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Arvest Bank: Your Comprehensive Guide to Banking Services

Arvest Bank Overview

Arvest Bank is a popular private bank located in Lowell, Arkansas that has been serving its customers since 1961. Over the years, Arvest Bank has grown and expanded through strategic acquisitions to cover a wide range of areas, offering exceptional banking and financial services to individual and corporate clients.

Arvest Bank has been consistently recognized as one of the Best Banks of 2023 by various financial publications, cementing its position as a trusted financial institution in the United States.

Key Features

Checking Accounts

Checking accounts are essential for day-to-day financial transactions, and Arvest Bank offers a range of checking accounts to meet the specific needs of its customers. These checking accounts come with varying fees, requirements, and features designed to cater to the diverse needs of their customers.

Types of Checking Accounts

Arvest Bank offers a range of checking accounts that include Free Blue, Basic Blue, myBlue, Arvest Club, Preferred Club, and Arvest Bright Solutions Banking. The Free Blue checking account is an ideal option for those looking to start their banking journey.

With no monthly fees and no minimum deposit required, customers can enjoy unlimited check-writing privileges and an Arvest Visa CheckCard. For customers who are looking for more benefits, the Basic Blue account provides convenient features such as online and mobile banking, bill pay, and free eStatements.

Another popular option is the myBlue checking account, which comes with the same convenience features as Basic Blue but with a waived monthly fee if the account is opened online. The Arvest Club and Preferred Club checking accounts offer customers access to exclusive benefits such as free legal advice, identity theft protection, and travel benefits.

Finally, the Arvest Bright Solutions Banking account is designed specifically for college students and comes with no monthly fee, unlimited check-writing privileges, and a free Arvest Visa CheckCard.

Fees and Requirements

When opening a checking account, customers need to know the fees and requirements associated with the account. The initial deposit for most checking accounts is relatively low, ranging from $25 for myBlue to $100 for the Arvest Club account.

However, some accounts, such as the Preferred Club checking account, require a more substantial initial deposit. There are also monthly service fees associated with some of the checking accounts.

These fees range from $2 for myBlue to $7 for the Basic Blue account. Some accounts, such as the Arvest Club and Preferred Club accounts, waive the monthly service fee if certain requirements are met, such as maintaining a minimum balance or having direct deposits.

Customers can also avoid monthly fees by switching to eStatements, which are free of charge. Other requirements may include making a minimum deposit each month or meeting a certain number of transactions.

Savings Account

Savings accounts are an excellent way to save for emergencies, future purchases, or retirement. Arvest Bank offers two types of savings accounts, Regular Savings and Cool Blue Savings.

Regular

Savings Account

The Regular Savings account requires an initial deposit of $25, and customers have to maintain a balance of $50 to avoid monthly fees. The interest rate on the account is negligible, currently standing at 0.05%.

This low rate may not be the best option for customers looking for higher returns. Cool Blue

Savings Account

The Cool Blue Savings account is designed for teenagers under the age of 18, with a low initial deposit of $25.

Customers get to avoid monthly fees on this account for the first year, after which a $1 monthly fee is charged. The interest rate on the account currently stands at 0.05%, similar to the Regular Savings account.

Money Market Account

Money Market accounts are ideal for customers looking to earn higher interest rates than traditional savings accounts. The Arvest Bank Money Market account comes with tiered interest rates, which increase as the balance in the account increases.

The account also allows for six free withdrawals per month, making it convenient for customers to access their funds when needed.

Account Details

To open a Money Market account, customers need to deposit a minimum of $100. The account also comes with a monthly service charge of $10, of which $5 is waived for daily balances of $2,500 or more.

The interest rates on the account currently range from 0.01% to 0.20%.

CD Accounts

CD Accounts are a tool for customers looking to earn higher returns on their savings by investing in a fixed rate CD for a fixed duration. Arvest Bank offers customers three types of CDs, each with varying features and rates.

