Overdraft Coverage Options
At Arvest, we offer options on how you want to handle overdrafts on your account should you inadvertently take your account into a negative balance. We also offer a number of solutions to help prevent overdrafts from happening on your account. You should choose the program that works best for your individual situation.Overdraft Coverage Options
We can set up an automatic transfer from your money market or savings account to cover overdrafts that may happen on your personal checking account. SafetyLink is a good alternative if you have a separate account with sufficient funds available to cover any unexpected overdrafts. There is a limit of six SafetyLink overdraft transfers per month (i.e., statement cycle), and that number may be reduced by other transactions occurring during the month on your savings or money market account.
Other transactions that may limit the number of overdraft transfers include telephone transfers, checks written on a money market account, preauthorized automatic withdrawals, debit card purchases, mobile banking transfers or online banking transfers. Once your savings or money market account has reached the maximum number of these limited transactions for the current statement cycle, no additional overdraft transfers will be allowed until the next statement cycle.
It is important to understand that, when an overdraft occurs on your checking account, checks and other items on your account may be returned when your funding account has reached the transaction limit. When your funding account does not have enough money to cover the overdraft on your checking account, we will transfer funds to cover the fee and pay items according to our posting order. Some checks or other items, though, may be returned.
There is a $10 transfer fee charged to the checking account each day we transfer funds to cover an overdraft. The transfer amount includes an amount necessary to cover the fee. When funds are not available or you have reached your transfer limit, checks and other items clearing your account will be subject to an Insufficient Funds/Overdraft fee of $17 and may be returned to the payee. Additional merchant fees may apply. If there are items we are unable to return, such as preauthorized debit card transactions or checks that have been cashed at the bank, we will assess an Overdraft fee of $17 for each item paid into a negative balance when permitted by law. There is a maximum of eight (8) Insufficient Funds/Overdraft fees per day.
If you select this option, you should be aware that debit card purchases you make will be authorized only for the balance in your checking account. Available funds in a SafetyLink funding account will not be considered in approving debit card purchase transactions or cash withdrawals at an ATM.
You should review the SafetyLink Transfer Agreement for complete details on this program.Overdraft Coverage
Your checking account comes with a preset overdraft limit (see table below), which is available on most personal checking accounts between 30 and 120 days from when overdraft coverage is requested, subject to approval. Generally, accounts approved for overdraft coverage have no more than two Insufficient Funds items presented for payment or have not been overdrawn more than two consecutive days in the first 30 days after overdraft coverage is requested.
|OVERDRAFT COVERAGE||Includes ATM/Debit Transactions||Preferred Club||Arvest Club||myBlue®||Basic Blue™||Free Blue™|
|Basic Overdraft Coverage||No||$1,000||$800||$600||$400||$400|
|Extended Overdraft Coverage||Yes||$1,000||$800||$600||$400||$400|
|No Overdraft Coverage||No||You can elect to have no overdraft coverage. Checks and other items that overdraw your account will be returned.|
|SafetyLink Transfers||No||Up to 6 transfers per month, covers overdrafts on your account with funds from you Savings or Money Market account. $10 fee each day transfers are made.|
Once approved for overdraft coverage, we will pay checks and other items that cause your account to go into a negative balance up to the amount of the overdraft limit on your account. We pay all overdrafts at our discretion. Our Options That Can Assist in Reducing Overdrafts information can help you better understand how you can limit overdrafts on your account.
Basic Overdraft Coverage pays these items:
- Checks you write and checks initiated by BillPay online or via our mobile application
- ACH electronic payments for bills automatically deducted from your account
- Recurring debit card transactions, such as a monthly membership or subscription
Basic Overdraft Coverage does not cover everyday debit card transactions or ATM transactions. These transactions would be declined at the point of sale or at the ATM when there are insufficient funds in your account to complete the transaction.
Extended Overdraft Coverage pays these items:
- All of the items included in Basic Overdraft Coverage
- Everyday debit card purchases
- ATM Transactions (including cash withdrawals and transfer between accounts)
- One-time online card payments (including utilities, online shopping and reservations)
Unless you specifically decline overdraft coverage, request SafetyLink, or opt in to Extended Overdraft Coverage, your account will default to Basic Overdraft Coverage.Overdraft Fees
We will charge you an Overdraft fee of $17 for each paid overdraft item up to a maximum of eight (8) Overdraft fees per day, regardless of the number of paid overdraft items. If checks or other items clearing your account cause a negative balance in excess of your overdraft limit, those items will be returned and a $17 Insufficient Funds fee per item will be assessed when permitted by law. Additional merchant fees may also apply.
