What You Need to Know About Overdrafts & Overdraft Fees

Understand Your Options

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, which has a preset overdraft limit and is available after a minimum of 30 days from account opening, subject to approval*.

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

If you have Basic Overdraft Coverage, we do authorize and pay overdrafts up to your overdraft limit for the following types of transactions:

  • 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

If you have Basic Overdraft Coverage, we do not authorize and pay overdrafts for any of the following types of transactions:

  • ATM Transactions*, including cash withdrawals and transfers between accounts
  • Everyday debit card transactions*, such as purchasing items at a store

*Transactions that would create an overdraft will be declined at the time the transaction is initiated unless you have chosen to affirmatively consent, or opt in, for Extended Overdraft Coverage.

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

If you want us to authorize and pay overdrafts for your ATM and everyday debit card transactions, you must affirmatively consent, or opt in, to our Extended Overdraft Coverage plan. This service pays all of the items included in Basic Overdraft Coverage, plus everyday debit card transactions, cash withdrawals from ATMs, and one-time online card payments including utilities, online shopping and reservations, up to your overdraft limit. You have the right to revoke your consent at any time.

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 an overdraft ("OD") fee of up to $17.00 each time we pay an overdraft.

We will charge you an OD fee for each paid overdraft item up to a maximum of eight (8) fees per day, regardless of the number of paid overdraft items presented each day.

What if I do not want any overdraft coverage on my account?

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 change you a $17 NSF/OD fee for each item presented against insufficient funds, up to a maximum of 8 NSF/OD fees per day.

What if I want to change the Overdraft Coverage Plan I have on my account?
You can change your overdraft coverage plan or decline overdraft coverage at any time through the options listed below:

Are there any other ways to manage overdrafts at Arvest Bank?

Arvest Bank offers two alternative overdraft coverage options which may be less expensive than Basic or Extended Overdraft Coverage plans:

  • Our SafetyLink service provides automatic transfers from your Savings or Money Market account to cover overdrafts that may occur on your checking account. There is a $10 fee each day an overdraft transfer is made, and monthly transaction limits do apply.
  • Our SafetyLine service is available for customers with a revolving Line of Credit of $5,000 or more. SafetyLine will cover overdrafts on your checking account with transfers from your qualifying Line of Credit. There is a $25 annual maintenance fee for this service assessed against the qualifying line of credit.

Visit your local Arvest branch or call our Contact Center at 1-866-952-9523 for more information on either of these alternative overdraft coverage options.


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.

*Overdraft protection limits are generally approved for accounts that have no more than two overdraft occurrences or have not been overdrawn more than two consecutive days in the first 30 days after the account is opened.

If You Have Questions or Need Additional Information

  • Find your local arvest branch