Types of CDs

The first type of CD available at Arvest Bank is the traditional fixed rate CD, which requires customers to deposit a minimum of $1,000 for a fixed duration of their choosing, ranging from 3 to 60 months. Another type of CD is the Achiever CD, where customers can increase their CD rates once during the term of the CD.

Finally, there is the Jumbo CD, designed for customers who want to deposit $100,000 or more and earn premium interest rates.

Interest Rates

The interest rates on CDs vary depending on the type of CD and duration. CD rates also vary based on the amount deposited, with higher deposits earning higher interest rates.

Customers should be aware that penalties may be incurred if they withdraw funds before the CD matures.

Conclusion

In conclusion, Arvest Bank combines convenience and value for customers through its range of banking services. With a variety of options, including checking accounts, savings accounts, money market accounts, and CD accounts, customers can select the financial services that meet their specific needs.

As a reputable financial institution and one of the Best Banks of 2023, Arvest Bank is an excellent option for those looking for a trusted and reliable bank.

Banking Experience

Customers want a banking experience that is convenient, efficient, and cost-effective. Arvest Bank offers a range of banking services that cater to those needs, from its mobile app to its customer support.

This section will delve into the specifics of fees, the mobile app, and customer service to help customers understand what Arvest Bank has to offer.

Fees

Arvest Bank has a range of fees associated with its various banking services. Some of these fees include out-of-network fees, ATM and debit card replacement fees, expedited replacement fees, automatic transfer fees, bill pay fees, and statement fees.

Account

Fees

Out-of-network fees are assessed when customers withdraw cash from an ATM that is not part of Arvest’s network. The fee is typically $2.50, and additional fees may apply if the ATM owner charges a separate fee.

Arvest charges a fee for debit card replacement, with standard replacement fees being $5. For those needing their card expedited, the fee is $30.

Customers are also subject to fees for automatic transfers, although these vary based on the type of account they hold. Bill pay and statements can also be subject to fees depending on the account type.

Some accounts offer free bill pay and eStatements, while others may require a monthly fee.

Mobile App

Arvest Bank’s mobile app has become increasingly popular in recent years, as it enables customers to manage their accounts on-the-go. The app has a 4.5-star rating on Google Play and a 4.8-star rating on the App Store, making it one of the highest-rated banking apps in the United States.

User Ratings

Google Play users have rated Arvest Bank’s mobile app highly, giving it a 4.5-star rating. In addition, the App Store users have given the app an average rating of 4.8 stars.

This rating highlights the app’s reliability and ease of use.

Features

The Arvest Bank mobile app has many features that enable customers to complete various banking tasks. These include mobile check deposit, fund transfers, transaction search, viewing account information, paying bills, and using Zelle to send money to others.

The app also displays pending transactions, allowing customers to see how much money they have available to spend before transactions clear. Customers can also set up custom alerts for account activity, receive 24/7 account information, and check their account balances.

Customer Service

Good customer service is vital to a good banking experience, and Arvest Bank offers support through various channels, including local bankers, the mobile app, the customer service number, and online assistance.

Assistance Channels

Customers can reach local bankers for in-person assistance with their accounts at any Arvest branch location. The mobile app also offers customer support, allowing customers to access a range of features without leaving the app.

The customer service number is available 24/7 for customers who prefer to speak with a representative. Customers can also receive technical support and assistance with their online banking and authentication.

Account-specific Assistance

Customers can access their account information through Arvest Bank’s online banking portal. They can view transactions, pay bills, and access various statements and documents.

Comparable Regional Banking Options

Regions Bank

Regions Bank is another popular regional bank in the United States that offers similar services to Arvest Bank. Regions Bank offers a range of diversity programs such as Regions Cashback Rewards, which rewards customers for using their debit card for purchases, as well as Relationship Rewards, a program designed to reward customers for their loyalty.

Regions Bank also discloses their annual percentage yield (APY) across all of their accounts, making their fees and interest rates more transparent to customers.

