What You Need to Know About Overdrafts & Overdraft Fees
An overdraft occurs when your account’s ledger balance does not have enough money to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that include Basic Overdraft Coverage that comes with your account and Extended Overdraft Coverage that you have to request.
- We also offer an alternative overdraft coverage option, SafetyLink, that provides automatic transfers from your Savings or Money Market account to cover overdrafts, which may be less expensive than Basic or Extended Overdraft Coverage. To learn more, ask us about this option.
You can also decline Overdraft Coverage. This notice explains our Basic Overdraft Coverage, Extended Overdraft Coverage, and your ability to decline Overdraft Coverage.
What is the Basic Overdraft Coverage that comes with my account?
If you have Basic Overdraft Coverage, we may pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments and other recurring debit card transactions
- Transactions made through the Automated Clearing House (“ACH”)
We generally will not authorize overdrafts for the following types of transactions if you only have Basic Overdraft Coverage:
- ATM Transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize or pay any type of transaction. If we do not authorize an overdraft, your transaction will be declined.
What fees will I be charged if Arvest Bank pays my overdraft?
We will charge you an Insufficient Funds/Overdraft fee of $17 each time we pay an overdraft.
We will charge you an Insufficient Funds/Overdraft fee for each paid overdraft item, up to a maximum of eight (8) fees per day.
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 ask us to provide Extended Overdraft Coverage through the options below:
What if I do not want Arvest Bank to pay overdrafts?
If you do not want Arvest to pay overdrafts covered by Basic Overdraft Coverage, such as checks, automatic bill payments, and ACH, you must decline Overdraft Coverage by calling 1‐866‐952‐9523, visiting Arvest.com, or visiting your nearest branch. If you decline Overdraft Coverage, items that would overdraft your account will generally be returned unpaid, and we will charge you an Insufficient Funds/Overdraft fee each time an item is presented and returned. Additional merchant fees may apply. From time to time, Arvest, in its sole discretion, may pay a transaction that overdraws your account and charge you an Insufficient Funds/Overdraft fee for paying the overdraft even if you have declined Overdraft Coverage. We will not charge you a fee if you decline Overdraft Coverage and we choose to pay an everyday debit card or ATM transaction.