Financial Services Firms Banking on HSAs

Financial services companies like Bank of America, JP Morgan Chase, Wells Fargo, Exante, and AmEx believe that health savings accounts will be a lucrative market for a payment processing business. These companies can make money off by charging individual transaction fees as well as monthly account maintenance fees. They are moving quickly to ensure their place in the consumer medical payment market. Remember that a health savings account is administered much like a regular savings account - there may be transaction fees (like the fees you get charged for using your debit card or a non-network ATM) or monthly maintenance fees. HSAs are quite different from regular insurance policies in this regard.