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. The bank no longer offers a checking account with zero monthly fees and no minimum balance requirement. If you held an Arvest free checking account before the change, your account was converted to a paid tier, and you began receiving monthly statements showing the new fee.

This shift affected thousands of customers who had relied on Arvest's free checking for years. The bank did not grandfather existing customers into the old terms—everyone moved to a fee-based account structure. Understanding what happened and what your options are now matters if you bank with Arvest or are considering opening an account there.

Key Takeaways

  • Arvest Bank eliminated its free checking account and moved all customers to accounts with monthly maintenance fees, typically $5 to $12 depending on the account tier.
  • Existing free checking customers were automatically converted to a paid account without the option to keep the old terms.
  • You can waive Arvest's monthly fee by maintaining a minimum balance, setting up direct deposit, or meeting other specific requirements that vary by account type.
  • If Arvest's new fee structure does not work for your banking needs, you have the option to move your account to another bank that still offers free checking with no strings attached.

What Arvest's current checking accounts cost

Arvest now offers three main checking account tiers, each with a monthly maintenance fee. The Essentials Checking account costs $5 per month. The Preferred Checking account costs $10 per month. The Premier Checking account costs $12 per month and includes additional perks like higher interest rates and fee waivers.

Each account allows you to waive the monthly fee if you meet certain conditions. For Essentials Checking, you can avoid the $5 fee by maintaining a $500 minimum daily balance or by setting up a direct deposit of at least $500 per month. Preferred Checking waives its $10 fee with a $1,500 minimum balance or a $1,000 direct deposit. Premier Checking waives its $12 fee with a $2,500 minimum balance or a $1,500 direct deposit.

If you do not meet the waiver requirements, you pay the full monthly fee. Overdraft fees, ATM fees outside Arvest's network, and other charges explore separately and are not covered by the monthly maintenance fee.

Why Arvest made this change

Banks discontinue free checking accounts for the same reason Arvest did: the economics of offering zero-fee accounts have shifted. Free checking was once a way for banks to attract customers and build relationships that would generate profit through other services. Rising operational costs, tighter profit margins, and increased regulatory requirements have made that model less viable for many regional banks.

Arvest, a regional bank with roughly 250 branches across four states, faces the same cost pressures as larger institutions. The bank likely determined that maintaining a truly free checking account—with no minimum balance, no direct deposit requirement, and no other conditions—was no longer sustainable. Rather than absorb the cost, Arvest shifted to a fee-based model with waiver options, allowing customers who maintain higher balances or use direct deposit to avoid paying.

How to avoid Arvest's checking fees

If you want to keep your Arvest account without paying the monthly fee, you have three main paths. The simplest is to maintain the required minimum daily balance for your account tier. For Essentials Checking, that is $500. This balance must stay in your account every day—if it drops below $500 even once, you may be charged the fee for that month.

The second path is to set up direct deposit. If your employer or another source deposits at least $500 per month into Essentials Checking, $1,000 into Preferred, or $1,500 into Premier, the monthly fee is waived. Direct deposit is often the easier option because it happens automatically and does not tie up your money in a minimum balance.

The third path is to combine both methods. Some customers maintain a smaller balance and use direct deposit to meet the waiver threshold. Check with Arvest about which combination works for your situation, because the exact rules can vary slightly by branch or account type.

Banks that still offer free checking without conditions

If Arvest's fee structure does not fit your needs, other banks and credit unions in Arvest's footprint still offer checking accounts with no monthly fee and no minimum balance requirement. Ally Bank offers free checking online with no monthly fee, no minimum balance, and no direct deposit requirement. Charles Schwab Bank provides free checking with no fees and no minimums. Many local credit unions also maintain free checking accounts—you can search for credit unions in your area through the CO-OP Network or Shared Branch locator.

Online banks tend to offer free checking more readily than regional brick-and-mortar banks because they have lower overhead costs. If you need in-person banking and branch access, a credit union in your area may be your best option for free checking without conditions. If you are willing to bank primarily online, Ally or Schwab may be simpler alternatives to Arvest.

What happens if you switch banks

Moving your checking account from Arvest to another bank takes roughly one to two weeks. You will need to set up a new account at your chosen bank, update your direct deposit information with your employer, and notify any automatic payments (utilities, subscriptions, loan payments) of your new account number. Arvest will not automatically close your old account—you must request closure once you have moved everything over.

Before you close your Arvest account, make sure all pending transactions have cleared and that no automatic payments are still tied to it. Some people keep their Arvest account open for a month or two after switching, just to catch any stray charges. Once you are confident everything has moved, you can close the account in person at an Arvest branch or by calling customer service.

Frequently Asked Questions

Can I get my old free checking account back?

No. Arvest converted all free checking accounts to paid tiers and does not offer the option to revert. If you want free checking, you must either meet the waiver requirements for your current account or move to a different bank.

What if I cannot maintain the minimum balance?

If you cannot keep $500 or more in your account, you will be charged the monthly fee. Your other option is to set up direct deposit instead, which waives the fee without requiring a minimum balance. If neither works for you, switching to a bank with no-fee checking is the most practical choice.

Do I have to use Arvest's Premier account to avoid fees?

No. Essentials Checking is the lowest-cost option and has the lowest waiver requirements ($500 minimum balance or $500 direct deposit). You only need Premier if you want the additional benefits it includes, like higher interest rates.

Will Arvest charge me a fee to close my account?

Arvest does not charge a fee to close a checking account. You can close it in person at a branch or by phone. Make sure your account balance is zero or transferred out before you request closure.

If I move to another bank, how do I transfer my money?

You can transfer money from Arvest to your new bank by writing a check, using an ATM withdrawal, or asking your new bank to pull the funds via ACH transfer. Most banks can initiate an ACH transfer for you—you just need to provide your Arvest account and routing number. The transfer usually takes one to three business days.