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2-99: Stop Selling ARCUS Bank HSAs Effective Immediately
Nov 13, 2009
Anthem Blue Cross to Stop Selling ARCUS Bank HSAs
Due to a renewed focus on Anthem Blue Cross' core business, coupled with changes in the financial regulatory environment, Anthem's parent company has decided to exit the banking business. As a result of this decision, Anthem will no longer be selling the ARCUS Bank health savings account (HSA) product.
Anthem remains committed to their consumer-driven strategy and will continue to sell HSA-compatible plans in both the Group and Individual markets, with The Bank of New York Mellon (ACS|BNY Mellon) as Anthem's integrated banking solution.
- After Friday, November 13, 2009, Anthem will no longer accept applications for Individual ARCUS HSAs.
- Individual applicants requesting an integrated ARCUS HSA after Friday, November 13, 2009, will be contacted by Underwriting to determine whether the applicant prefers 1) to not enroll in an integrated HSA account or 2) to enroll in a Mellon HSA account.
- Those employer groups that submitted a group application for an ARCUS HSA will be contacted directly to discuss alternative solutions.
Anthem is currently working with the FDIC to create a plan with third-party financial institutions to ensure a smooth transition of the health savings accounts currently held by ARCUS Bank.
Please note that ARCUS Financial Services
, a separate company, will continue to provide service to our members with Chase HSAs.
As revised collateral and more details about the transition from ARCUS Bank become available, Anthem will provide updates.