Benefit Wallet – HSA Accounts: A great example of what is wrong with corporate America

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When a company cites technical provision and deny claims based on spurious logic, the company loses not the customer.

In 2012, Benefit Wallet assumed responsibility for the ACS/Bank of New York Mellon HSA Accounts.  Previous to the acquisition, ACS/BNY would pay interest on deposits, but there was no monthly account maintenance fee.   Monthly printed statements were provided.

Benefit Wallet policies were different: an annual statement, nominal interest (0.0015%) plus a monthly account service fee of $3.25.  They did indicate that if one maintained a balance of greater than $5,000, the monthly account fee would be waived.  However, if the account was incorrectly coded during the conversion and the monthly fee was assessed, Benefit Wallet would have to review the account to determine whether to waive the administrative charge.

While maintaining an HSA balance nearing $20,000 since 2012,  calls to Benefit Wallet to suspend the monthly administrative charge were made in 2012, 2014 and 2015.  Each time, assurance was given the charges would be reversed but the credit was never posted for a sundry list of vague reasons.  It took Benefit Wallet from January 9 to April 28, 2015 to review the most current support claim.  The claim was denied because “there were insufficient calls protesting the administrative charge” according to Susan in their Secaucus, NJ office located at 500 Plaza Drive, 8th Floor.

The net result – account closed, the opinion is firmly established that Benefit Wallet are “thieves and bandits” and now over 25,000 are advised to avoid maintaining an account with that firm.  It may have cost them up to $156 to post a credit and they lost access to nearly $20,000.   How smart are they?  Not very.

The lesson for Golf Courses Managers:  The old adage was that a satisfied customer will tell one person, a dissatisfied customer would tell 10 people.  In today’s connected world, the dissatisfied customer is likely to take to social media (Facebook, Linked-In and Twitter) and broadcast

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