Have you experienced damage to your home due to the recent stormy weather and did you receive an insurance claim check from your insurance company?  If so and your home loan is serviced by Arvest Mortgage Company, we have a process in place to make the repair process as easy as possible for you.    Most insurance claim checks are made payable to both the borrower and the lender.  If your account meets all of the following criteria, Arvest Mortgage Company can, in most cases, endorse your claim check immediately:

• The check is <= $10,000 or the check is <= 10% of the appraised value of the property, up to $30,000.
  
• The loan is current and has a good payment history (i.e. no payments 30 days past due in the last 12 months).
  
• The loan-to-value ratio (LTV) is 85% or less.
  
• The Hazard Claim Affidavit is completed and signed.

To make this process as convenient as possible, we have representatives at most of our Arvest Bank locations who are authorized to endorse these checks for you on behalf of Arvest Mortgage Company.  

In instances where all of the above criteria are not met, Arvest Mortgage Company will deposit your insurance claim funds into an interest bearing account while the repairs to your property are being completed, and will work with you to make the repair process as smooth as possible.  Interest accrued will be disbursed the month following the final disbursement of the insurance claim funds.   Please contact our Customer Care Center Representatives at 1-800-232-5524 for further information regarding the disbursement process of insurance claim funds.

We are pleased to announce that Arvest Mobile Banking is now supported for iPhones with AT&T.  Although the official announcement from Apple, AT&T and Firethorn has not been released, you can sign up now and begin using the free service.

The user interface was designed specifically for iPhone and is located in the Apple App store.  To get started with Mobile Banking on your iPhone, log into Arvest Banking On the Net and select the Mobile Banking tab option.  Follow the instructions, including selection of the iPhone as your device.

For more information on Arvest Mobile Banking, including other supported carriers and devices visit our Mobile Banking website.

We have several products and services that can help you keep track of your accounts while you are abroad. You are able to check your accounts at any time by utilizing Banking on the Net, Account Information Line, or Mobile Banking.  Don’t forget that you can always reach Customer Service between the hours of 7:00 a.m.-7:00 p.m. for additional assistance with any banking needs. Here are the most common banking questions we receive about traveling:

“What steps should I take to ensure that my bank account information remains secure while traveling abroad?”

Before you leave for your trip, please be sure to contact the bank.  We will note your account and your check card to ensure that your card isn’t canceled or inactivated due to suspicious charges.  Another suggestion to ensure that your account information remains secure is to place a security word on your account.  Any time a security word is placed, this word or phrase must be verified before any account information can be given. 

“Is it safe to use an ATM abroad?”

Using an ATM is safe and secure as your personal pin number is required at the time of the withdrawal.  Make sure that you know your pin number before you begin traveling.  Your pin number is a four digit access code that only you possess. 

If you have forgotten your pin number, please take your card and enter one of our several convenient locations and we will assist you in establishing a new personal number.

“What do I do if my debit card is lost or stolen while I am traveling out of the country?”

If your check card has been lost or stolen, contact us immediately.  You can contact Customer Service Monday-Friday between the hours of 7:00 a.m.-7:00 p.m. and on Saturday 9:00 a.m.- 1:00 p.m. at 866-902-9898 and a Representative will assist you in filing the appropriate documentation and get this card canceled. 

For after hours, you are also able to cancel your card by contacting our Automated Line toll free at 866-905-9898. 

“How do I ensure that I am getting the best exchange rates while traveling?”

To get the best rates, it is important to know what the rates are.  You can look at the current rates by going to www.xe.com. 

No matter what currency you need; pesos, pounds, or yen the easiest and most often the cheapest way to get cash, is by making a withdrawal from an ATM with your check card.  You can use your check card at any ATM that accepts Pulse/Cirrus or Visa.  The ATM will automatically configure the amount and exchange rate for you (ATM’s normally offer the cheapest exchange rate).  Your account will be assessed a foreign transaction fee from Arvest Bank and from the bank where the withdrawal was made. 

I’m relatively young, still under 30, why would I need to start retirement planning so early?

This is a common question among the younger generation. Why would a healthy young person take money from their paychecks and start a retirement account? There are several good reasons to start planning your retirement early. The most important factor when considering when you should start thinking about your retirement is compound interest. Compound interest is defined as, the interest gained on your principal amount as well as interest already accrued. The combination of time and compound interest can make your retirement account everything that you want it to be.

Why start now instead of when I’m 30 or even, 40?

Every year that you put off contributing to a retirement account makes a big difference in the amount you will accumulate at the age of retirement.

For example, if 20-year-old, You, makes a one-time contribution to your Roth IRA and earns an average annual return, and if you never touch the money, that contribution will grow to FOUR times the amount of what it would have been if you had waited to start, at age 40, if you plan on retiring at the age of 65. This is assuming that the average rate of return is the same for the 20-yr-old and the 40-yr-old.

I would only be able to contribute a very small amount, what kind of difference would such a small amount make?

