natwest bank compliancegreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
With my latest bank statement, there was a y2k insert, apparently the system that produced my statement was y2k compliant, this is a normal current (checking) account. This is not to say it will work in y2k, but at least they'r saying something positive. Any bank in the US saying the same?
-- richard of the dale (email@example.com), March 03, 1999
Hi, Sir Richard, yes, banks and credit unions, some utilities and phone companies, have been madly inserting Y2K reassurances in with their bills.
-- Old Git (firstname.lastname@example.org), March 03, 1999.
Yeah, my bank has inserted Y2K brochures with the past few statements as well. It's all part of their propaganda campaign to keep people "confident" in the banks so that people will keep their money IN the banks. They truly fear a run on banks whether justified or not. I think most folks here tend to think runs are inevitable, especially with surveys indicating anywhere from 20 to 35% of people intend to withdraw their money. Once that starts, it nearly impossible to stop it. U.S. banks could very well be in trouble by mid-December (my guess) this year.
Good to see you posting here again. I'll try to remember to submit a more lyrical response next time.
-- David (David@BankPacman.com), March 03, 1999.
We also bank with NatWest.According to the answers I received last month,their compliance does not extend to the processing of international money transactions of any kind .Be warned !!
-- Chris Gibbs (email@example.com), March 03, 1999.
Bank runs are more likely to start in Japan than here. More than half their largest banks are insolvent (GN links) and the switch from yen to dollars started LAST year , mainly by Japanese housewives who put it in dollars in US banks. Question asked was: When Jap banks can no longer pay out in cash, where do they look for LIQUID assets ?? Answer... US Treasury Bonds , of which it is estimated they have over 900 BILLION dollars worth. REMEMBER, the USA is the largest debtor nation in the world. We depend on them to continue BUYING US debt; NOT SELLING and demanding dollars. The whole run on our currency could begin while your sleeping , and Europe join in too. By the time it's 6 AM here it's 12 noon in London. By 8 AM here , the Fed could be sucked dry and any money you though you were going to get for YOUR Treasuries, LOOOONNG GONE !!! Electronicly, Wall street will have the jump on cashing assets long before your bank even opens , I would hazard to guess ! Better check the eggs in the nest. ...... Eagle
-- Harold Walker (firstname.lastname@example.org), March 03, 1999.