My Credit Union stated this..greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
This is a quote from my Credit union concerning y2k. "Through continued testing of our systems, and those provided by our vendors, we are confident that we will be able to serve you as usual after January 1,2000. HOWEVER, BEING REALISTIC, THERE IS NO SUCH THING AS FAIL PROOF SO IT'S A GOOD IDEA TO BE PREPARED". Then it goes on by stating some step we should use to prepare is the usual keep a record, balance your on a regular basis, and last but now least,"How can you have a peace of mind during this time? Leave you money in the credit union. There you have it from my credit union to you.
-- y2k dave (firstname.lastname@example.org), July 08, 1999
daveie looks like they have everything buttoned down for the storm. way to pick 'em dave!
-- corrine l (email@example.com), July 08, 1999.
My credit union is buried by my pear tree
My 401k is buried at the corner of my barn
My emergency stash is buried by my pumpkins
and my 12 gauge is loaded!
-- Johnny (JLJTM@BELLSOUTH.NET), July 08, 1999.
My credit union (OSU Credit Union) sent out a notice stating that they are 100% compliant. They even said that we (members) could go down to the credit union and roll the clock forward on their computer to see it work correctly.
I do not even know where to begin on this one . . .
I can just see the Y2K Kiosk set up in the lobby where you can set the clock forward and see it miraculously roll over to 1/1/2000 without blowing up. Your account is safe. Leave your money here. Whew!
Can you spell idiot? Sure . . . I knew you could.
-- Dave (firstname.lastname@example.org), July 08, 1999.
One of the local banks sent out a compliance statement that was absolute in its assurances. No parsing of words whatsoever.
-- Dave (also) (email@example.com), July 08, 1999.
First we need to evaluate the 'game' we are being asked to play.
1) "We promise you that everything will be OK."
2) "But we don't know about everuone else including our vendors who may effect our operations."
3) "We FEEL really, really confident.."
4) "Leave your money in the account.."
So they are being very emotionally reassuring but this does not mean a thing.
Let's make a bet.
1) You let me keep your money.
2) If I am right then you can have your money back.
3) If I am wrong you lose your money (all or in part).
This is known as a "suckers bet" because you are taking all the risk and there is no reward for the bet going against them. If they are wrong they will not give you your money PLUS what they bet, are they?
In a typical bet each party puts money into a third party's hand. The winner makes twice what he risked, the loser loses what he risked. In the above situation the bank can in no way garrantee you a profit if they are wrong. The most you can expect back is what you risked. That's just stupid, isn't it?
That is why I would not have any money in a bank. My motto is 'Where's the beef?" Show me the practical working system come February or March 2000 and I will put my money back in. Otherwise that means you are dead and I am protected from your inability to operate.
-- ..- (firstname.lastname@example.org), July 08, 1999.
Overheard at an Oregon City, OR Bank of America Branch approx. 6 July- Elderly lady comes in and loudly asks if the bank is y2k compliant. My teller mutters under her breath "yes" Elderly lady's teller explains bank is keeping hard copies of all records- elderly lady seems relieved- don't know if she decided to take out cash anyway- sounded like she took some but less than planned.
-- EC (JHnck1776@aol.com), July 08, 1999.
Assurances, assurances. Yes. I think I would look at your own state laws about banks and liability. Some states have granted blanket immunity from liability to banks, state agencies and utilities. If your bank gives you good sounding assurances, then I would ask what the penalty in court (if they'll exist) is if they fubar at rollover.
-- Jim the Window Washer (Rational@man.com), July 08, 1999.
I think Jim the window washer has it right. It is important to check ramifications of liability limitation laws being passed on the state and national level as to level of recourse if Y2k is bad and money is lost.
-- Leslie (***@***.net), July 08, 1999.