We present the results of a 2 yr long optical monitoring program of the narrow-line Seyfert 1 galaxy Ark 564. The majority of this monitoring project was also covered by X-ray observations (RXTE), and for a period of ∼50 days, we observed the galaxy in UV (HST) and X-rays (RXTE and ASCA) simultaneously with the ground-based observations. Rapid and large-amplitude variations seen in the X-ray band, on a daily and hourly timescale, were not detected at optical and UV wavelengths, which in turn exhibited much lower variability either on short (1 day) or long (several months) timescales. The only significant optical variations can be described as two 2-4 day events with ∼10% flux variations. We detect no significant optical line variations and thus cannot infer a reverberation size for the broad-line region. Similarly, the large X-ray variations seem to vanish when the light curve is smoothed over a period of 30 days. The UV continuum follows the X-rays with a lag of ∼0.4 days, and the optical band lags the UV band by ∼2 days. No significant correlation was found between the entire X-ray data set and the optical band. Focusing on a 20 day interval around the strongest optical event we detect a significant X-ray-optical correlation with similar events seen in the UV and X-rays. Our data are consistent with reprocessing models on the grounds of the energy emitted in this single event. However, several large X-ray flares produced no corresponding optical emission.