Page 4
July 28, 1999
< 1 F c k l u s >
NEW
M IL L E N N IA
C O U N T D O W N
DON'T Take the Money and Run
industry in the country.”
By Tonya Gabrielli
As part of this readiness
Contributing Writer from the Albina
effort, banks, autom ated
Community Bank
teller m achine m anufactur­
If you’re thinking o f withdrawing
ers and A TM networks (the
extra m oney for the Year 2000, read
system s that give you ac­
cess to your bank account
this first.
You may have heard som eone say
that beforejanuary 1,2000, you should
using another bank’s teller
m achine) are fixing and test­
stock up on extra m oney just in case
ing their m achines. In addi­
your bank can’t cash checks or operate
tion, if problem s do occur,
A TM s because of a Year 2000 com ­
banks have back-up plans
puter problem. W hat does the FDIC
in place so service to con­
have to say about it?
The FDIC recom m ends that you
sum ers can continue. If you
m ake a reasonable decision based on
your banking institution is
doin g about the Year 2000, talk to an
em ployee there who is know ledgeable
from your account to pay
for purchases). “In this day
against your bank statements. (That’s
and age, when there are so
always be doing, not just in response to
m any options for making
the Year 2000 problem.) If there’s dis­
p a y m e n ts ,
c o n su m e r s
crepancy, contact the institution im ­
shouldn’t feel they need to
m ediately. Lastly, rem em ber that ev­
rely solely on cash,” says the
ery dollar you take out of your account
F D IC ’s Hartigan. If you
is a dollar that no longer earns interest.
have a question or problem
Final T houghts
Rest assured that the banking indus­
regarding the best ways to
get additional cash), con­
try will be ready if you and other consum­
ers have a need for more cash. The Fed­
sider calling your bank or
eral Reserve System, which supplies banks
credit card company. Many
with the coins and currency they need to
handle daily bankingoperations, has plans
make a paym ent (or even
ban king institution s will
have questions about what
som ething a bank custom er should
the m oney from a retirement fund be­
staff answering phones or otherwise
to print extra cash as a precaution to any
increased demand. Federal bank regula­
cause of concerns about Y2K.
assisting consum ers during the Year
tors and bankers have spent years prepar­
“It’s never a good idea, at any tim e,
to carry around a large am ount of cash
ing to overcome the Year 2000 problem,
about its Y2K program.
The funds you leave in a federally
2000/N ew Year holiday weekend.
so that there should be no need for any­
insured account are absolutely safe.
or k eep it at h o m e ,” says Frank
Y2K problem s w on’t cause your
bank to lose track of your m oney. It’s
one to withdraw extra money.
T he best thing you can d o for Y2K
T he sam e can’t be said for the m oney
highly unlikely that a Year 2000 com ­
that you withdraw only about as much
H artigan, the W ashington-based Y2K
you take out of the bank. W allets and
Project M anager for the FDIC.
puter problem will trigger an error in
preparedness is to be an inform ed
cash as you norm ally wou' .1 need for
purses are easy to lose. W hile robbers
If your favorite A T M is out of
your bank account balance. If som e­
you to take out extra m oney. WTty do
are always out there, as w e get closer to
order, you can get cash elsewhere. Just
the N ew Year they m ay be especially
because an autom ated teller m achine
thing does go wrong, though, institu­
tions are required to keep back-up
consum er. W e hope w e’ve given you
som e solid inform ation that will be
is “dow n” d oesn ’t m ean your bank or
records that can be used to identify and
not to rem ove cash from the bank
before January 1, 2000.
W e leave you with the words of
respected financial colum nist Jane
solid information, not on false, unin­
formed or exaggerated reports on the
street, in the media or over the Internet.
The banking com m unity, in conjunc­
tion with the FDIC , is recom m ending
we feel this way?
Federal and state regulators will
have extra customer-service
helpful when you decide whether or
continue to closely m onitor all institu­
active if they hear that people are
tions throughout 1999 and into next
carrying extra cash. A m on g the poten­
the bigger A T M network your bank
year. T his governm ent oversight is a
tial crim e targets: people w ho have just
belongs to is having a Y2K problem .
correct any errors that might affect
your accounts. So why take out a lot of
taken cash out o f A TM m achines.
Your best defense against A T M
theft is to use m achines only in well-lit,
Y ou could just be arriving at the A TM
cash because you’re afraid the bank
big reason why John A Koskinen,
w hen it is temporarily unable to dis-
will lose your money... and then risk
Bryant Q uinn. In writing about the
pense cash or give out receipts because
Y2K issue recently, she said: “W ould I
busy areas w here unusual activity
o f a problem totally unrelated to the
losing it yourself?
Y ou ’re better o ff just keeping good
interest it’s earning and risk total loss
loitering around the A T M , often in a
Year 2000 (such as a paper jam or
m oney m isfeed). So, if one A T M isn ’t
records o f your account transactions-
deposits, checks, A T M withdrawals,
car or behind bushes. If you have
working try another nearby or, during
etc. and then com paring your records
where it’s FDIC-insured.”
doubts about a particular location, go
regular banking hours, just
to another A T M where you feel safer.
go into a bank branch.
Chairman o f the President’s Council
on Year 2000 C onversion, said at a
March 31 press conference that “bank­
ing is clearly in the best shape of any
Y2K CONSUMER TIPS
• Stay informed. Read the Y2K
information your bank sends
you.
•If you dont
a lr e a d y ,
keep your
bank state­
ments and
records of
your trans­
actions, particularly the months
just before the date change.
• If you bank on-line, make
sure your computer is Y2K com­
pliant. Most computer and soft­
ware manufacturers have ex­
tensive Web sites on their prod­
ucts' readiness. Keep a back­
up disk of your
records.
• Avoid scam art­
ists who offer to
"h o ld "
yo u r
money through
the date changes.
The safest place
for your money is
in the bank.
• During the date
change, take out
as much cash as
you would need
for any long holi­
day weekend. If
you feel you need
more, your bank
will be ready.
would be noticed. Be alert to people
(For tips about protectingyourself from
Y2K problem s, see our checklist.)
W e alsocaution everyone about hid­
Y ou also may be able to
use your A T M card or credit
card
to
g e t c a sh
at a
ing a large sum of m oney at hom e,
m erchant’s cash register. D e­
where it can be taken by a thief, mis-
placed by a family member or destroyed
in a fire, even if the cash is in a metal
pend
ing
the type
,---------
o on
--------
, r of card
you use and where you use
it, you may have to pay a
safe or file cabinet. (Most owners of
small fee to get cash from an
hom eowner” insurance policies are not
covered for more than one hundred
A TM or sales terminal.
dollars should m oney be stolen from
pay for products and services
their home.) O ne press report from
than just using cash. Most
North Carolina told o f som eone who
merchants accept your check,
allegedly stole nearly $15,000 from the
credit card or debit card (an
hom e o f a relative who had withdrawn
ATM-type card that deducts
There are more ways to
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KT . DISCOV in i i w
p h o n e ; SO .M 95-.W 91
Ms. Lauri C ham ber»
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take savings out o f the bank, lose the
if I had a fire? My m oney stays put,