know HSAs present them with a significant business opportunity and additional way to better serve their customers,” said Dave Roy, vice president and general manger of banking at Wolters Kluwer Financial Services. “But it also is evident that this market is still relatively untapped, and the greatest potential lies ahead, especially as healthcare costs continue to climb, and consumers look for more effective ways to save and finance those costs.”


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