Arvest Bank is one of the oldest banks in the United States and it is still offering services to customers across the country. But its physical offices are located in a few states, making people wonder if it’s truly available across the United States.
In this short piece, you’ll discover Arvest Bank available states, Legal states, and where it’s restricted.
What Is Arvest Bank?
Arvest Bank is a privately owned financial institution that offers different banking and financial services to individuals and businesses. The bank is owned by the Walton family, the founders of Walmart.
Arvest Bank was founded in 1871 it took a modern turn in 1961, explaining why it is attributed to Sam Walton.
Arvest Bank is seen as community bank because of its community-based model and focus on customers in the South and Midwest. But you will find out more about its available states as we progress.
Which Banking Services Does Arvest Bank Offer?
Arvest Bank offers different kinds of financial and banking services. It offers personal (savings, checking, fixed deposit and individual retirement accounts) and business (commercial account, business credit card, merchant services, treasury management, etc.) banking.
Arvest Bank also offers borrowing services, including personal loans and mortgages, as well as wealth management services. It offers every kind of services you’ll find any other good bank in the United States.
Opening an Account with Arvest Bank
It is not difficult to open an account with Arvest Bank. The bank has made it easier for customers by allowing them to open their accounts online if they can’t or don’t want to walk into any nearby local branches for the process.
You can also open your Arvest Bank account through the bank’s mobile app. You can start by downloading and installing the app and then following the prompt for account opening. You can always contact the bank’s support team to help you complete this process.
If you wish to open a savings account but don’t want to use any of the channels mentioned above, you can contact the Arvest Bank customer service via phone call. You need to visit the bank’s website for the correct phone number to use.
Who Can Open an Account with Arvest Bank?
Arvest Bank is available to Americans, including minors, and businesses that have the basic requirements. However, minors can only open their accounts under a guardian.
Requirements for Opening an Account with Arvest Bank
So, here are the basic requirements for opening accounts at Arvest Bank:
- A government-issued photo ID for identification.
- Social Security Number
- Physical address and a proof of that address
- Date of birth (for personal accounts)
- Evidence of business existence (for business accounts). This includes business license, certificate of registration, and operating agreement (if it’s an LLC)
- Employer Identification Number (for business accounts)
Minimum Deposit and Withdrawal Amount at Arvest Bank
When you want to open an account with Arvest Bank, you will have to deposit a minimum of $50 for checking accounts or $100 for savings accounts. But if the savings account is for minors, the minimum deposit amount is $50. Note that this amount is a requirement for opening accounts.
The bank doesn’t have a minimum withdrawal amount. However, there are withdrawal limits.
When you wish to withdraw cash through ATM, you can’t withdraw more than $600 per transaction and $1000 in a day. But if the withdrawal is by PIN-based POS transaction, you can withdraw up to $5,000 with your debit card. This amount is also the limit for PIN-less and signature based transactions.
For your savings account, you can withdraw up to 6 times in a month, after which you will start paying withdrawal charges of $5 or more per transaction.
All the same, check the Arvest Bank deposit and withdrawal limits for the type of account you wish to open.
Arvest Bank Customer Service
You can contact Arvest Bank support team by phone. But you need to visit the bank’s website for the correct phone number for customers in your region. The customer service is available on weekdays (Mondays to Fridays) and weekends (Saturdays).
Does Arvest Bank Have a Mobile App?
The answer is yes, Arvest Bank has a mobile app. This app is compatible with Android and iOS operating systems. So you can download it from Google Play Store or Apple App Store, depending on the operating system your phone uses. You can also visit the bank’s website for a direct link to the right app version for your phone.
What We Like about Arvest Bank
- It has a special account for minors. This account doesn’t charge monthly fees.
- You can complete the account opening process online.
- You can contact the support team by phone call. This makes it easier and faster to resolve issues.
What We Don’t Like about Arvest Bank
- The interest rate of 0.25% to savings accounts that have up to $100 is too low.
- It charges monthly maintenance fees, even to savings accounts.
- Arvest Bank ATM and physical branches are not available in all states and major cities. This means that if the bank doesn’t have an ATM or a local branch in your area, you will be charged for using other banks’ ATMs when you wish to withdraw cash from your account.
Arvest Bank Available States
Arvest Bank has physical branches and ATMs in Arkansas, Kansas, Missouri, and Oklahoma. This is because the bank wants to have a community-based feel and offers its special services to customers in the concerned states. But it has more than 200 physical branches and about 311 ATMs in these states. But then these facilities are not available in other parts of the country.
Now, you may be wondering if you can open an account with Arvest Bank or operate your account if you are not in any of the four available states. If this is the case, you have nothing to worry about. Note that even though Arvest Bank is not physically available in every part of the United States, its mobile and internet banking services are.
Arvest Bank available states are Arkansas, Kansas, Missouri, and Oklahoma. But bank offers services to customers outside the four states but it is only through its internet and mobile banking operations.
Arvest Bank Restricted States
Arvest Bank does not restrict customers in any state from opening and running accounts in the bank. The only thing here is that it does not offer in-person banking services to customers outside of Arkansas, Kansas, Missouri, and Oklahoma. This is because the bank’s physical offices and ATMs are only in these states.
So, if you are living in any part of the United States and wish to open an account with Arvest Bank, you can only use the bank’s digital platforms (that is, the internet banking and mobile banking operations).
Let’s Wrap Up about Arvest Bank
Arvest Bank is only physically available in four states – Arkansas, Kansas, Missouri, and Oklahoma. However, it accepts customers from different parts of the country but they have to join through its online and mobile banking platforms. So, if you like what Arvest Bank offers but the bank is not physically available, you can use its internet banking services.
