Safe and Sound: Rest Assured Your Funds are in Good Hands with Us
You read the headlines, hear about them on the news or radio, and listen to the conversations around you. Bank collapses and the implications this might have on your hard-earned money can wreak havoc on your nerves.
We get it.
No one wants to consider they might lose access to their savings, especially today. Thankfully, it doesn’t happen often; when it does, it doesn’t happen to all financial institutions.
As a member of the Extraco Banks family, you’re more protected from what’s happening to a few of the nation’s other banks today. So, let’s go over why you can rest assured that your funds are in good hands with us.
The Powerful Difference of a Community Bank
Have you ever noticed the difference an independent, family-owned community bank has from other financial institutions? Local banks practice smart decision-making, among other things.
We care about our customers as individuals, and the community where they live.
How we make decisions about finance and investing to management and operations is focused on protecting you and our central Texas communities. Sound financial decisions help keep your money safe, strong, and secure. And we plan to keep it that way. After all, when you bank with us, you are part of our family.
We have survived and thrived in depressions, recessions, and economic shocks for over 120 years and under three generations of family management.
Community, family-owned banks offer many of the same services as large, national banks, and often with additional perks such as
- Superior customer experience
- Customized approach to meet your unique banking needs
- Lower interest rates on loans and credit cards
- Higher interest yields on deposit accounts such as money market accounts and certificates of deposit
But how does this play into what happened with the recent bank failures, and, most importantly, how do you know your money is safe at Extraco?
Added Protection Against Market Volatility
Ensuring your money is safe is on everyone’s mind – including ours. We want your banking experience to be top-notch. So, first, let’s talk about regulatory matters.
We get it. Regulatory topics aren’t exactly the most exciting thing to discuss. Yet, they’re vital to protect your hard-earned money.
The Federal Deposit Insurance Corporation (FDIC) insures bank deposits up to $250,000 per depositor, not per account. However, suppose you have a joint account (like an account where you and a partner share full access to the funds). In that case, the FDIC insures deposit accounts up to $500,000 for joint accounts – essentially, up to $250,000 for each member.
This $250,000 assurance is enough to cover their deposits, as most Americans have far less than this threshold in their savings accounts. About 9% of Americans with savings have up to $200,000 in their deposit accounts, meeting the FDIC criteria without an issue.
(EDIE)
Check out FDIC's electronic deposit insurance estimator:
- Checking Accounts
- Savings Accounts (both statement and passbook)
- Money Market Deposit Accounts (MMDAs)
- Certificates of Deposit (CDs)
Transparency and Accountability Make a Difference
Transparency is an attractive attribute for any business, especially a financial institution. However, it’s not something Extraco customers need to worry about.
We consider you our family, so our top priority is protecting your financial interests fairly and transparently. So, we publish our merits and ratings.
We have a 5-star rating from Bauer Financial, a bank and credit union analysis firm. This rating means Extraco Banks was scrutinized for financial safety and soundness to give you peace of mind.
The Stress of Money Matters
Poor money decisions for anyone lead to stress – lots of it. Financial stress can wreak havoc on your health. And we want you to live your best life, as free from financial stressors as possible.
We understand that when you hear about market hiccups, financial downturns, inflation, and bank collapses, it’s enough to spark concerns and trigger stress.
The American Psychological Association published a survey last year revealing that 65% of respondents are worried about money. According to the APA, financial stress has been the highest since 2015.
The Final Word
The recent trouble with bank failures is certainly not helping matters. But, despite this, the issues that have led to the shortcomings of other financial institutions are absent from Extraco.
In some ways, banking with a community bank is like talking about money with your great Aunt Thelma. She is the one who doesn’t buy every shiny object and can tell you how to save, budget and pinch every cent so you can build wealth.
The point is, she’s family, so she always has your best interests at heart. When you have a question about saving, earning, budgeting, or spending wisely, she will give you her best advice because failing in personal finance is not an option.
A family-centered, community-focused financial partner like Extraco Banks that makes strong financial decisions ensures your money is safe and secure.
Sources
- https://www.extracobanks.com/
- https://www.apa.org/news/press/releases/stress/2022/infographics-march
- https://www.thebalancemoney.com/benefits-of-local-banks-vs-big-banks-4177411
- https://www.fdic.gov/resources/community-banking/search/cbi-search-results.html?5551
- https://www.bankrate.com/banking/savings/emergency-savings-report/#over-1-in-3
- https://www.marketplace.org/2023/03/17/the-banking-crisis-what-you-actually-need-to-know/
- https://www.businessinsider.com/personal-finance/why-bank-local
- https://www.bauerfinancial.com/star-ratings/tell-me-more/?cert=5551&type=B&urllink=www.extracobanks.com&instname=Extraco+Banks+N.A.+-+Temple%2C+TX
