The first time I have seen ANYONE say they are 100% compliant.greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I'm not posting this to be polly so hold your flames. It's just this is the first time I have had anyone say they are 100% ready....and then put it in writing too.
Letter received from the Bank of Travelers Rest, SC 4/19/1999.
The year 2000 is fast approaching and its arrival will be filled with opportunities and challenges. One challenge that you may or may not be aware of is the Year 2000 computer problem. The purpose of this letter is to inform you of the nature concerning Year 2000 issues and to make you aware of the Bank of Travelers Rest's efforts to be prepared for the century date change.
(2 paragraphs deleted - content explaining the computer problem.....pick up with the last sentence of the 2d papagragh) We want to assure you that the Bank of Travelers Rest has taken this issue seriously and has implemented a plan to assure our computer systems are Year 200 compliant.
To ensure that you WILL have access to your money and accurate account information, we have COMPLETED TESTING OF ALL OF OUR COMPUTER SOFTWARE AND HARDWARE. (emphasis is mine...) Test results have been validated by independent computer analysts and our Year 2000 plan is being strictly monitored by our federal regulator, the FDIC. AS OF THIS DATE, OUR SYSTEMS ARE YEAR 2000 COMPLIANT. (again emphasis mine.)
In addition to our Year 2000 Project Plan, we have a Year 2000 contingency plan to be used in the event of an external disrupion such as a power outage or telephone failure. (Rest of letter is platitudes and 'we love our customers". (End quotes from letter)
I read this letter 4 or 5 times. I can't find any--repeat--any wiggling or smoke and mirrors. I find it really quite refreshing.
I then called the other bank we use (a powerhouse in the SE) and asked about the status...talked to the VP Public Relations. His answer was that they would be ready no later than October but couldn't rule out outside problems and he would get back to me. I read the letter to him and invited his comments. We discussed the obviously gigantic gonads that the Board of Directors for the Bank of TR had displayed. One of his comments after we became friendly was "this place is so big, I don't really know whats our status."
I didn't have the heart to tell him I was moving all accounts to the other bank.
(Now if I could only switch power companies.....)
-- Lobo (firstname.lastname@example.org), April 20, 1999
Given the proper time, money, and effort, the entire problem can be solved.
Now, if only everybody else had been as farsighted.
Notice which direction your money is oing - when other banks see this trend, the "word" will do one of two things:
Either declare compliancy loudly and draw money to those whoa re ready.
Or turn up the heat on those who are advertising, shield those who are behind from public scrutiny, and conceal real progress behind meaningless phrases.
Guess which is easier in the short run?
-- Robert A. Cook, PE (Kennesaw, GA) (email@example.com), April 20, 1999.
Robert...you are so right. The flyers put out by American Federal and by Nations Bank are so full of smoke and mirrors you'd think the Federal Government had written them as a adjunct to a budget request. Ditto Duke Power and the local gas company. As I said, this is the very first company I have seen to say they are compliant without using qualifiers. In all honesty, my hat is off to them. (and my money is not far behind).
-- Lobo (firstname.lastname@example.org), April 20, 1999.
OH COME ON, FOLKS!! Lobo, your solid, considered, sane, stable response is what has the industry scared to point of no longer worrying about regularity!! THIS is the bank run that the Part 309 prohibition is DESIGNED to PREVENT!! This is where the free market is NOT ALLOWED to function. Something bout unfair trading advantage, I think.
-- chuck, a Night Driver (email@example.com), April 20, 1999.
I posted something similar on Friday evening from my smallish credit union. 100% of all mission critical systems remediated and tested. Non mission critical systems in testing phase to be completed some time in May. Our other bank and mortgage holder (much larger) not much news from them...
-- Ramp Rat (Aviation_R_us@noname.nocity), April 20, 1999.
this falls into the catagory of 'build a better mouse trap' I think. does that bank have a branch down here? I am at Nation's too and I want out. I didn't get there by choice, it was a merger. And a second merger [I forget who] was just completed, if I remember the right of it. didn't like that one either. THAT I remember.
-- J (firstname.lastname@example.org), April 20, 1999.
Oh yeah, what about every other bank in the country? What about every utility? What about the bank's suppliers? Answer this Lobo er, Mutha Nachu, er, Y2K Pro,er, Norm.
-- Give Us Answers (not@impressed.ByThis), April 20, 1999.
Not a bank, but a small company in Grand Rapids, MI named Keeler Brass is 100% ready. 250 employees. Started in 1995. Finished in 1998. Team disbanded. MIS manager in my files looking for a job. The small size and the length of time it took to finish underline some reasons for the rarity of these tidbits of information.
-- Jon Williamson (email@example.com), April 20, 1999.
Jon --- sometimes understanding the "why's" and "when's" of compliance is a scary thing, isn't it? This is exactly why Cory is alarmed, Ed Y also ......
-- BigDog (BigDog@duffer.com), April 20, 1999.
That IS good news.
I'd ask for the contacts for that outside verification though, and follow through on chatting with those leads, including obtaining the written documentation, before switching funds.
Sadly, a few players, does NOT an industry make.
Got REAL, verifiable competitive advantages?
The compliancy migration could get real "interesting."
-- Diane J. Squire (firstname.lastname@example.org), April 20, 1999.
To the individual that was not impressed....just for your edification, I am me..not Motha Nachu or Norm or.... If you go back you will find I have always posted under this name....sorry I can't say the same for you.
Again, I was not saying anything about the banking system in general...just the fact that this bank is willing to state 100% compliance. Read the post.
Diane. I did call them and they bounced me around a bit but then gave me the name of a y2k consultant. He confirmed that the test had occurred and they were compliant. 'Bout as far as I can go without being too obnoxious to them. Remember, I might need some goodwill about the end of the year.
-- Lobo (email@example.com), April 22, 1999.