Arvest Bank is eliminating its longtime lineup of personal checking accounts, including its no-fee Free Blue account, and automatically moving customers into one of three new accounts that carry monthly service charges unless minimum balance or direct deposit requirements are met.
The Bentonville-based bank, founded by the Walton family, says the changes are the first overhaul of its personal checking products in more than 14 years. The transition began this summer and is expected to be complete by fall 2026, according to the bank’s account transition website.
The move has drawn sharp criticism from customers across Arkansas, many of whom learned of the change through letters mailed in June. Some longtime account holders say they plan to close their accounts.
The new accounts
Arvest is replacing its existing checking products with three tiers:
Arvest Essential Checking carries a $5 monthly fee. The fee is waived if the customer receives at least $3,000 in ACH direct deposits into the account per statement cycle, or maintains $5,000 in combined balances across Arvest personal checking, savings, money market, CD and IRA accounts.
Arvest Plus Checking carries a $10 monthly fee, waived with $7,000 in monthly direct deposits or $20,000 in combined deposit balances. The account includes identity theft monitoring and 24/7 roadside assistance.
Arvest Select Checking carries a $15 monthly fee, waived with $10,000 in monthly direct deposits, $40,000 in combined deposit balances, or $100,000 in combined Arvest Wealth Management holdings. The account earns interest and includes additional benefits such as free cashier’s checks, domestic wires and a safe deposit box discount.
Debit card credits do not count toward the direct deposit requirements. Only ACH credits, such as payroll or Social Security deposits, qualify.
What stays the same, what changes
According to the bank, account numbers, debit cards, direct deposits and automatic payments will not change when accounts convert. Savings and money market accounts are not affected. The bank’s $17 per-item overdraft charge is also unchanged, though overdraft coverage limits vary by account tier.
Accidental death and dismemberment insurance, previously included with some Arvest accounts, ends on each customer’s conversion date. The bank says claims can still be filed for covered accidents that occurred before the change. The coverage is being replaced by benefits including IDProtect identity monitoring, roadside assistance and eVets pet telehealth, depending on the account tier.
Arvest says it selected each customer’s new account based on how the customer uses their existing account and typical balances. Customers who prefer a different account can change it online, by phone at (866) 952-9523 or at a branch. Letters are mailed at least 30 days before each account’s conversion date. Customers with multiple checking accounts will receive separate letters, potentially at different times.
Customer backlash
Reaction has been largely negative since letters began arriving. In reviews posted to the consumer finance site WalletHub, customers have described the change as a penalty on people with low balances, noting that the fee waivers require either significant monthly income deposited by ACH or thousands of dollars kept on deposit.
Several self-described longtime customers, including one WalletHub reviewer claiming 35 years with the bank, have said publicly they intend to move their money elsewhere. Others have pointed to the bank’s Walton family ownership in questioning the need for new fees. The changes have also drawn criticism in Facebook community groups across Arkansas and in at least one Arkansas-based Substack newsletter, whose author described the new fee structure as predatory toward lower-income customers.
For a customer who does not meet a waiver requirement, the Essential account fee totals $60 per year.
Customers with questions can call Arvest at (866) 952-9523 or visit a local branch.
