We need more of this kind of thing from Banks/Credit Unionsgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
A friend of mine in the Navy faxed me this letter from his credit union. This is kind of refreshing - I wish my bank would send me a letter like this. It would make me think for a minute (right before I withdrew all of my money...lol).
We'll make sure the power is on at Navy Federal. We're testing with our vendors and business partners, including government agencies, to provide continuation of our service. Our planning effort goes so far as to place emergency generators at selected member service centers for electrical power so we can open our doors and serve you, just as we did when Hurricane George struck Puerto Rico last year. Our office in Roosevelt Roads operated even without power for almost two weeks before normal electrical services were restored, all the while keeping the home office informed by cell phone.
There will be plenty of cash available for members who must withdraw cash at this time. And, in the unlikely event that there is a problem that delays or disrupts the government's ability to deliver your directly deposited pay to Navy Federal for the first payday in January 2000, we will post an amount equal to your last payday's pay in December to your account. This is a service we feel you will not find at your local bank, and we urge you to look into the advantages of direct deposit if you haven't yet opted for this convenience.
-- Online2Much (email@example.com), March 18, 1999
This is nice to hear. At least there is a move toward appropriate measures. The only thing that is erroneous is that "they will have plenty of cash". It's simply not physically possible, with banks only having about a buck fifty ($1.50)on hand for every $100.00 that is deposited. Their measures for direct deposit is a valiant touch though. Hope they'll come through.
***glad to see some responsible efforts***
-- Mr. Kennedy (firstname.lastname@example.org), March 18, 1999.
If there's civil unrest, or the power is out it is unlikely you will get any money....you will be standing in line for nothing. Most businesses would be closed including gas stations and supermarkets. All perishable items will be discarded (that's over 1/2 the store's consumable merchandise) and if and when the stores do open again the shelves will be stripped before they open the doors. Think about where you live, what the population is of your community, how far you are from a supermarket and how many supermarkets are in your community. Say you have a population of 36,000 and only 3 supermarkets, that's 12,000 people per supermarket. You can now see why people will be in a panic because there is not enough food in the stores to feed 36,000 people. That's why stores restock every 3 days and depending on what day of the month it is, it can be even worse. Next time your in the store, walk down the rice and pasta isle. Do you see 12,000 packages of rice and pasta? Do you see 12,000 cans of chili, and even if you did, that would only feed 12,000 people for ONE DAY! This is why it is so important that you be prepared for the unexpected. Now isn't this a scary thought when you look at in these terms?
-- bardou (email@example.com), March 18, 1999.