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Reminder: Anthem Introduces New Banking Partner, ARCUS
Jul 16, 2009
Anthem Blue Cross Introduces New Banking Partner, ARCUS Financial Bank, and Reaches Members through Direct Mail Campaign
In May 2009, Anthem Blue Cross announced the launch of a direct mail campaign with their new banking partner and HSA custodian, ARCUS Financial Bank ("ARCUS"), that is designed to reach certain customers* enrolled in Health Savings Account (HSA)-compatible High Deductible Health Plans (HDHPs) in the Individual market segment and Small and Large Group subscribers. The first mail drop was sent to Individual consumers.
This month, Anthem will begin mailing to subscribers of Small and Large groups. As a reminder, the campaign will be sent to employees who are enrolled in an HDHP and have not activated an HSA account with Mellon. The campaign will introduce ARCUS and provide information about a compelling introductory promotion that ARCUS is offering exclusively to Anthem's customers. For a limited time, Anthem customers who enroll or switch to ARCUS for their HSA administration will receive the following for six full months following their enrollment date:
- 5% Annual Percentage Yield (APY)**. That's significantly higher than most other HSA custodians!
- $0 Monthly Maintenance Fee ($16.50 value!)
- $0 Set-up Fee ($15 value!)
ARCUS is a health care-focused financial services organization wholly-owned by our parent company, so you and your clients can be assured of the stability that comes from being backed by a Fortune 50 company. To learn more about ARCUS, click here.
- To view our direct mail campaign for HSA account-holding customers, click on the following:
HSA Account Holders Letter HSA Account Holders Brochure
- To view our direct mail campaign for customers who have not yet opened an HSA account, click on the following:
HSA Unbanked Letter HSA Unbanked Brochure
- To view the communication that will be sent to employers who offer HDHP plans to their employees, click on the following:
HSA Employer Letter
It's important for you to know that this campaign does not include customers enrolled in an integrated Lumenos HSA Plan with an activated HSA account with Mellon.
An ARCUS HSA*** is available today, on a non-integrated basis, for Individual consumers enrolled in any insurer's HDHP.
your Beere & Purves Sales Representative for more information.
*The DM campaign is designed to reach Anthem's members who are enrolled in a HDHP and have not activated a HSA account with Mellon, and includes Individual segment consumers as well as subscribers of Small and Large groups.
**To calculate the annual percentage yield (APY), the promotional 5% interest rate was first converted to an annual percentage rate. The APY listed below includes 5% interest for 6 months on all balances, assumes no withdrawals from the account, and reflects the yield after the promotional period has expired. The waiver of the set up fee ($15 value) is not included in the APY calculation.
||Minimum average daily balance:
|| $0 - $1,000.00
|| $1,000.01 - $2,500.00
|| $2,500.01 - $5,000.00
|| $5,000.01 - $15,000.00
|| $15,000.01 and over
APY is accurate as of April 2009 and is subject to change without notice.
ARCUS may change the APY and interest rate on the account at any time following the expiration of the promotional period.
There is a minimum amount required to open the HSA Base Account of $15.00. The minimum balance noted above must be maintained in the account each day to obtain the annual percentage yields noted above.
ARCUS uses the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Interest will accrue daily and be compounded monthly and will be credited to the account on the last day of each month as long as there are funds in the account at month end.
If the account is closed before interest is credited, the account will not be credited with the accrued interest.
Interest begins to accrue no later than the business day ARCUS receives credit for the deposit of noncash items (for example, checks).
Maintenance or activity fees may reduce earnings on the account.
A complete Rate and Fee Schedule and the ARCUS Financial Bank® HSA Agreement to Terms & Conditions ("Terms & Conditions") will be enclosed in the Welcome Kit. The HSA can be closed at any time in accordance with the Terms & Conditions.
***ARCUS HSA accounts are offered by ARCUS Financial Bank. Member FDIC. Deposits are insured to the maximum permitted by law.