Consumer complaint received 2018-10-24
Company: ARVEST BANK GROUP, INC.
State: AR
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
On XX/XX/2018 a purchase was made on XXXX using my debit card for {$350.00} dollars. I did not make this purchase, so immediately I go to my local bank and cancel my card. Then, I message the seller on XXXX telling them I did not make this purchase, I have cancelled my card, and please do not ship this product out. To my dismay there are several bogus messages to the seller prior to the purchase. Yet I never got a response back from the seller. When I went to my local Arvest Bank they assured me these kind of scam happen often, to file a dispute and in a few weeks I would get my money back. A few weeks after the " purchase '', I got a large envelope from the seller with nothing in it. I report this to my bank. Within this time frame they refund me the {$350.00} dollars. Thinking this situation was all over I throw the package away. Later, I get a statement in the mail saying my dispute was denied and the money would be taken back out of my account. I currently did not have an entire {$350.00} dollars in my account, as I am a XXXX XXXX XXXX XXXX XXXX   with XXXX children. This certainly put me in a lot of financial distress, because my monthly budget is very limited and when they took this money out my account went into a negative balance. I contact Arvest Bank again and file another dispute. As well as contacting XXXX, and XXXX, who flag the transaction as suspicious activity. However, they inform me that it is my institutions responsibility to contact the seller, and solve the issue. After three disputes being denied with the reason being " customer had possession of card '', I have become completely frustrated. Today, on the rare chance that I had a day off from school I decided to tackle the problem and hopefully get it officially resolved so I can start using my bank account again. The Arvest representative tells me my account was closed yesterday, due to insufficient funds! These insufficient funds are due to this money being taken back out! I ask to speak to manager and the manager advises me that once an account is closed there is nothing they can do about it. Mind you I have given Arvest bank all my emails to the seller, from XXXX  stating there is suspicious activity, and been in communication with them about the situation since the fraudulent transaction. Since the account was closed yesterday, they now tell me there is nothing they can do. Never have I filed any bank disputes, why is this process of disputing fraudulent charges so stressful? I thought the purpose of your bank is to protect your money? Arvest bank has failed at this and been incredibly unhelpful, and do not seem to care about finding a solution to this problem. How is it I am expected to pay them {$350.00} I did not spend, after trying to prove to them over and over that this was fraud? Would you pay back {$350.00} dollars you did not spend? I am highly disappointed with the way this bank conducts business.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation