Arvest Bank makes Consumer Reports top 10 list

The January 2016 issue of Consumer Reports magazine lists the best banks in the nation and Arvest Bank was ranked 8th on the list. It is the only bank operating in Arkansas to make the magazine’s top 10 list of traditional banks in the U.S.

The magazine polled more than 49,000 of its readers to gauge their satisfaction level with their bank, and Arvest received a score of 87, only four points behind top-ranked Frost Bank. “Customer Service” was the primary attribute noted by Arvest customers leading to their high satisfaction.

Among the benefits of the traditional banks noted by the publication, the ability to offer in-person service, build relationships, know customers personally and be perceived as a contributing member of the community were among the ‘pros’ for customers who chose the smaller regional banks rather than the handful of banks with nationwide locations.

Also in January, GOBankingRates, a consumer-focused website on personal finance, listed Arvest as offering one of the 10 Best Checking Accounts of 2016 nationwide. GOBankingRates based their measurement criteria on annual percentage yield, minimum deposit, monthly maintenance fee, nonsufficient funds (NSF) fee and minimum balance required to avoid fees.

“Every customer places a different priority on their banking experience, so we work to identify what they need and bring expectations and needs together for a great result,” Arvest Bank in Fayetteville President and CEO Donny Story said in a statement. “To be recognized as one of the best banks in the nation based on customer feedback of their satisfaction level while also getting high marks for one of our checking accounts is a great honor. We believe it also demonstrates that our retail banking model of great service from highly trained and motivated associates, convenient hours and locations, superior products and cutting-edge technologies is well-received by customers.”

These early 2016 accolades come on the heels of recognition in the J.D. Power 2015 U.S. Retail Banking Satisfaction Study that focused on the overall satisfaction customers had with their financial institution. Arvest has had the highest customer satisfaction score in J.D. Power’s retail banking survey for at least one region in seven consecutive years. The 2015 survey results mention Arvest’s high performance in product offerings, facilities and fees.