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Beware of Arvest Bank aka Wal-Mart
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Posted 04 March 2006 - 02:36 AM
I was a 9 year customer of Arvest, and had what i thought was a good relationship with them. I had 4 loans with them in good standing. My long time loan officer resigned at the bank so i was transferred to another. The new officer thought my loans were to risky, and didnt even have the I.Q. to see that they were cash flowing perfectly. I had NEVER been delinquent more than 18 days on these, or any of the other notes i had with them in the past. The next thing i know all of my notes were accelerated and i was dealing with thier attorney. Thier intrest rates went through the roof at this point and you wouldnt believe the creative fees they can come up with. One of these notes was a very large one that i had used to buy an investment property. It was enough to provide me and my family a comfortable retirement. It was my dream and i still cannot figure out why they have done this. I am in the proccess of suing them now, but it will never replace what i have lost. Anyone concidering doing business with Arvest Bank should dig into the web and you will see that this is not an isolated incident, and its happening all the time. I have been told that in the oklahoma city market, Arvest has more "fringe" forclosures than all the rest of the banks combined. Will you be next?