The Extraco Banks Blog | Banking

When most people think of compounding interest, credit cards, mortgages, and personal loans come to mind. Whether your goal is to build your net worth or save for retirement, compounding interest is a powerful tool to supercharge your savings, allowing your money to work harder for you.

As a gig worker, you must wear many hats and take on more responsibilities than you might as a traditional employee. This kind of work provides several advantages, including more freedom and flexibility to structure your work in a way that aligns with your preferences. However, there are a few caveats, mainly regarding financial stability.

Life is unpredictable, and emergencies happen when you least expect them. Having an emergency fund is essential to your financial planning.

It’s best to avoid going too deep into credit card debt, and the way to do that is with careful planning and by creating a solid budget that you can live with. Knowing what you can reasonably afford and when you’ve reached that point is half the battle to preventing debt.

Consider Yahoo, Marriott International, Adult Friend Finder, Anthem, and Target. What do these companies have in common? They’ve all experienced some of the largest data breaches in history. The scary thing is that you can’t protect all your data all the time, but there are many things you can do to guard against a cyber-attack.

You’re already familiar with the concept of a virtual assistant. Chat bots and virtual assistants have been around for a while, but they aren’t always as helpful as we’d like them to be. Newer technology, however, has improved this to provide you with the best answers to some of the most common questions we receive. You may have a question that falls outside the norm. Never fear! Our brand new chat feature also helps you to reach a real Extraco Relationship Banker to streamline the process from question to solution.

Approximately 12 million adults — nearly 5% of U.S. households-- don't have any accounts at a mainstream bank. These people represent an unbanked population. Nearly 24 million adults, or 10% of homes in the United States, use fringe financial services, such as check-cashing services or prepaid cards, from non-mainstream banks. They are considered an underbanked population.

Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. And in this time of expanded use of online banking, the problem is only growing worse.

As long as there are people making money, there will be others who will try to take it from them. While Skimming has been around for a while, the newest forms of theft are Bank Jugging and Card Cracking. You need to be aware of these new schemes so that they don’t happen to you.

“Need cash quick with no strings attached? Have I got a deal for you?” Who couldn’t use some extra money, especially high school or college students that are just finding their way in the real world