If you select our overdraft coverage program, you should understand that you are still responsible for bringing your account to a positive balance. If your account maintains a negative balance at the end of posting each business day for 35 consecutive days, we will remove your overdraft coverage. If your account maintains a negative balance at the end of posting each business day for 56 consecutive days, your account will be closed.Decline Overdraft Coverage
You may determine that you do not want any overdraft coverage at all. If you are concerned about managing your account with the overdraft coverage options previously described, we can remove all coverage. When you decline overdraft coverage, checks and other items presented on your checking account that would cause an overdraft will be returned and you will be assessed a $17 Insufficient Funds fee for each item when permitted by law. Additional merchant fees may also apply. We will decline debit card purchases and ATM transactions that would take your account into a negative balance. If you have authorized a recurring transaction on your debit card, such as a monthly payment, it could overdraw your account and we may charge you a $17 Insufficient Funds fee for each item presented against insufficient funds, up to a maximum of eight (8) Insufficient Funds fees per day.
The order in which items are posted to your account depends on when the items are presented to the bank for payment. This is important if there is not enough money in your account to pay for all of the transactions presented to the bank. This can affect the number of transactions either paid into overdraft or returned unpaid, as well as the amount of fees you may have to pay.Changing your Overdraft Coverage Type
You can elect to change your overdraft coverage option at any time. Unless you have specified otherwise, your account comes with Basic Overdraft Coverage. To add or remove SafetyLink, call or visit a local Arvest Bank location. To remove overdraft coverage, elect Basic Overdraft Coverage or elect Extended Overdraft Coverage, you can use any of these convenient options:
- Online using our Choose Your Overdraft Coverage Options request process
- Call our customer service department at (866) 952-9523
- Visit your local Arvest Bank branch location.
How to tell when overdraft changes go into effect:
If Your Current OD Option is:
And you are requesting to change to the following OD option:
Change will be effective:
|No OD Coverage (Declined)||Basic||Up to 30 days from date of request and subject to approval as described under Overdraft Protection above. If not eligible, customer will be notified by letter.|
|Extended||Up to 30 days from date of request and subject to approval as described under Overdraft Protection above. If not eligible, customer will be notified by letter.|
|Basic OD Coverage||No OD Coverage (Declined)||Immediately|
|Extended OD Coverage||Immediately if change made in person in a branch.
If not made in person, such as over the phone or online, change will be effective 3 business days after the request is received.
|Extended OD Coverage||No OD Coverage (Declined)||Immediately|
|Basic OD Coverage||Immediately|
Options That Can Assist in Reducing Overdrafts
We offer a number of options to assist you in managing your checking account balance to be sure you do not inadvertently overdraft. Monitoring your balance not only can help you prevent overdraft fees, it can also alert you should any type of fraudulent activity take place on your account. We are happy to help you get set up with any of these services:
Account Information Line – Automated account information available by phone 24 hours a day, 7 days a week. This service includes the ability to transfer funds between accounts. Any transactions you initiate that have not yet been presented to the bank are not reflected in the available balance information.
Arvest Online Banking – You can use Arvest Online Banking to monitor account activity and balance information each day for transactions that have been presented to the bank. You can also use Arvest Online Banking to transfer funds between accounts and to initiate electronic bill payments through our Online BillPay service. Any transactions you initiate that have not yet been presented to the bank are not reflected in the available balance information.
Arvest Mobile Banking – You can use Arvest Mobile Banking to monitor account activity and balance information each day for transactions that have been presented to the bank. You can also use Arvest Mobile Banking to transfer funds between accounts. In addition, with a smart phone app you can deposit checks into your account without making a trip to the bank. Any transactions you initiate that have not yet been presented to the bank are not reflected in the available balance information.
Text Alerts – Customers with Arvest Mobile Banking can also sign up for SMS text alerts or push notifications regarding specific account transactions, including deposits posting, withdrawals over a set limit, account dropping below a predetermined balance threshold or an overdraft fee posting.
Email Balance Alerts – Set up email alerts through Arvest Online Banking that will notify you when your account reaches a specific balance amount.
In addition, we offer online assistance at arvestmoneyskills.com. This website has resources to assist you with managing your money such as setting budgets, managing credit and a number of other areas of financial management. If you do not have access to the internet, come visit us at your local branch for assistance in using these valuable resources.