Consumer complaint received 2026-04-13 00:00:00
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.
State: OK

Complaint narrative:
I found out a few months ago that my Roth IRA funds have been mismanaged since XXXX. This year, I found out that in XXXX, when I upped my monthly contribution to my IRA to {$100.00} a month on the phone with a wealth manager, he neglected to enroll it in my IRA. Those contributions, {$3700.00} in total, have been sitting in a holding account uninvested. I was shocked, considering they have yearly wellness calls, and I had made multiple calls as well, and none of this was mentioned in any of those calls. This last wellness check, someone asked me why the funds were sitting there, and I had no idea. It confused him as well ; it was not in the agreed-upon directives. He traced back when the funds started going to a holding account, and he saw that in XXXX someone had, as stated, failed to enroll my new monthly contribution in my IRA. He apologized and said this was unacceptable and had happened before, and a lot. He encoutaged me to get in touch with his boss to find a way to make myself whole. After this initial conversation, I was met with nothing but hostility, misdirection, lies, and attempts to confuse. Multiple scheduled phone calls were missed. I had to get my local bank manager involved just to get them to call me back. One man, XXXX XXXX, said that he had listened to all XXXX years of phone calls, which later changed into XXXX months of phone calls, and said that since there was a missed call on my end, it was my fault the funds were mismanaged. After I rebutted his strange attempts to have me believe there was nothing to be done, I was put in contact with XXXX XXXX. He said that Compliance was supposed to reach out to me and say they are not legally required to do anything on my behalf. He said working from that, he still feels poorly, and though I am not liable and they did mess up, he estimated I lost {$800.00} dollars in interest, and he will give me half of that. I said that the number does not seem right, and I am confused by the " split the difference '' approach when they did in fact, mismanage my funds and failed in their fiduciary responsibilities. I asked to see the exact numbers of the interest lost, and he said he had not got them yet. I asked where he got {$800.00} from, and I would like to see the actual numbers. He said he would get back to me early next week. Over a week later, I called him, and he only answered when I sent a disgruntled voicemail, and he said that he had compliance transfer {$410.00} into a holding connected to my IRA. I expressed my confusion ; I had not agreed to this, and I was waiting for the numbers still. He said they are not legally liable and that nothing else will be done as to this matter. Not only did they mismanage my IRA, showing they failed in their fiduciary responsibilities, but they also failed in their duty of care. Care for the well-being of their customers and their account, but also for the care they should show when they have made a mistake. I have been lied to, misled, and in an effort for them to not deal with the initial issue, they have once again violated my account by adding funds without my consent.

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