Overdraft Coverage Options
At Arvest, we offer options on how you want to handle overdrafts on your account when your ledger balance is less than the amount we need to pay your transactions presented for final settlement at the end of business day processing. You can choose SafetyLink, Basic Overdraft Coverage, Extended Overdraft Coverage, or No Overdraft Coverage. Each of these options are described below. You should read about and consider each option carefully before making a selection so you can choose the best option for your individual situation. We also offer a number of solutions to help prevent overdrafts from happening on your account.
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. A $10 SafetyLink transfer fee is charged to the checking account each day we transfer funds from the SafetyLink account to cover overdraft transactions. The amount of the SafetyLink transfer from your money market or savings account will include the amount of the SafetyLink transfer fee. SafetyLink is a good alternative if you have a separate account with sufficient funds available to cover unexpected overdrafts.
There is a maximum 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, even if you overdraw your checking account and have set up SafetyLink. If your SafetyLink money market or savings account has reached the monthly transaction limit, your checking account transactions will be treated as if you did not have SafetyLink, which means they may be paid or returned, in our sole discretion, and you may be charged an Insufficient Funds/Overdraft fee.
When your SafetyLink money market or savings account does not have enough money to cover each transaction causing an overdraft on your checking account, we will transfer funds to cover the fee and pay transactions according to our posting order until an item in the posting order cannot be paid with the SafetyLink funds transfer. When a transaction cannot be paid with the SafetyLink funds transfer, that transaction and all other transactions that follow in the posting order may be paid or returned, in our sole discretion, resulting in an Insufficient Funds/Overdraft fee. If you do not have enough money in your SafetyLink money market or savings account to cover any transactions causing an overdraft on your checking account, we will not make any SafetyLink funds transfer and we will not charge you a transfer fee. Instead, your checking account transactions will be treated as if you did not have SafetyLink, which means they may be paid or returned, in our sole discretion, and you may be charged an Insufficient Funds/Overdraft fee.
If you choose SafetyLink overdraft coverage, you should be aware that we will only authorize debit card purchases you make up to the available balance in your checking account. Available funds in a SafetyLink money market or savings account will not be considered when we authorize or deny debit card, ATM, or other transactions. You cannot have Basic or Extended Overdraft Coverage if you have SafetyLink.
You should review the SafetyLink Transfer Agreement for complete details on this program. If you would like to enroll in SafetyLink:
An overdraft occurs when your ledger balance is less than the amount needed to pay a transaction presented for final settlement during end of business day processing, but we pay the transaction anyway. Basic Overdraft Coverage is provided on most checking accounts and is typically available between 30 and 120 days from the time the account is opened, or the coverage is requested. You can also request Extended Overdraft Coverage to cover overdrafts caused by ATM and everyday debit card transactions. You must have Basic Overdraft Coverage to receive Extended Overdraft Coverage. If you do not want us to cover overdrafts on your account, you can request no overdraft coverage, although we may still pay transactions that result in overdrafts from time to time.
Regardless of the overdraft coverage program you select, you should understand that you are still responsible for bringing your account to a positive balance.
We pay overdrafts at our sole discretion and may choose to return the transaction instead of paying the overdraft. If we pay an overdraft, we may charge you an Insufficient Funds/Overdraft fee of $17 for each overdraft transaction we pay, up to a maximum of eight (8) Insufficient Funds/Overdraft fees per day, even if we pay or return more than eight (8) transactions.
Even if you have Basic Overdraft Coverage or you asked to have Extended Overdraft Coverage added your account, we may choose not to pay an overdraft and return the transaction unpaid instead, which may result in an Insufficient Funds/Overdraft Fee. If we return a transaction, we may charge you an Insufficient Funds/Overdraft fee of $17 for each transaction we return unpaid, up to a maximum of eight (8) Insufficient Funds/Overdraft fees per day, even if we pay or return more than eight (8) transactions. We will charge an Insufficient Funds/Overdraft fee even if the transaction has been presented for payment on an earlier day and we returned it and charged an Insufficient Funds fee at that time. Additional merchant fees may also apply when transactions are returned.
