Consumer complaint received 2022-04-26
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: ARVEST BANK GROUP, INC. (OH)

My name is XXXX XXXX I am trustee to XXXX XXXX XXXX which was created by Attorney XXXX XXXX XX/XX/XXXX. XXXX instructed the bank to print out all the updated beneficiary forms and have them ready for XXXX signature so that they would line up with her wishes in her trust ( See XXXX XXXX email to bank Exhibit A ). XXXX XXXX ( XXXX XXXX XXXX ) printed out all the beneficiary cards to have signed. Little to anyones knowledge at the time he forgot to print out the XXXX XXXX policy and it was not included in the paperwork that her attorney picked up. 

Gross negligence from the bank was demonstrated even further when XXXX XXXX received the documents and never caught his mistake on 2 of XXXX policies. 

1. XXXX XXXX XXXX XXXX was never received in their system. 
2. XXXX XXXX  XXXX policy did not pay out due to a missing check mark on primary or contingent. 
I visited the bank in XXXX of last year and sat down with XXXX XXXX assistant and asked her to make sure all the proper forms were in XXXX filed. She assured me verbally they were. Once again the bank was given a opportunity to double check their work and they failed to do so. 

I then hired a attorney in XX/XX/XXXX to help me and they reached out to the bank to ask if all the updated beneficiary forms were on file. They responded to my attorney and assured us everything was in good working order. Once again the bank was given a opportunity to double check their work which they failed to do so. ( Exhibit B ) On XXXX XXXX I received a call from ARVEST bank from XXXX XXXX XXXX ) assistant crying on the phone saying she made a mistake and never sent in the updated beneficiary form to XXXX XXXX. I immediately called XXXX XXXX and gave them all the emails between the bank and myself showing them that XXXX wishes were to update her forms and the bank stated that they were sent into XXXX XXXX. 

I am including the final decision from XXXX XXXX saying they will not pay the Trust ( Exhibit C ) Luckily the XXXX house policy all the forms were correct and they did pay the trust. The final XXXX XXXX XXXX has stated that the beneficiary form was not filled out correctly because a check mark is missing from the form and although hey believe the trust is the rightful beneficiary they want the trust to negotiate with the sisters. This is once again huge negligence on the bank. I would also like to add that XXXX worked under XXXX and processed XXXX paperwork and was only at her job one month and XXXX was the first person she ever handled these types of affairs. 

I am also including the following documents for your review. 

Exhibit D- XXXX  XXXX  XXXX  Letter of no pay to the trust. 
Exhibit E- XXXX  XXXX  XXXX  Signed beneficiary by XXXX XXXX XX/XX/XXXX Exhibit XXXX XXXX Exhibit G- Time line of events The bank in question is Arvest Bank XXXX XXXX XXXX XXXX XXXX XXXX AR XXXX Personnel I have tried to deal with to resolve this issue- XXXX XXXX ( XXXX XXXX XXXX XXXX XXXX ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX