-Caveat Lector-
like something from the government :)
If You're Thinking of Withdrawing Extra
Money for THE YEAR 2000, Read this First
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You may have heard someone say that before January 1, 2000,
you should have stocked up on extra money just in case your
bank can't cash checks or operate ATMs because of a Y2K
problem. What do we have to say about that?
The FDIC recommends that you make a reasonable decision
based on solid information, not on false, uninformed or
exaggerated reports on the street, in the media or over the
Internet. We also believe that you should consider the following:
1. Federal and state regulators expect that most banking services
will be functioning normally on January 1.
Examiners have been visiting every FDIC-insured bank and
savings institution in the country to check on its progress.
Almost all insured institutions are on schedule to be Y2K
ready, so that it should be "business as usual" on January 1.
The very few institutions not making satisfactory progress
are undergoing increased scrutiny by bank regulators and
are required to correct their deficiencies.
As part of this readiness effort, banks, automated teller
machine manufacturers and ATM networks (the systems
that give you access to your bank account using another
bank's teller machine) are fixing and testing their machines.
And if problems do occur, banks have back-up plans so
service can continue.
2. The funds you leave in a federally insured account are
absolutely safe. The same can't be said for the money you
take out of the bank.
Wallets and purses are easy to lose. And while robbers are
always out there, as we get closer to the New Year they may
be especially active if they hear that people are carrying extra
cash. Among the potential crime targets: people who have
just taken cash out of ATM machines.
We also caution everyone about hiding a large sum of money
at home, where it can be taken by a thief, misplaced by a
family member or destroyed in a fire, even if the cash is in a
metal safe or file cabinet. "It's never a good idea, at any
time, to carry around a large amount of cash or keep it at
home," says Frank Hartigan, the Washington-based Y2K
Program Manager for the FDIC's Division of Supervision.
3. If your favorite ATM is out of order, you can get cash
elsewhere.
Just because an automated teller machine is "down" doesn't
mean your bank or the ATM network your bank belongs to
is having a Y2K problem. So, if one ATM isn't working, try
another nearby. Or, during regular banking hours, just go
into a bank branch.
You also may be able to use your ATM card or credit card
to get cash at a merchant's cash register (perhaps for a small
fee).
4. There are more ways to pay for products and services than
just using cash.
Most merchants accept your check, credit card or debit card
(an ATM-type card that deducts from your account to pay for
purchases). "In this day and age, when there are so many
options for making payments, consumers shouldn't feel they
need to rely solely on cash," says Hartigan.
If you have a question or problem regarding the best ways to
make a payment (or even get additional cash), consider calling
your bank or credit card company. Many banking institutions
will have extra customer-service staff answering phones or
otherwise assisting consumers during the Year 2000/New
Year's weekend.
5. Y2K problems won't cause your bank to lose track of your
money.
It's highly unlikely that a Year 2000 computer problem will
trigger an error in your account balance. If something does
goes wrong, though, institutions are required to keep back-up
records that can be used to identify and correct errors that
might affect your accounts. So why take out a lot of cash
because you're afraid the bank will lose your money and then
risk losing it yourself? And remember, every extra dollar you
take out of your account is a dollar that no longer earns
interest.
Final Thoughts
Rest assured that the banking industry will be ready if you
and other consumers have a need for more cash. The Federal
Reserve System, which supplies banks with the coins and
currency they need to handle daily banking operations, has
plans to print extra cash as a precaution to meet any increased
demand. But as we've described here, bank regulators and
bankers have spent years preparing to overcome the Year
2000 problem so that there should be no need for anyone to
withdraw extra money.
We leave you with the words of respected financial columnist
Jane Bryant Quinn. In writing about the Y2K issue recently,
she said: "Would I take savings out of the bank, lose the interest
it's earning and risk total loss if I had a fire? My money stays
put, where it's FDIC-insured."
FDIC Consumer News and other consumer information from
the FDIC is available on the Internet via the agency�s home
page http://www.fdic.gov
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