My Bank's Y2K Press Releasegreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I got this from my bank's web-site: www.comfedbank.com. Commercial Federal Bank
It looks like they met the June 30 deadline. I would appreciate any comments you might have on this.
Commercial Federal Tower 2120 South 72nd Street Omaha, Nebraska 68124 Commercial Federal Press Release
Commercial Federal Bank Meets June 30 Deadline for Year 2000 Testing
Press Release Dated 7/9/99
OMAHA, Nebraska Commercial Federal Bank has completed testing of its mission critical computer systems, meeting the June 30, 1999, deadline set by federal regulators. These systems are Year 2000 compliant. The systems tested include those that record and process deposits and loans, as well as those that interface with outside entities such as the Federal Reserve Bank.
In addition, Commercial Federal has also met the June 30, 1999, deadline for completing contingency plans for these computer systems. The contingency plans provide reassurance that customers will have access to their money and accurate account information in the unlikely event disruptions occur.
Commercial Federal will continue to work on the Year 2000 issue throughout the remainder of the year, monitoring the status of its service providers, such as utility companies, telecommunication providers and correspondent banks. In addition, Commercial Federal plans to test selected non-mission critical systems and finalize its contingency plans.
We want to reassure customers that their money is safe at Commercial Federal, said Gary White, executive vice president of corporate services and Y2K project manager. Scam artists have already begun to prey on the publics fears through schemes to divert funds to Y2K safe accounts. People who withdraw large amounts of cash could be a target for robberies and other risks.
Commercial Federals Year 2000 readiness has been closely monitored by the Office of Thrift Supervision. In addition, the Federal Deposit Insurance Corporation (FDIC) insures every depositor in every FDIC insured United States bank, including Commercial Federal, up to $100,000.
Additional information about Commercial Federals Year 2000 readiness is available on the company web site at www.comfedbank.com/y2k.htm.
Commercial Federal is a $12.9 billion federal savings bank that operates more than 250 branches in the states of Nebraska, Iowa, Missouri, Kansas, Colorado, Oklahoma, Arizona, Minnesota and South Dakota. In addition to retail and commercial banking, Commercial Federal's services include residential lending, consumer financing, agricultural lending, trust services, insurance and stock brokerage.
Statements or disclosures that are made in this news release are covered under and subject to the Year 2000 Information and Readiness Disclosure Act of 1998. (PL 105-271; 112 Stat. 2386; October 19, 1998). Information contained in this release is not intended to replace, modify, supplement or supersede any contracts, warranties and/or existing agreements existing between Commercial Federal and its customers, vendors or other individuals or businesses.
Insured by FDIC Equal Housing Lender ) 1999 Commercial Federal Bank
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-- justlurking (email@example.com), July 28, 1999
What the hell ELSE are they going to say? "We have no idea what's going to happen but if you have any brains at all you'll get your money out now, while you still can, stash it somewhere safe, & buy ammo on the say home"...?
Now THAT would be something to see.
-- don't you worry your (firstname.lastname@example.org), July 28, 1999.
*** The systems tested include those that record and process deposits and loans, as well as those that interface with outside entities such as the Federal Reserve Bank. ***
haha-- Doesn't say anything about the withdrawal system, does it?
you can put it in, but can you get it out?? haha.........
--laughing all the way to the mattress... SuperL
-- SuperLurker (Slfsl@yahoo.com), July 28, 1999.
I was walking past or waiting room today and saw a big y2k brochure stickin up on the wall. Picked up a couple. Hospital put out info on y2k readiness and that they had been working on it since 96...basically same type of stuff in hospital lingo..but they did say nobody really knows what will happen...alot of happy face stuff!
-- Moore Dinty moore (email@example.com), July 28, 1999.
There must be a canned spin on this as this is almost word for word for several other banks. It sounds good until you get to the $100K FIDC insurance. And if there is a bank run how are they going to pay me my $100K? Get it while you can. There are more than you know who are taking it out now and millions who are thinking they have until Christmas or even NEw Year's eve. In our family we now have over a million in cash out of the banks. My step dad died last week. And before he did he signed over his stocks and bonds to his son.$362K and son went right to Edward Jones, sold it all, got a check went to bank, made arrangements and got cash 4 days later and its buried in his back yard. And we are NOT a wealthy family. We are comfortable and out of debt due to our age and hard work. So if my family (including extended family) now has over 1 million buried, where the heck are the banks going to get cash? As soon as the market dives, many, many people are going to sell and go for the whole hog and get cash and stash it.
-- Running (Running Scared@aol.com), July 28, 1999.
well, i don't know about the whole bury it in the backyard thing, but I wouldn't count on a 3rd party like the bank to insure the safety of your family...
i just love how "withdrawal systems" isn't in the statement.. i think i'll check my own bank y2k thingy again....
-- SuperLurker (firstname.lastname@example.org), July 28, 1999.
they,re compliant---but still working on it???????
-- compliant????? (email@example.com), July 28, 1999.
