BB&T Selects Evolution Benefits For HSA Card Services

This expands the parties’ relationship that started in late 2005 when Evolution Benefits began providing card services to BB&T’s subsidiary, Stanley, Hunt, Dupree & Rhine Inc.

Under the new relationship, BB&T will use Evolution Benefits’ prepaid benefits card services to power the Benefit Access card. The card is issued to consumers who establish individual HSAs through BB&T’s extensive network of more than 1,450 financial centers, as well as those who sign up for BB&T HSAs through their employer. It serves as the primary vehicle for accessing the funds in their HSAs to pay for health-care expenses on a pre-tax basis. The BB&T HSA product is fully integrated and provides a mutual fund component, online access, online bill payment, and deposits and withdrawals can be made at BB&T branches.

“At BB&T, our mission is to provide world class client service,” said BB&T’s senior vice president of deposit access products, Scott Qualls. “We seek partners who support that mission and with whom we can develop close working relationships in support of our clients. Evolution Benefits brings strong technology, extensive market knowledge and flexibility to our products. EB is the market leader in health-related card processing for FSAs and HSAs. Our experience confirms their reputation in the market for innovative product support and high-quality service.”

“We’re pleased to have the opportunity to expand our relationship with BB&T,” said Robert Patricelli, Evolution Benefits’ chairman and CEO. “As the nation’s 11th largest banking organization, with a strong retail and commercial presence as well as a large insurance brokerage operation, BB&T represents an important strategic relationship for us. Our organizations share a commitment to delivering excellent service to the customer. At Evolution Benefits, our focus extends not only to BB&T as our direct customer, but also to the cardholder, whose experience is critical to our customers’ success.”

“Launching a retail HSA product to complement our institutional product was an important initiative for BB&T. We needed to execute in a very compressed time frame,” Qualls said. “Evolution Benefits met the challenge. Their ability to move quickly enabled us to meet our tight timelines and launch on schedule.”

Health Savings Accounts are proving increasingly popular as more employers and individuals move to high-deductible health plans. They represent an attractive, tax advantaged way to either pay for current health-care expenses or save for the future. Prepaid or debit cards are the most popular way for people to access the funds in their accounts, as they represent a convenient way to pay providers directly from the HSA.