FAYETTEVILLE, Ark. — Arvest Bank’s decision to introduce a monthly maintenance fee for some checking account customers is drawing criticism from account holders who argue the change could disproportionately affect lower-income consumers, according to reporting by 5NewsOnline.
The bank recently unveiled a new lineup of checking accounts, its first significant overhaul of checking products in more than 14 years.
Under Arvest’s new Essential Checking account, customers can avoid a $5 monthly maintenance fee by receiving at least $3,000 in qualifying direct deposits during each statement cycle or maintaining at least $5,000 in combined personal deposit balances.
Some customers have objected to the new requirements.
‘Going to Take My Money Elsewhere’
Wendy Finn, an Arvest customer, told 5NewsOnline she decided to speak publicly after receiving a letter from the bank outlining the changes. She said she believes the new fee structure could have the greatest impact on Arkansans already facing financial hardship.
“I’m just going to choose to take my money somewhere else to people who aren’t profiting off of the poverty of my neighbors,” Finn told the television station.
Finn also cited the latest United for ALICE report, which found that approximately 42% of Arkansas households either live below the federal poverty line or earn above it while still struggling to afford basic household expenses.
“Is it legal? Yes. Is it ethical? Well, that’s another question,” she said.
Bank Defends Changes
Arvest defended the changes, saying they reflect evolving customer expectations and the costs associated with providing modern banking services.
“It’s been over 14 years since Arvest has last updated our checking accounts, and the way people bank has completely changed since then,” Arvest spokesperson Tara Muck told 5NewsOnline.
Muck said customers increasingly expect enhanced fraud protection, digital banking tools and convenient access to local branches, requiring the bank to continue investing in its products and services.
“Banks, like any other businesses, need to have some type of profit to be able to reinvest,” Muck said. “We need deposits so we can go out and help create loans for small businesses, mortgages and other lending opportunities.”
The bank also offers a lower-cost checking account carrying a $3 monthly fee for customers who do not meet the Essential Checking account’s waiver requirements.
Bank Says Fees are Common
According to 5NewsOnline, Arvest said monthly maintenance fees remain common throughout the banking industry, although the requirements for avoiding those fees vary by financial institution. The station reported that Arkansas-based Bank OZK also charges monthly maintenance fees on certain checking accounts but uses different waiver criteria.
“We understand the frustration, and we hope ultimately there’s value that they find in us as a bank, as a community-focused bank and as a neighbor,” Muck told the station.
Arvest said it will continue to evaluate its checking products while listening to customer feedback, according to 5NewsOnline.
