Overdraft Coverage Options
Choose the Right Coverage for You
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 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 fee each day an overdraft transfer is made. When we are unable to pay some or all of the items clearing your checking account with funds from your savings or money market, those items will be returned and an NSF/OD Fee of $17 will be assessed for each item returned. 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 NSF/OD fee of $17 for each item paid into a negative balance when permitted by law. There is a maximum of 8 NSF/OD 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.SafetyLine
We can set up an automatic transfer from your personal line of credit or home equity line of credit to cover overdrafts that may happen on your checking account. SafetyLine is a good alternative if you have a line of credit with sufficient credit available to cover any unexpected overdrafts.
When your checking account does not have enough money to cover the overdraft, we will transfer funds from your line of credit to pay items according to our posting order up to your available credit limit.
When we are unable to pay some or all of the items clearing your checking account with funds from your SafetyLine, those items will be returned and a $17 NSF/OD fee assessed for each item. The payee may also charge you a fee for the return. 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 NSF/OD fee of $17 for each item paid into a negative balance when permitted by law. There is a maximum of 8 NSF/OD fees per day. You should be aware that the credit limit of your SafetyLine will be considered when approving debit card purchase transactions or cash withdrawals at an ATM.
A $25 annual maintenance fee will be automatically assessed against your personal line of credit or home equity line of credit upon enrollment and each year thereafter until the SafetyLine service is cancelled or removed. SafetyLine requires approval of a $5,000 minimum line of credit limit.
You should review the SafetyLine Transfer Agreement for complete details on this program.Overdraft Protection
Your checking account comes with a preset overdraft limit, which is available on most personal checking accounts after a minimum of 30 days from account opening, subject to approval. Generally, accounts approved for overdraft protection have no more than two overdraft occurrences or have not been overdrawn more than two consecutive days in the first 30 days the account is open.
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 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. 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 online BillPay
- 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 every day debit card transactions or ATM withdrawals. 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
- Cash withdrawals from ATMs
- One-time online card payments including utilities, online shopping and reservations
Unless you specifically decline overdraft coverage, or request SafetyLink or SafetyLine, or opt in to Extended Overdraft Coverage, your account will default to Basic Overdraft Coverage.Overdraft Fees
We will charge you an NSF/OD fee of $17 for each paid overdraft item up to a maximum of 8 NSF/OD 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 NSF/OD fee per item will be assessed when permitted by law. Additional merchant fees may also apply.
If you select our overdraft protection 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 days, your account will be closed and any unpaid balances in excess of $50 will be reported to consumer reporting agencies.No Overdraft Protection (Decline)
You may determine that you do not want any overdraft coverage at all. If you are concerned about managing your account with the overdraft 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 NSF/OD fee for each item when permitted by law. Additional merchant fees may also apply. We will decline debit card purchases and ATM withdrawals 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 NSF/OD fee for each item presented against insufficient funds, up to a maximum of 8 NSF/OD fees per day.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 or SafetyLine, 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 request is received.
|Extended OD Coverage||No OD Coverage (Declined)||Immediately|
|Basic OD Coverage||Immediately|