Blue Cross and Blue Shield companies have opened a bank to handle health care savings accounts and other financial services for customers in 50 states.
Blue Healthcare Bank, Sandy, Utah, received approval as a federal savings bank by the U.S. Office of Thrift Supervision in December.
Regence BlueCross BlueShield of Utah will begin offering the Blue Healthcare Bank’s services to its members later this year, while Blue Cross-Blue Shield estimates 15 to 20 off its affiliated companies will be using the bank by the yearend.
Utah Gov. Jon M. Huntsman Jr. and other local officials participated in a ceremony marking the bank’s opening.
In addition to handling HSAs, the bank will also offer on-line and phone banking, debit cards, checks and investment options.