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 your ledger balance is not sufficient to pay for all of the transactions presented to us. 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.
The type of overdraft coverage you have on your account impacts the types of overdraft transactions we might choose to pay.
Basic Overdraft Coverage comes with your account and covers these types of transactions, which are examples only:
- 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 monthly memberships or subscriptions
Basic Overdraft Coverage does not cover every day debit card transactions or ATM transactions—you must choose to add Extended Overdraft Coverage to your account if you would like us to pay these types of overdraft transactions. If you only have Basic Overdraft Coverage, everyday debit card and ATM transactions will normally be declined at the point of sale or at the ATM if your available balance is insufficient to cover the transaction when it is initiated.
If you asked to have Extended Overdraft Coverage added to your account, it covers these types of transactions, which are examples only:
- Every day (i.e., one-time) debit card purchases at stores or online
- ATM Transactions (including cash withdrawals and transfers between accounts)
- One-time online debit card payments (including utilities, online shopping, and reservations)
No Overdraft Coverage: You may also request not to have any overdraft coverage on your account by calling us at (866) 952-9523, visiting your nearest Arvest Bank branch, or going to Arvest.com. If you choose to have no overdraft coverage on your account, we will generally return transactions when your ledger balance is not sufficient to cover them and charge you an Insufficient Funds/Overdraft fee each time a transaction is presented and returned. From time to time, in our sole discretion, we may choose to pay a transaction that exceeds your ledger balance 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 (i.e., one-time) debit card or ATM transaction. You are obligated to pay the amount of the overdraft and any Insufficient Funds/Overdraft fee charged anytime your account is overdrawn.
Unless you specifically tell us in writing that you do not want Basic Overdraft Coverage, request SafetyLink, or request Extended Overdraft Coverage, your account will default to Basic Overdraft Coverage.
Does Overdraft Protection Cover my Zelle and TransferNow transfers?
Unless your Zelle or TransferNow transfer is made using the standard 3-day delivery option, Basic Overdraft Coverage and Extended Overdraft Coverage generally does not cover Zelle or TransferNow transfer overdraft transactions. This means that even if you have Basic Overdraft Coverage or Extended Overdraft Coverage, we will typically decline Zelle and TransferNow transfers that would overdraw your account. While we may choose to authorize and pay a Zelle or TransferNow transaction that overdraws your account from time to time, in our sole discretion, we will not charge you an Insufficient Funds/Overdraft fee if we do. You are obligated to pay the amount of the overdraft anytime your account is overdrawn.
Basic Overdraft Coverage does cover Zelle or TransferNow transfers sent using the standard 3-day delivery option, as these transactions are processed as an ACH transaction. Transfers processed as ACH transactions may incur an Insufficient Funds/Overdraft Fee.
Changing your Overdraft Coverage Type
You can change your overdraft coverage option at any time by contacting us in any of the following ways:
- 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
Requests to remove Basic Overdraft Coverage or Extended Overdraft Coverage from your account will be processed and applied to your account the business day following your request. Requests to add Basic Overdraft Coverage or Extended Overdraft Coverage to your account that currently has no overdraft coverage will be processed within 30 to 120 days. Requests to add Extended Overdraft Coverage to accounts with Basic Overdraft Coverage will be processed the business day following your request. We will process your request to add overdraft coverage to your account, we pay overdrafts in our sole discretion and may not provide you with the overdraft coverage requested or any overdraft coverage.
Options That Can Assist in Reducing Overdrafts
We offer a number of options that you can use to help manage your checking account balance and avoid inadvertently overdrafting your checking account. 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:
24-Hour Account Info 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 for payment in nightly processing may not be reflected in the balance information. While Mobile Banking can be one tool to monitor account activity, you should not rely upon your available balance to determine the actual amount of money in your account.
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.
Arvest Bright SolutionsTM Banking
Focus less on preventing overdraft fees, and more on simple budgeting and money management. Bright Solutions™ Banking is a completely different banking product meant for customers not interested in overdraft or NSF fees. Please consult your Arvest Customer Service Representative for additional information about this product.
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.