Bank OZK

Bank OZK is a regional bank that focuses on account transparency and mobile banking. The bank has a mobile app that is highly rated.

The app has a 4.8-star rating on both the Google Play Store and the App Store.

Bank OZK ensures transparency and accountability by providing customers with detailed information about their accounts, including interest rates and fees. This way, customers can make informed decisions about their finances.

Conclusion

In conclusion, Arvest Bank offers a range of banking services that cater to its customers’ needs. From a variety of checking, savings, money market, and CD accounts to its mobile app and customer support, customers can choose the banking services that meet their specific needs.

Other regional banks like Regions Bank and

Bank OZK offer similar services, with different rewards programs, fee transparency, and mobile banking features.

Final Take

Now that we have explored the different aspects of Arvest Bank, let us take an overview of what stands out and conclude our analysis.

Account Variety and Rates

Arvest Bank offers a range of account options, each with varying fees, requirements, and interest rates. Customers can choose from checking accounts, savings accounts, money market accounts, and CD accounts.

Arvest Bank also offers competitive rates, with some of its accounts offering high annual percentage yields (APYs), making the accounts an excellent option for those looking to earn high-interest rates on their savings. However, these rates vary depending on the geographic location.

Fees

It is important to note that while Arvest Bank offers a range of services and features, some fees may apply. For example, customers may be charged out-of-network fees if they withdraw cash from an ATM that is not part of Arvest’s network.

Customers may also be subject to inactivity fees if their account remains unused for an extended period. It is essential to understand these fees before opening an account to prevent any surprise charges.

Recommendations

For those looking for a local banking experience, Arvest Bank is an excellent option since it has a strong presence in the South Central and Midwestern United States. In addition, those who withdraw cash frequently should consider opening an Arvest Bank account, as the bank’s ATMs are free to use for its customers.

FAQ

Arvest Bank Information

Q: What is the history of Arvest Bank, and is it safe to bank with them? A: Arvest Bank was established in 1961 and is currently one of the largest banks in the Midwestern and South Central United States.

Arvest Bank is FDIC-insured, which means deposit accounts are safe and protected up to the maximum amount allowed by law. Q: Who owns Arvest Bank?

A: Arvest Bank is a privately held bank, with the Walton family, founders of Walmart, as its primary shareholders.

Account Features

Q: What are the checking account options available at Arvest Bank? A: Arvest Bank offers several types of checking accounts, including Free Blue, Basic Blue, myBlue, Arvest Club, Preferred Club, and Arvest Bright Solutions Banking.

Q: Does Arvest Bank offer referral rewards for inviting new customers? A: Arvest Bank does offer a referral program where current customers can earn a bonus for each referred customer that meets the referral criteria.

Account Management

Q: How long does it take for a check to clear in an Arvest Bank account? A: Check clear times may vary depending on the check amount, but most checks clear within one to two business days.

Q: How can I deposit funds to my Arvest Bank account? A: Arvest Bank allows customers to deposit funds in several ways, including using the mobile app to deposit checks, visiting a local branch, or using an ATM that accepts deposits.

Q: Does Arvest Bank offer any bonuses or promotions for new account holders? A: Arvest Bank does offer bonuses and promotions for new account holders from time to time.

These promotions may be limited to certain types of accounts, so it’s always good to keep an eye out for these deals. In conclusion, Arvest Bank offers a variety of banking services such as checking, savings, money market, and CD accounts, which cater to different customer needs.

Arvest Bank’s mobile app features bill pay, mobile check deposit, fund transfers, transaction search, and Zelle. Their customer service channels include local bankers, mobile apps, customer service numbers, and online assistance.

Customer feedback has shown that while there are various fees associated with their banking services, the bank offers competitive rates and is FDIC-insured, ensuring that deposit accounts are safe and protected. Overall, banking with a reliable and trustworthy institution like Arvest Bank is vital for managing one’s finances.

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