Overdraft/NSF Fee Change Effective November 7, 2011

Thursday, October 06 at 03:32 PM
Category: Personal Finance

Starting Monday, November 7, 2011, the overdraft/nsf fee for all Arvest accounts will become $17.00 per item. This is a lowering of the fee for all Free Checking accounts and a slight increase for other checking account types.  We are pleased to continue to offer our customers one of the lowest overdraft/nsf fees in the country in addition to Free Checking and free debit cards.  Customers should remember that this fee is only applied when the account lacks sufficient funds for payment or if the item is paid on their behalf through overdraft coverage.

Why the change?

By implementing a flat $17.00 overdraft/nsf fee for all checking accounts, we hope to simplify this fee for our customers.   We believe that the same low fee for every account will serve to increase understanding and eliminate confusion.  While the $17 fee is a decrease for Free Checking accounts, it represents a small increase (6.7%) for some other Arvest account holders whose accounts currently have a $15.43 charge for overdrafts/nsf. This is the first time in over a decade that Arvest has changed the pricing on this service.

How does this fee compare?

The national average for overdraft/nsf fees is $27.00* per incident, with some banks having fees above $35.00.  The new $17.00 fee is the lowest in the region. Many banks are raising these fees in order to make up for lost income due to changes in federal regulation.  Arvest is actually lowering the overdraft/nsf fee on our free checking account from $17.43 to a flat $17.00.

Please contact us if you have any questions about your overdraft coverage options or any other banking services.

*Source: FDIC

Tags: Overdraft Coverage
Larry G. on 10/6/2011 at 6:12 PM

As you say it's still the best deal around and the check gets paid. I don't know why people bank anywhere else! Thanks ARVEST

bill on 10/6/2011 at 8:42 PM

 

Is Arvest plan on charging a fee for the use of debit cards

Melissa on 10/7/2011 at 5:47 AM

I'm so happy I've chosen such an awesome bank to do business with. My husband & I started out with you guys over 30 years ago when the name was Suprior Federal. Arvest has been a joy to bank with & ALWAYS been fair & never overcharged for anything. We will remain loyal customer probably until the day we pass.

Thank you for being fair especially in this rocky economy. We appreciate this bank more than you will ever know.

The Murphys

Jim on 10/9/2011 at 11:40 PM

Please keep the fees the same or raise them. Then you could hire more Employees at the drive thru on S. Western. Or give the current ones training on speed. This has got to be the slowest bank drive thru in the whole world. 20 minutes sometimes.

Michael on 10/10/2011 at 1:07 AM

I have been with Arvest since 2002, and I have been nothing but happy with my service since day one. No surprise fees, no haggling over charges to my account, replacements for expiring debit cards delivered a month before the card expires, a replacement for one I lost within 3 days, every possible aspect has been top of the line. And now, with so many banks raising fees or creating new ones, Arvest is actually lowering a fee. I will never bank anywhere else.

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