Arvest Bank Offers Special Assistance to Customers Affected by Shutdown

Friday, January 25 at 08:00 AM
Category: Arvest News

Arvest Bank has announced additional accommodations for our customers affected by the current government shutdown. Because we understand the uncertainty caused by an interruption in income, we’ve established a Special Assistance Customer Care hotline for our customers who need help managing their accounts during this time.

If you have concerns about your accounts related to the government shutdown, please call this dedicated line during normal business hours – 

Arvest Special Assistance Customer Care: (877) 483-2940.

A customer care associate will walk you through specific accommodations available to you.

  • ARVEST MORTGAGE CUSTOMERS: Arvest is suppressing credit reporting, waiving late fees and offering payment assistance including forbearance. In addition to calling (877) 483-2940, mortgage customers can visit the Arvest website to learn more about hardship assistance. Options will vary based on loan type and investor guidelines.
  • PERSONAL LOANS (AUTO, HOME EQUITY, DEBT CONSOLIDATION, ETC.): Arvest is offering payment deferrals for existing loans based on need. In addition, Arvest is waiving origination fees and offering an extension of the first payment due date for some new consumer loan types. Affected customers are encouraged to call (877) 483-2940 to discuss options.
  • CONSUMER AND BUSINESS CREDIT CARD CUSTOMERS: Arvest is offering payment deferrals. Affected customers are encouraged to call (877) 483-2940.
  • CHECKING ACCOUNT HOLDERS: Arvest is waiving account insufficient funds and overdraft fees, as well as monthly account fees, when applicable. To request these waivers or refunds, please call (877) 483-2940.
  • BUSINESS OR COMMERCIAL LOANS: Please contact your local Arvest banker for personalized assistance.

At Arvest we are committed to helping our customers through this challenging time. If you have questions about any of the above accommodations or your eligibility, please do not hesitate to call (877) 483-2940.

Tags: Arkansas, Budgeting, Business Banking, Community Support, Credit Cards, Credit History, Credit Score, Customer Question, Debt, Home Loans, Kansas, Lending and Financing, Missouri, Mortgage, Oklahoma, Overdraft Coverage

Make Back to School Shopping Affordable

Wednesday, August 01 at 02:00 PM
Category: Personal Finance

As the school year approaches, so does your annual school supply shopping trip. While pencils and paper are a necessary part of your child’s educational experience, the cost of supplies can add up quickly.

Don’t get overwhelmed by the growing shopping bill! There are several things you can do right now to make sure your total doesn’t break the bank.

Check out Credit Card Rewards

Did you know you can get a $100 rewards bonus by simply opening a new credit card account with Arvest Bank? Use the credit card on your back to school shopping trip, and earn Arvest Flex Rewards on all purchases.

This opportunity has something for everyone! Check out the options online and find the right credit card to fit your lifestyle.

Plan Ahead

Be on the lookout for online sales or sales tax holidays, which can help you stick to your budget. Often, stores run out of high-demand supplies or brand name clothing as school approaches. Forbes* recommends buying those items early in the summer to avoid last-minute stress.

Some states offer sales tax holidays on school supplies and clothing. Check to see if your state is listed*, and mark your calendar now so you can take advantage of the savings. Use your credit card on the shopping trip and earn rewards points on top of the already great deals!

Be Willing to Wait

In addition to looking for deals ahead of time, Consumer Reports* suggests staggering purchases. Consider buying your child one new outfit when school starts and waiting until October or November to invest in the rest of their wardrobe.

The best deals will be available later in the year, and your child will have time to decide what clothes they really want to buy! Don’t worry, you won’t miss out on your credit card rewards points, but you will miss the back to school frenzy at the mall.

Buy More for Less

It’s no secret that buying in bulk is often the cheaper option and the same is true when it comes to school supplies. If the bulk price seems too high and the item quantity excessive, Money Crashers* suggests coordinating with other parents who are buying the same school supplies. Split the cost and the supplies and everyone wins! Plus, if you volunteer to use your credit card to purchase the supplies, you’ll earn points which can be redeemed for cash back or statement credit at a later date.

