Arvest Bank discontinued its basic free checking account in 2023

Arvest Bank, which operates across Arkansas, Oklahoma, Kansas, and Missouri, removed its no-fee checking option and replaced it with accounts that carry monthly maintenance charges. If you held an Arvest free checking account before the change, the bank moved your account to a paid tier and began charging a monthly fee unless you met certain balance or deposit requirements to waive it.

The shift affected existing customers without advance notice of a specific cutoff date. Arvest did not grandfather existing free accounts—all customers were transitioned to the new structure. This means if you had a free checking account with Arvest, you are now either paying a monthly fee or meeting conditions to avoid one.

Key Takeaways

  • Arvest Bank no longer offers a checking account with no monthly fee, no minimum balance, and no conditions attached.
  • Existing free checking customers were moved to paid accounts automatically, with fees ranging depending on the account type.
  • You can waive the monthly fee by maintaining a minimum balance, setting up direct deposit, or meeting other account requirements that vary by product.
  • If you want to keep banking with Arvest without paying a monthly fee, you will need to meet one of the fee-waiver conditions or switch to a different bank.

What accounts Arvest offers now instead

Arvest's current checking options include the Essentials Checking account, which carries a monthly maintenance fee. The fee is waived if you maintain a minimum daily balance (typically $500 to $1,000, depending on the specific product) or set up a may have access to direct deposit. Some Arvest accounts also waive the fee if you keep a linked savings account with a minimum balance.

The bank also offers Premium Checking and other tiered accounts with higher fees but additional benefits like higher interest rates, fee reimbursements, or waived overdraft charges. These are designed for customers who maintain larger balances or want extra services.

Arvest does not currently market a checking account with zero monthly fees, no minimum balance requirement, and no conditions. If you need that structure, you would need to move your account to another bank.

How to avoid the monthly fee if you stay with Arvest

If you want to keep your Arvest account without paying a monthly fee, you have three main paths. The first is to maintain the minimum daily balance required by your account type—usually $500 to $1,000. This balance must stay in your checking account; it cannot be in savings or another account.

The second is to set up a direct deposit of your paycheck, government benefits, or other regular income into your Arvest checking account. Most Arvest accounts waive the monthly fee if you receive at least one direct deposit per month, regardless of the amount. You can set this up through your employer's payroll system or by contacting Arvest directly.

The third option is to maintain a linked savings account with a minimum balance. Some Arvest products waive checking fees if you keep a savings account open with the bank and meet that account's minimum balance requirement. Call your local Arvest branch or log into your online account to see which waiver options apply to your specific account type.

When the change happened and why

Arvest discontinued its free checking account in 2023 as part of a broader shift across the banking industry. Many regional and community banks have moved away from no-fee checking over the past five years, citing rising operational costs and lower interest rates that reduce bank revenue. Arvest's change aligned with this trend, though the bank did not issue a public announcement of a specific discontinuation date.

Existing customers discovered the change when their accounts were converted and fees began appearing on their statements. Arvest sent notices to affected customers, but many did not realize the change was permanent until they saw the charge. The bank framed the move as part of modernizing its account offerings rather than a complete elimination of free checking.

Your options if you do not want to pay a fee

If you have an Arvest account and do not want to pay a monthly fee, your first step is to contact Arvest directly and confirm which fee-waiver conditions apply to your specific account. Call the customer service number on your debit card, visit a local branch, or log into your online account to see the fee structure and waiver options.

If none of the waiver conditions work for you—for example, if you cannot maintain the minimum balance or do not receive direct deposits—you can move your account to another bank. Many online banks and credit unions offer checking accounts with no monthly fee, no minimum balance, and no conditions. You will need to open a new account, update your direct deposit if you have one, and close your Arvest account once the transition is complete.

Before switching, compare the features you actually use. Some banks charge for overdrafts, out-of-network ATM use, or other services even if the monthly fee is waived. Make sure the new bank's fee structure matches your banking habits.

How to switch banks if you decide to leave Arvest

Switching from Arvest to another bank takes about one to two weeks. Start by opening a new checking account at your chosen bank—you can do this online or in person. You will need a government ID, proof of address (like a utility bill or lease), and your Social Security number.

Once your new account is open, update your direct deposit with your employer or benefits provider. Give them your new bank's routing number and your new account number. Direct deposit changes typically take effect within one to two pay periods.

After your first direct deposit hits the new account, you can close your Arvest account. You can do this by visiting a branch, calling customer service, or sometimes through online banking. Make sure you have moved all automatic payments and recurring transfers before closing, or they will fail.

Frequently Asked Questions

Can I get my old free checking account back?

No. Arvest discontinued the free checking product entirely and does not offer it anymore, even for long-time customers. All accounts were converted to the new fee-based structure. Your only option to avoid fees is to meet one of the current waiver conditions or move to a different bank.

What if I do not meet any of the fee-waiver conditions?

You will be charged the monthly maintenance fee each month. The amount varies by account type but typically ranges from $5 to $15. If you cannot or do not want to pay, switching to a bank that offers free checking with no conditions is your best option.

Does setting up direct deposit take a long time?

No. You can set up direct deposit immediately by contacting your employer's payroll department or your benefits provider with your Arvest routing number and account number. The change usually takes effect within one to two pay periods. Once it is active, your monthly fee will be waived automatically.

Will closing my Arvest account hurt my credit?

No. Closing a checking account does not affect your credit score. Credit bureaus only track credit accounts like loans and credit cards, not checking or savings accounts. You can close your Arvest account without any impact on your credit.

Are there any other banks in Arvest's region that still offer free checking?

Yes, but availability varies by location and by bank. Online banks like Ally, Charles Schwab, and Discover typically offer free checking with no minimum balance or direct deposit requirement. Local credit unions in Arkansas, Oklahoma, Kansas, and Missouri may also offer free checking. Compare the options in your area before deciding where to move your account.