BANKING ACTIVITY SURVEY: MarketPartners (bank consulting company)greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
BANKING ACTIVITY SURVEY from "MarketPartners" - a bank consulting company ========================================================== Results thusfar (Excerpts)
More than half of all respondents (56%) reported they would withdraw extra cash before the Year 2000. 61% of respondents reporting a "High" level of Y2K understanding planned to withdraw extra cash - while only 36% respondents reporting "Little or No" understanding of Y2K planned to withdraw extra cash. The progression of a respondents level of understanding from "Little or No" to a "High" level indicated a trend towards more decisiveness about withdrawing extra cash.
Approximately 42% of those indicating a "High" level of understanding of Y2K are withdrawing cash more aggressively than "up to a few hundred dollars" extra, before the Year 2000: * More than a few hundred - 18% * More than a few thousand - 11% * Significant portion of assets which is more than a few thousand dollars - 13%
INCOME The higher is a respondents income, the more likely he/she is to aggressively withdraw funds in excess of a few hundred dollars (more than a few hundred or thousand dollars or significant portion of assets).
Of those with yearly incomes over $100,000, 33% plan to withdraw "More than a few thousand dollars" (and greater) where only 17% of those with yearly incomes under $50,000 are planning to withdraw "More than a few thousand dollars" (and greater) ...
Respondents are generally concerned about the impact of Y2K on ALL industry sectors. Banking has a perceived higher state of preparedness than other industry sectors. Yet, respondents are still planning to take steps to withdraw cash. They are concerned more about the general disruption effects of Y2K and will take what they deem prudent actions to prepare for the new millennium. Without an alternative contingency plan that meets the need of the consumers, excess cash withdrawals are very likely. http://www.marketpartners.com/pollexec.htm
You can participate in the survey here: http://www.marketpartners.com/survey1.htm
Comprehensive Y2K Financial related Links http://www.marketpartners.com/links.htm
BARRING A MASS PANIC, the Federal Reserve can provide the liquidity banks need. But there aren't enough armored cars to deliver all that cash in the last two weeks of December ... Banks will need to gradually build their stockpiles and swallow the costs of carrying so much unused inventory. For bankers who know they are ready, that could seem a hard cost to justify.
One way around that is to pay customers making large withdrawals with cashier's checks or wire transfers, and the Colorado Bankers Association is researching the legality of doing just that. Most people assume they have the right to receive currency on demand. But banks have a legal right to offer other forms of payment, said Don Childears, CBA president. . . . http://www.amcity.com/denver/stories/1999/03/08/newscolumn4.html
-- Cheryl (Transplant@Oregon.com), June 05, 1999
Great three month old news.
-- beware dgi's in gi clothing (email@example.com), June 05, 1999.
May 13, 1999 Executive Summary Y2K Poll on Financial Services
-- Cheryl (Transplant@Oregon.com), June 05, 1999.
hey beware-- why the sarcasm? i've been lurking here for about 6 months, and i had not seen that post( and so what if i had, it was posted with sincerity)i think it was very informative and thank cheryl for the info.
-- dory (firstname.lastname@example.org), June 05, 1999.
I liked the part about paying large depositors with cashiers checks. Sure is going to be interesting later this year.
Thanks for the post.
-- GeeGee (GeeGee@madtown.com), June 05, 1999.
Thanks Cheryl. It won't take much....will it? These stats should make bankers fill their boots.
-- Will continue (email@example.com), June 05, 1999.