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Arvest answers questions for Bank of America customers

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Posted: Friday, December 14, 2012 2:47 pm | Updated: 2:49 pm, Fri Dec 14, 2012.

By DONNA BRAYMER

donnab@harrisondaily.com

 

Arvest Bank purchasing 29 Bank of America locations is big news. So we asked Arvest officials some questions that current Bank of America customers might be pondering.

•Will account numbers remain the same, and for how long? “Account numbers will remain the same until the conversion takes place. Deposits slips, checks, everything will remain as it until our account specialists have contacted each customer and told them different. Probably between January and February customers will be contacted and informed of changes that will affect them,” Tiffany Watkins, Arvest marketing director said. “Everything is scheduled to be complete by the spring of 2013.” 

•What if someone has accounts at both banks and the balances now exceed the $250,000 FDIC insured amount? “There are lots of variables with that question, but our specialists will be able to advise the customer as to their options and what would be best for them,” she said

•Will there be any changes in electronic banking or to the website? “There will not be any immediate changes to any electronic banking procedures or the website. So customers can continue to use their debit cards, mobile applications and website just as they have been,” Watkins explained. “I think the Bank of America customers will realize we offer similar mobile opportunities, including the new check deposit by phone. But they will receive lots of notice before anything changes.”

•How many Bank of America customers are there in Harrison? “There are approximately 2,500 households in the Harrison area that are Bank of America customers,” she said.

•Are there plans to open an Arvest branch at the Bypass-Hwy. 65 Bank of America location or will that land be for sale? “It’s my understanding,” Watkins said, “that we will keep that location open as another Arvest branch to serve our customers.”

•Will you continue the Bank of America “round-up” service into savings accounts? “Customers can continue to use their current products which Bank of America provides. At some point, Arvest specialists will help them transition to Arvest products,” she said.

•Will interest rates change? “There are too many variables and it’s too soon to know. But anything that is a set rate, such as CDs, will remain the same for now. Variable rate products could change. We just don’t know right now.”

•What about safe deposit boxes? “There will not be any changes in rates, services or renewal dates for now,” she said.

•What about any loans in process, direct deposits and auto payments? “There are no changes in pending loans,” Watkins said.

Watkins said Arvest has set up a special website to welcome the Bank of America customers. The site is arvest.com/welcome or call (866) 251-0233. Bank of America has provided a toll-free number for current customers to call if they have questions or concerns. 

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