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.