Limit Spending on Trends

While cartoon character-themed backpacks and trendy clothing may be tempting, the appeal can quickly fade and result in wasted money. Instead, The Penny Hoarder* suggests buying generic supplies when possible. Encourage your child to be creative and decorate the blank covers of their notebooks and binders!

Specialty items don’t have to be entirely off limits! Money Crashers* recommends limiting your child to two character-themed items and allowing them to choose their favorites. Your child will get the fun school supplies they want and you’ll get rewards points when you use your credit card at check out!

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed.

*Link is a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.



Tags: Budgeting

Make the Grade on Back-to-School Shopping

Tuesday, July 18 at 11:00 AM
Category: Personal Finance

As kids prepare to return to class, it’s the parents who are gearing up for the shopping assignment.

Back-to-school shopping is one of the most significant shopping events all year, second only to the winter holiday season, according to the National Retail Federation.* Last year, total back-to-school spending was estimated to top $75 billion nationwide.

During the weeks leading up to the first day of school, parents generally spend hundreds of dollars per child* on clothing, accessories, school supplies, electronics and more. It’s no wonder that the winding down of summer can be a stressful time for many families. 

That’s why we’ve compiled a list of three easy tips to help you ace the school shopping assignment with confidence and perhaps a little less stress.

  1. Make a list and set a budget
    This step is paramount to your back-to-school shopping success. Gather your child’s school list of needed supplies and take an inventory of any leftover school supplies* that your child may be able to use again this year. Compile lists of clothing items, electronics and equipment that your child will need for the year. It’s also important to think beyond supplies, electronics and clothing—consider upcoming school activities or clubs your child may want to join and the costs associated. Examples could include field trips, basketball uniforms, a musical instrument, or fees for Spanish club. This will help you get the full picture and plan out your budget accordingly. 

    BONUS POINTS: Planning for back to school is a perfect opportunity to talk to your kids about money. Having your children develop and stick to a budget for back to school expenses can help instill good financial habits. Arvest’s Education Center also has a number of online calculators and links to useful articles to help families budget and save for the school year. 
  2. Plan ahead and find deals
    Be on the lookout for bargains, especially for big-ticket items that are on your list, like computers and graphing calculators. Experts note that deals on pencils and notebooks are easier to find. Consider following your favorite retailers on social media or subscribing to store e-newsletters to be among the first to learn of flash sales, special discounts and promotions announced via those channels. If you prefer to do your back-to-school shopping online, look for special “online only” deals and free shipping from many of the major national retailers. 

    Also, be sure to take advantage of tax free shopping days, where applicable. Shopping on those days will help you get the biggest bang for your buck on clothing and other qualifying items, even some online retailers participate. Many of the communities Arvest serves are located in states that have tax free holiday shopping days. Additional details are available at the links below.
  3. Spend wisely
    When it’s time to tackle your list, it’s easy to get caught up in the moment, but you should try to resist the urge to splurge, experts warn. Stick to your list and budget and you’ll be glad you did. It’s also a good idea to discuss how your family will pay for the purchases before hitting the store or buying online. Will you be paying with a debit card or charging the purchases on a credit card? If the latter, be sure to factor in the costs and advantages you may have by using the card, including rewards points.
Now that you’ve finished your back-to-school shopping homework, you can make the experience a positive one for you and your family! 

