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What You Need to Know About Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We have a Basic Overdraft Coverage plan that comes with your account. Overdraft limits are subject to approval.

What is the basic overdraft coverage plan that comes with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number.
  • Automatic bill payments.

We do not authorize and pay overdrafts for any of the following types of transactions unless you ask us to (see below):

  • ATM Transactions, including cash withdrawals and transfers between accounts.
  • Everyday debit card transactions*, such as purchasing items at a store.
  • *Unless you have chosen to opt in for Extended Overdraft Coverage, transactions that would create an overdraft will be declined at the time the transaction is initiated.

What if I want Arvest Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

You can select to have Arvest Bank authorize and pay overdrafts for your ATM and everyday debit card transactions by opting in to our Extended Overdraft Coverage plan. With this service both your checks and electronic transactions made using your checking account number, and transactions made using your ATM or Debit Card will be covered up to your overdraft limit.

We pay all overdrafts on both the Basic and Extended Overdraft Coverage plans at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Arvest Bank pays my overdraft?

  • We will charge you a fee of $17 each time we pay an overdraft.
  • We will charge you for each paid overdraft item per day up to a maximum of 8, regardless of the number of paid overdraft items presented each day.
  • Fees for items presented for payment on your account that would overdraw your account are the same whether or not you have overdraft protection.

What if I want to change the Overdraft Coverage Plan I have on my account?

You can change your overdraft coverage plan at any time through any of the options listed below:

Are there any other Overdraft Coverage Plans available at Arvest Bank?

Private Banking and Preferred Club checking account customers may qualify for overdraft coverage from a savings or Money Market account, or from a Line of Credit with a limit of $10,000 or more. Visit your local Arvest Bank branch for more information.

BASIC OVERDRAFT COVERAGE EXTENDED OVERDRAFT COVERAGE

OVERVIEW

Some items on your account are paid up to the overdraft limit. All items on your account are paid up to the overdraft limit.

WHAT IS PAID?

  • Checks you write
  • Automatic payments, such as utility billings deducted from your account
  • Checks you write
  • Automatic payments, such as utility billings deducted from your account
  • Everyday debit card purchases
  • ATM transactions

WHAT IS NOT PAID?

  • Everyday debit card purchases
  • ATM transactions
  • Extended Overdraft Protection covers all transaction types

COST

  • No charge to be enrolled
  • Per item charge for each transaction that overdraws your account
  • No charge to be enrolled
  • Per item charge for each transaction that overdraws your account

PER ITEM OVERDRAFT FEE

$17 per item on all checking accounts $17 per item on all checking accounts

WHY CHOOSE THIS OPTION?

  • Everyday debit card purchases and ATM transactions which could overdraw your account will be declined, resulting in no fee
  • Good option if you closely monitor your balance and are not likely to overdraw
  • All transactions eligible for coverage in the event of an error
  • Access to overdraft line with debit card when you are short of cash
  • Access to overdraft line when traveling or in emergencies

PLEASE NOTE:

There is no fee to enroll in either type of coverage; a fee only occurs if Arvest Bank pays an overdraft transaction on your behalf.

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