If you only invested $20 a month every month for 45 years, with an average interest rate return of 8%, you would have a nest egg of over $100,000 at the age 65. So what is your priority? The $20 extra dollars you could be spending now, or the $100,000 savings at age 65?

I like to take a hands-on approach to my investments. I regularly invest in the stock market and make my own selections regarding my 401k asset allocations. How could a retirement specialist or client advisor help me?

Even if an individual investor is on track to reach their retirement goals, it is always a good idea to consult an experienced, licensed and trained Client Advisor. An Arvest Asset Management Client Advisor can be the all-important second set of eyes, second opinion, and trusted professional to make sure you reach your goals. An Arvest Asset Management Client Advisor can also offer you peace of mind by guiding you through a unique retirement planning process called Envision.

What is the Envision Process?

The Envision process begins when you sit down with your Client Advisor to discuss important ranges of goals. For each life goal, you will determine what an ideal goal is versus an acceptable goal. Next, you’ll work with your Client Advisor to prioritize and decide which goals are most important to you, including going through some “what if” scenarios. Your Client Advisor will then analyze your financial situation and goals and present you with advice and guidance, including investment recommendations as well as the level of confidence that you have in achieving your goals. The Envision process subjects your goals and investment strategy to a sophisticated “stress testing” process that simulates 1,000 lifetimes of market environments. These include market conditions similar to what we have seen in the past and some that we have not experienced.

Remember, your situation is not static – as life goes on, your Client Advisor will be there with regular contact, monitoring, advice and guidance – always ready to answer that key question: “How am I doing?”

So you invest yourself, what are some questions that I need to ask myself?
1. Do I have a proper mix of stocks, bonds, and mutual funds for my goals?
2. Am I taking on more risk than I need to?
3. Am I taking enough risk, to help maximize my earnings?
4. Is my retirement plan going to work?
 

A big day is on the way for Arvest customers who are iPhone users.  In the very near future the popular Apple iPhone will be certified to support our Mobile Banking application.  When available, iPhone users will be able to find the "Mobile Banking on AT&T" item in the iPhone App Store.

With the iPhone’s interactive touch screen, Mobile Banking is easy and the large display area and user-friendly interface make managing your accounts easy and fun. 

With Mobile Banking you can:
• View checking and savings account balances and account history
• Create one-time funds transfers between accounts
• Schedule one-time bill payments using Arvest BillPay
• Securely view your financial information (it’s encrypted, plus if your handset is lost or stolen, you can block access using Arvest Banking On the Net)

Watch for more updates soon on the impending iPhone Mobile Banking launch.

Many banking consumers see the national headlines about the economy and have asked us questions about FDIC coverage of their funds.  Arvest Bank is an FDIC insured depository institution.  All deposit accounts offered by Arvest Bank are eligible for deposit insurance provided by the Federal Deposit Insurance Corporation (“FDIC”) to the extent allowed by law.   For a complete list of what financial produts are or are not insured by the FDIC, take a look at their Insured or Not Insured online guide. 

UPDATE - On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The coverage limit on insured retirement funds remains at $250,000.  The temporary increase in deposit insurance coverage became effective immediately upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 on December 31, 2009.  More complete information on FDIC insurance coverage can be found on the FDIC consumer website.

Try "EDIE" - The FDIC has also launched FDIC Insurance Calculator with the help of financial guru Suze Orman.   This interactive website features EDIE which will help you calculate your level of FDIC coverage at your financial institution.

If you have an interest in understanding the difference between an FDIC-Insured Money Market Account and a Money Market Mutual Fund, please refer to this previous post on that subject.

Finally, if you would like to view the Report of Condition for Arvest Bank, it is located online or you can obtain a copy at any Arvest Bank location.

The 2008 Arkansas Athletes Outreach Sports Experience will be held on October 11, from 9 a.m. to 5 p.m. at the Randal Tyson Track Center in Fayetteville, Arkansas. We are pleased to announce that Arvest Bank, Fayetteville, has donated $10,000 to this worthwhile, family-geared event! All the fun will unfold on 65,000 sq. feet and will include 50 games and activities, a 40 ft. high zip line and 35 fitness and health- related booths and demos.

The AAO Sports Experience is designed to impact the NWA community by utilizing the influence of sports through a collaborative event which showcases the positive benefits of fitness, sports participation and healthy lifestyles. This event creates an authentic, interactive family sports environment in an effort to advocate healthy choices and active lifestyles. Additionally, it provides an opportunity for attendees to connect with many local organizations, like our very own Arvest Bank, who will be showcasing their specific programs and services.

This year, Arvest will be sponsoring the Sports Park, which is made up of an Athletic Zone, full of fun activities like the Football Throw and NWA Naturals Speed Pitch, the Fan Zone, which includes a Locker Room and Sports Broadcasting Booth, and the Game Day Zone, complete with a Spalding Basketball Court and Indoor Soccer field. Admission is just $4, with a $15 maximum per family.

To learn more about the 2008 AAO Sports Experience, visit their website!