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.
Tags: Budgeting, Cash Management, College, Financial Education, Savings

6 Financial Traps New College Graduates Should Avoid

Monday, June 12 at 08:45 AM
Category: Personal Finance
As college students graduate and start their careers, financial responsibility should be a top priority. However, it’s easy to fall into traps that could hinder new college graduates from securing their financial future.
New college graduates should avoid the following financial traps:
  • Not having a budget. Simply put, don’t spend more than you make. Calculate the amount of money you’re taking home after taxes, then figure out how much money you can afford to spend each month while contributing to your savings. Be sure to factor in recurring expenses such as student loans, monthly rent, utilities, groceries, transportation expenses and car loans. 
  • Forgoing an emergency fund. Make it a priority to set aside the equivalent of three to six months’ worth of living expenses. Start putting some money away immediately, no matter how small the amount. A bank savings account is a smart place to stash your cash for a rainy day.
  • Paying bills late – or not at all. Each missed payment can hurt your credit history for up to seven years, and can affect your ability to get loans, the interest rates you pay on loans and your ability to get a job or rent an apartment. Consider setting up automatic payments for regular expenses like student loans, car payments and phone bills.
  • Racking up debt. Understand the responsibilities and benefits of credit. Shop around for a card that best suits your needs, and spend only what you can afford to pay back. It’s a great tool if you use it responsibly. 
  • Not thinking about the future. It may seem odd since you’re just beginning your career, but now is the best time to start planning for your retirement. Contribute to your employer’s 401(k) or similar account, especially if there is a company match. Invest enough to qualify for your company’s full match – it’s free money.  
  • Ignoring help from your bank. Most banks offer online, mobile and text banking tools to manage your account night and day. Use these tools to check balances, pay bills, deposit checks, monitor transaction history and track budgets.  
College graduates can find many enticing ways to spend their paychecks from their first “real” job. However, by avoiding these financial traps, the new graduate can make financial responsibility a top priority instead of exceeding their new income.
Information courtesy of American Bankers Association. 
Tags: Budgeting, Debt, Financial Education, Savings

Watch Your Spending

Monday, February 27 at 09:30 AM
Category: Personal Finance

It often feels like you never have enough money to buy everything you want. Whether you make $150,000 a year or you make $35,000 a year, you can still be just as hard up for cash. In fact, those with the higher incomes may be even more in need of money to meet their expenses.

The simple truth is it isn't how much you make, it is how much you spend. If you make $100,000 and spend $120,000, you are still in debt just as someone who makes $40,000 but spends $48,000 is in debt.

With easily accessible credit it has become very easy to overspend and not even know it. Years ago, when you were out of money, you were out of money. But, today you can easily create debt and not realize how much debit you’re creating. Granted, sometimes events happen that are out of your control. People get ill, lose jobs and face other emergencies. But, many people with debt and money problems haven't faced these emergencies. And if they do in the future, they will have very little to fall back on.
What you have to learn is how not to spend your money. Not where and when to spend, but how not to spend at all.

The more you make, the more you spend. Have you ever noticed that as soon as you get a raise, you have it spent? In fact, plenty of people who are planning on getting a raise go ahead and buy that new car or bigger home before the raise even comes. And it goes beyond the large spending. There is a whole new attitude with a higher income. You think you can afford the little things now, but those little things all add up quickly.
The key to controlling your spending is found in setting goals. When you have a concrete financial goal you are working towards, you are better equipped to avoid temptation. You may be more willing to drive your older vehicle a few more years if you know the money saved will help you retire one year earlier. Not buying that sweater may seem like a little sacrifice next to realizing the goal of remodeling your kitchen.
When you are faced with the temptation to splurge, think about your goal. Find other ways to spend your time instead of shopping. If you never go in the store either in person or online, you won't spend the money.
Remember, each dollar you spend is costing you hundreds, if not thousands, of dollars in the long run. Spending is the problem, not the lack of money.
The most important thing you can do for your finances is to learn to budget. Take the time to make a budget work for you. A good budget will let you plan for the future, while keeping you aware of exactly how much money you have right now. It will help you see what you’re spending your money on and what you could be spending it on.
As you create a budget and watch your spending, you can make your income, big or small, fit your needs. 

Tags: Budgeting, Financial Education, Savings

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