Thanks; I just re-read my bank's little "y2k readiness disclosure" & didn't want to. It reads like a bid for more deposits. They claim "strength, stability and vision" - my, my, but the word "compliance" is not even used. It's a bunch of garbage. You're right to note that they don't claim withdrawals will not be affected - mine did the same thing. Everybody gets these little brochures. Nobody reads them. Nobody notices that "compliant" is missing. Except us. The banks think we are all stupid. Well.........
-- Scat (firstname.lastname@example.org), July 28, 1999.
Well then....... For Educational purposes only.. Happened again today
Y2K repair leaves cash machines on the blink
Up to 5 percent of the nation's ATMs temporarily malfunction after a company upgrades its system for the year 2000
Wednesday, July 28, 1999
By Steve Woodward of The Oregonian staff
A software glitch rattled up to 5 percent of the nation's automated teller machines for more than two weeks earlier this month. The glitch resulted in failed machines, slow transactions and incorrect bank balances for tens of thousands of ATM transactions.
The mistakes occurred after a little-known Texas company in late June finished installing a new computer system designed to process ATM transactions properly in the year 2000.
"We don't take it lightly," said T.G. "Tim" Connor, president of the financial industry group of Affiliated Computer Services Inc., a $1 billion-a-year Dallas company that processes 20 million ATM transactions each month.
The problem follows repeated assurances from the federal government that ATM terminals are expected to work normally after the year 2000 calendar rollover.
Affiliated Computer Services employees are still working to repair faulty accounting that occurred sporadically between late June and mid-July. The amount of incorrectly credited money has not been determined.
"We aren't dealing with hundreds of thousands of dollars," Connor said.
ACS executives said the software problems, which were not actual Y2K-related date problems, have been resolved. The machines affected by the glitch and current transactions are proceeding normally.
The glitch affected as many as half of the 17,000 ATM terminals for which Affiliated Computer provides transaction processing. Those terminals are located largely in merchant locations, such as convenience stores, bowling alleys and fast-food restaurants.
Jim Welsh, owner of Manzanita Fresh Foods on the Oregon coast, first noticed something was awry on June 26, when a discrepancy between the in-store ATM he leases and his bank statement popped up for the first time in his 11-year experience with the machines.
Welsh's ATM reported that $1,180 in cash had been withdrawn. U.S. Bank, where Welsh banks, said $1,400 had been withdrawn.
And so it went for 17 days -- sometimes in Welsh's favor, sometimes against. By July 13, when his accounts began reconciling properly again, he was $237 ahead.
"Even on July 1, my machine was down the whole day, and they still put $180 in my account," Welsh said.
When the problems began, Welsh had never heard of Affiliated Computer Services. He leases his ATM from Evergreen Teller Services of Grass Valley, Calif., the nation's second-largest operator of nonbank ATM terminals. (The largest is Card Capture Services Inc., based in Portland.)
Evergreen, in turn, contracts with ACS, one of 10 major ATM transaction processors in the United States.
All ATM processors were required by federal regulators to be Y2K-compliant by June 30, meaning that their computer systems had to be able to process dates in the year 2000 and beyond. ACS began installing a new operating system in January, upgrading an old system that was not able to properly process dates beyond 1999. The company had been moving terminals systematically onto the new system without incident, until it moved the last of the terminals on the last weekend in June.
At that point, some machines broke down, stalled or rejected cardholders' requests. Other cardholders received the proper amount of cash from the machine, but the bank accounts were wrong.
The problems were isolated to terminals that used a certain kind of device "driver" and high-speed, dial-up connections with ACS, said Joni Floyd, the executive vice president in charge of the project. The sudden influx of 17,000 ATM terminals, 3.5 million cardholders and a transaction rate of 20 million per month exposed weak points in the new software, Floyd said.
Connor said ACS had set up a testing laboratory with more than 15 types of ATM terminals but acknowledged that lab testing can't find every potential problem.
"Until you can touch every single terminal out there," he said, "you can't test every conceivable transaction out there."
The glitch also affected terminals operated by Card Capture Services. The company intends to reimburse merchants who lost ATM fee income while their terminals broke down, David G. Grano, president and chief executive officer, said through a spokeswoman. Card Capture, which operates more than 7,000 terminals nationwide, will base the reimbursements on the average daily number of transactions per machine.
Although some Card Capture machines had problems, the Portland ATM operator apparently was not affected by accounting problems, the spokeswoman said. Individual cardholders must resolve account discrepancies with the institutions that issued their cards, ACS's Floyd said.
And this was a Y2K replacement software package, to insure the ATM's would not be affected by rollover. Jeesh, now I feel better!!
"But officer, the light was green, I can't help it if the other side was green too, can I?? Will my NO FAULT insurance cover this?" "Gee I'm going to be late for work, but I guess all of *them* are also."
SCREEeeeeeeech.....to be continued
-- Michael (email@example.com), July 29, 1999.