MINNEAPOLIS--(BUSINESS WIRE)--Jan. 13, 2005--U.S. Bank
Institutional Trust & Custody is offering a new Health Savings Account
(HSA) called the U.S. Bank Health Savings Solution. U.S. Bank Health
Savings Solution serves a full range of clients, including employers,
medical insurance companies and medical third-party administrators.
More than 30 clients are already utilizing U.S. Bank Health Savings
"Amid rapidly rising health care costs, more employers are turning
to healthcare options that offer lower premiums," said Diane
Thormodsgard, president of U.S. Bank Institutional Trust & Custody.
"Plans such as a High Deductible Health Plan are attractive to
employees who prefer a higher deductible in exchange for a lower
premium. When bundled with an HSA, these plans become an attractive
benefit for employers to offer in a competitive marketplace. The U.S.
Bank Institutional Trust & Custody team is here to help our clients
strengthen their competitive position and meet regulatory and
"U.S. Bank is one of the early entrants into the institutional HSA
product market," said Dan Kelly, manager of HSA Services for U.S. Bank
Institutional Trust & Custody. "U.S. Bank Health Savings Solution
combines competitive HSA product features with the national presence
of the U.S. Bank brand, and is designed to be flexible so it can best
support the needs of our clients and their employees."
Account and service features include web enrollment for employees;
a number of batch enrollment options for employers; web and
Interactive Voice Response systems; a customer service call center;
automatic deposits through payroll deductions; ad hoc deposits through
lockbox or Automated Clearing House facilities; check writing and
debit card capabilities; and electronic or paper monthly statements.
U.S. Bank also provides regulatory support including contribution
tracking, year-end reporting, and ongoing consulting and education.
U.S. Bank Institutional Trust & Custody is a division of U.S. Bank
N.A. that focuses on retirement, investment, trust and custody
services for institutional clients. Its product offerings include
retirement plans (401(k), profit sharing or money purchase pension
plans, and defined benefit), institutional trust and custody services,
master trust services and health savings accounts.
U.S. Bancorp (NYSE:USB), with assets of $193 billion, is the 6th
largest financial services holding company in the United States. The
company operates 2,346 banking offices and 4,621 ATMs in 24 states,
and provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. U.S. Bancorp is home of the
Five Star Service Guarantee which assures customers of certain key
banking benefits and services or customers will be paid for their
inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit
U.S. Bancorp on the web at usbank.com.