FlexBank, Inc. was originally established in 1971 under the name of Wallace, Deist & Schneider. In 1985 the Company began administering Section 125 Flexible Spending Accounts (FSAs) using privately created software that was developed specifically for the Company and enabled it to pay claims every day.
Most TPAs who administer FSAs do so as an accommodation. FlexBank chooses to focus all of it’s resources solely on the administration of reimbursement accounts rather than trying to be all things to all people i.e. as in selling a multitude of products and services. In 1998, the company name was changed to FlexBank, Inc. to more accurately reflect the services provided.
By effectively utilizing technology, FlexBank is able to deliver superior service at a very favorable price point. FlexBank’s offerings include Plan design, implementation and administration of:
Flexible Spending Accounts (FSA)
Health Reimbursement Arrangements (HRA)
Health Savings Accounts (HSA)
Premium Only Plans (POP)
Transportation Plans (Parking and/or Mass Transit)
FlexBank's philosophy of "do what you do well and leave the rest alone" has positioned the Company to be the administrator of choice for thousands of insurance agents and their clients.
America wants their money now and FlexBank has the unique capability of giving America what it wants. Daily payment of claims is what gets the big wow from participants either by check, direct deposit or the use of debit card technology.
Due to FlexBank's special insurance agent distribution system and the uniqueness of daily payment of claims, FlexBank has grown to be a national presence at an average annual rate of approximately 30%.
FlexBank is proud of its customer retention rate of 99.8%. This customer retention rate speaks volumes to the level of customer satisfaction but, as importantly, has provided the Company with a secure cash flow sufficient to sustain their significant growth without resorting to debt.
FlexBank, Inc. is a Licensed TPA through the State of Ohio. As required by the State of Ohio, FlexBank has proven its financial stability by being able to obtain and keep the Bond required to remain licensed by the State thereby negating exposure to risk of loss to any client company. FlexBank makes available copies of it’s License and Bond upon request.