YEAR 2000 BULLETIN "HOORAY!!!" : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Just received today----"We did it! After months of testing, we have completed our internal Year 2000 certificationof all the Mission Critical system at Southern Pacific Bank. Every computer system and every piece of software that could impact your Southern Pacific Bank account has been tested and verified by us as Year 2000 compliant. This edition of our Year 2000 Bulletin further describes our efforts to prepare for the Year 2000 date change."

-- thinkIcan (, May 12, 1999


Sorry----there is more. The Chairman of the FDIC states that "The FDIC's protection of insured deposits will not be affected by the Year 2000" Want more information? Call the FDIC toll-free at [877]334-2925. Thank God I took my money out a while back.

-- thinkIcan (, May 12, 1999.

You said that Southern Pacific Bank is compliant. In the next follow- up you said thank god I took my money out a while back. What was your point Mr or Ms ThinkIcan? Please specify what you meant and clarify the contrasting statements.

Sincerely, Feller

-- Feller (, May 12, 1999.

The more they try to assure people that because they bought some new PCs, the banking system will be okay, the more people will check it out and find that the system as a whole depends on mainframes that are not and will never be compliant in time, and that the FDIC only covers something like 1.5% of total deposits. You wouldn't even get two cents on your dollar from the FDIC if there was a real nationwide run on the banks. That's what I think "thinkIcan" is saying. I think.


-- Dano (bookem@blacksand.srf), May 12, 1999.

Well, *my* bank sent me a letter today (Western Bank in Grants Pass Oregon), and they said they "will be" ready, and have contingency plans in place just in case.

Luckily, I'm broke, and won't lose much if it isn't compliant.


-- Jollyprez (, May 12, 1999.

Oh yeah? Well I want someone to top this one. One of the local banks here came out a couple weeks back and said they are almost done, and the total cost of fixing it was $5,000. Yep, that's five thousand dollars. Go ahead...beat that one!!


-- Don Wegner (, May 13, 1999.

Ok Don I'll take that challenge!

The ear broke off my bank and it only cost me one drop of super glue.

The ball's in your court.

P.S, It is as good as new!

-- spun@lright (, May 13, 1999.

LOL! Don - that bank's name wasn't Guido, was it? you know - da guy wid da broken nose what comes aroun' on payday an' gets his money back?


-- Arlin H. Adams (, May 13, 1999.

Dano----You are exactly right about my feelings on this stupid newsletter that I received. I wonder if I took the newsletter to my bank and asked the manager if he would sign it as a garantee that my money was safe just how he would react. Thought it was an oxymoron statement, they tell us our money is safe,and then tell us the FDIC will protect us. The sad thing is the "sillies" will be glad they got this letter and feel everything is all right with their money.

-- thinkIcan (, May 13, 1999.

i dont understand the difference. what theyre saying now is no different than what theyve been saying for years - your money is safe and is protected by the FDIC.......what gives??

-- b (b@b.b), May 13, 1999.

b---- Its "your money", if you think it is safe then that is all that matters. Hope no one else is dependent on you like a spouse, or children, or an elderly family member.

-- thinkIcan (, May 13, 1999.

It's important to read the verbage carefully. It says that they have completed their "...internal Year 2000 certification of all the Mission Critical..." systems.

It says that they did the testing and verification, not a third party. They did not say how they determined what is mission critical and what isn't. They did not say anything about their ability to communicate with the outside world free of problems.

They do say that, "...Every computer system and every piece of software that could impact your Southern Pacific Bank account has been tested and verified by us as Year 2000 compliant." If so, why do they specifically single out mission critical systems for their announcement? "Every computer system...that could impact..." should include every system they have, mission critical or otherwise.

Unless they've chosen to call every system they have as mission critical.

I'm not sure I would want to keep my money in this bank, either.

-- LP (, May 13, 1999.

ok i get it now. theyre lying to us and simply want to fail and go out of business. from what i hear this is true for every business that says its ready. interesting strategy.

-- b (b@b.b), May 13, 1999.

Last month I attended a Y2K info. meeting by my County's Emergency Management Admin. There were reps from U.S. West Phone Co., various health care facilities, the local army and air force sites, emergency operations center, and others. The second speaker was from a major bank. She said, when asked about withdrawing funds, that a customer will be able to come into the bank next Dec. and take out $100.00 with no problem (provided, of course they have the funds in their account!), as it is backed up by the FDIC. When asked if they are 100% compliant, she replied,"Saying so would lead to lawsuits." Go figure! Granny Holly

-- Hollaine Allen (, May 13, 1999.

b---- I don't know if they are lying to us or not, I think I can make it and to do so I can't take a chance on something happening to "my money" which is now "my cash". I do know they are desparately trying to keep us from taking "our money" out of "their banks". When we do that it costs them "money" big time. When I have my own money in hand,it doesn't hurt me, the same cannot be said about the banks.

-- thinkIcan (, May 13, 1999.

I have heard the "rumor" that FDIC only has $1.12 (or something like that) per $100 as "cash" to pay off claims. I have also heard that they have some tremendously long time to pay off losers (insured accounts) if a bank goes belly up. You may have to wait as long as 10 years to get your money. Anyone know anything about length of time rules? and what they are? or if there is a time rule/limit?

-- Valkyrie (, May 13, 1999.

Try this one on for size. I NEVER talk to anyone about Y2K. Had a friend ask is question. They had a CD in a local bank. The CD had matured, so they went to the bank and asked for their money back in cash. This bank replied that they did not have cash and they would have to transfer the request to their other bank and then they could deal with that bank to get their money in cash. They still haven't got their cash back. The question they asked me was " Do you think this Y2K is for real and or should we just forget about getting cash out." Wonder how many other people have money tied up in CD's that they can't get to?

-- thinkIcan (, May 13, 1999.

Moderation questions? read the FAQ