Point of Sale Systems May Experience Y2K Glitches

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What if your idea of a long weekend is about 3 to 6 months? Note the blame game is directed to "foreign ATM's and mom and pop operations". I would not be wrong in suspecting that large corporation and banks are running a little scared with 4 months to go.

y Newsbytes August 26, 1999

The electronic networks that service most of the nation's 200,000 automated teller machines (ATMs) are Y2K-compliant, as are most of the machines themselves, but some retail "point-of-sale" devices may experience Y2K glitches, financial executives said at a press conference today.

Leaders of 10 of the nation's largest electronic financial transfer (EFT) companies spoke today in a bid to reassure consumers that all necessary steps had been taken to prepare the critical networks for the date roll over.

"There is no need to bury cash in (the) backyard (and) no need to stuff $20 bills in the mattress," said Philip Valvardi, president and chief executive officer of the MAC network. "It should be business as usual on Jan. 1."

The EFT executives echoed the concerns of federal Y2K authorities and banking leaders that the gravest danger facing financial institutions will stem not from any technological difficulties, but rather from hordes of frightened consumers making exorbitant withdrawals in the weeks leading up to Jan. 1.

Today's speakers echoed the advice of the President's Council on Year 2000 Conversion Chair John Koskinen, who has suggested that, prior to Jan. 1, consumers withdraw enough money for a long weekend.

Members of the Electronic Funds Transfer Association (EFTA), which includes most of the nation's large EFT networks, have spent roughly $100 million on Y2K-remediation efforts over the past two years, said EFTA Chairman Dennis Lynch.

And while the EFT companies do not typically own the ATMs that use their networks, EFT executives expressed confidence that the vast majority of ATMs would be fully functional come Jan. 1.

Less than 10 percent of the 200,000 ATMs nationwide faced any real Y2K vulnerabilities, and almost all of those have been fixed by the banks that own them, executives said today.

Operating under the watchful eyes of Federal regulators, banking institutions have spent more time and money on Y2K remediation than have firms in nearly any other sector. Y2K observers have given the nation's financial institutions strong marks in recent months.

The two areas where the EFT executives expressed the least confidence, were in foreign ATMs and domestic retail "point-of-sale" machines. Foreign ATMs face grave risks from telecommunications and power failures, and while the point-of-sale machines used by domestic retail chains are expected to be compliant, those used by small mom-and-pop stores and service stations may be susceptible to glitches, said Kirk Ergang, senior vice president of systems and operation for Cash Station Inc.

-- y2k dave (xsdaa111@hotmail.com), August 26, 1999


Isn't it amazing how "they" say prepare as you would for a three day storm. Some people may experience power outages or brownouts and even some may expeirence extended blackouts. You may be without some services. Etc. Etc...

But when it comes to money- Katie bar the door! YOUR money is Safe right where it is. You trust your banker. Its FDIC insured! ATM's are y2k ok! Keep your money in the bank! This sector has spent the most money and is the most ready.

Hope I got my point across I just got off a all night shift and I can sleep so I came in here to play!

-- Johnny (JLJTM@BELLSOUTH.NET), August 26, 1999.

make that can't sleep

-- Johnny (JLJTM@BELLSOUTH.NET), August 26, 1999.

They KNOW there's only enough actual CASH in the system to cover but a small percentage of demand accounts and credit lines on the credit cards. So what else are they going to say. They have foisted a fraudulent system on us, so they are going to try to "stay the course" (by continuing to lie).

Withdraw early and withdraw often.

-- A (A@AisA.com), August 26, 1999.

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